What is BCShop?
What's the most successful business of the Internet era? E-commerce. BCShop is all about B-commerce (Blockchain-commerce) for digital goods, a platform for selling digital products and services with smart-contracts on the Ethereum blockchain where buyers purchase goods using Ethereum currency.
BCShop is aimed at vendors who would like to accept payments in cryptocurrency rather than fiat. With the aid of smart contracts and a delivery application, all trades are fully automated. The delivery application continuously processes incoming payments, which guarantees delivering purchased products to the buyer.
Furthermore, the vendor does not have to worry about keeping and protecting information about the product – all necessary data is stored on blockchain. The application also allows users to send invoice to a customer, get sales reports and set interaction of their stores with external, out-of-blockchain world, the luddites.
Creating sale offers, as well as buying products is done with the use of software, based on MyEtherWallet, allowing the service to be used on both desktops and mobile devices. BCS claims to offer the following advantages,
- Low fees
- No required conversion of funds during transactions
- Fast transactions
- Decentralized data storage
- Free integration with operating businesses
- User friendly and convenient service for customers and for vendors.
- Products rating system
An average fee that sellers have to pay for each received online payment today is about 3.5%, while selling fees for some online payment systems exceed 5-10%. BCShop charges a maximum fee of 2% for all partners on the platform and only 0.5% for major partners.
They are able to offer a low fee by using the blockchain which eliminates the need for data centers, use of Ethereum currency keeps transaction cost low, smart contracts allow full automation of the selling and product delivery process. BCShop charges an extra fee of atleast 1% from users who wish to purchase on the platform using a fiat currency payment system, while bank transfers may require several days of processing time.
There are companies that have recently finished a successful ICO, and are aimed at receiving payments in their own currency/tokens. However, their users have to exchange Ethereum currency to particular tokens before they are able to use the project services. This exchange is also associated with paying fees. BCShop.io solves the problem of conversion fees by avoiding using its own currency and instead, maintaining all transactions in “native” Ethereum currency.
BCShop.io arranges a product/service to be delivered as a smart contract which already includes controlling most of the necessary features: account of the product volume for sale, ability to establish money back timeline with automated free processing, and ability of wholesale opportunities.
Blockchain also offers vendors a much broader catchment of potential customers. Further, BCShop has a built-in system as a rating mechanism for products which are integrated into the smart contract, guaranteeing data authenticity and full transparency.
Vendors create smart contracts which are signed with the vendor's private key and stored on the blockchain. Registration of digital products and services(DPS) is done with the help of BCShop, where the vendor creates a DPS offer which includes a smart contract.
The DPS smart contract address is sent to the buyer. The buyer pays for the DPS by transferring Ethereum to the vendor's DPS contract. The payment is processed according to the smart contract stipulations. The vendor's chosen Ethereum wallet address will receive the payment.
There are two tokens. The BCS token allows its owners to receive BCB tokens, which can be spent on the BCShop platform to purchase digital goods and services. BCB bonus tokens are used within the platform to receive a 100% discount on the purchase of goods and services, at a rate of 1000 BCB tokens = 1 ETH.
The reason for two tokens is to incentivize long-term investment and holding of the BCS token, which is used to purchase BCB tokens for discounts. BCB tokens can be mined, while BCS cannot.
The BCShop Team
- Vladlen Manshin – Marketing
- Oleg Kondrakhanov – Backend development
- Alexey Kuzmin – Frontend development
- Nikita Ivanov – Community management
- Anton Loktev – Developed solutions testing
- Presale in progress. Ends on December 15, 2017
- Minimum presale contribution – 20 ETH
- Price per token – 0.01 ETH
As more and more people recognize the potential of the blockchain and smart-contracts, a lot of the e-commerce traffic will shift to b-commerce. There isn't too much information on the people behind the project apart from the staff on the floor which may be a slight concern but the project has all the hallmark of being an attraction for crypto-savvy vendors and buyers of digital goods.
Let's be honest, we'd all love to be able to buy stuff using crypto instead of hyper-inflatable fiat.
ICO Rating – 3.5/5