CartelCoin is a digital currency for a global retail platform, allowing shoppers to combine their buying power together to access lower, wholesale prices. Find out how it works today in our review.
What Is CartelCoin?
CartelCoin is a blockchain-based platform that aims to streamline e-commerce, allowing businesses and consumers to pay significantly lower costs.
The Cartel platform introduces itself by arguing that we pay way too much for today’s retail products. A product may cost $5 to make. However, by the time it hits store shelves near you, the product is priced at $50.
Cartel aims to solve that problem with a blockchain-based platform. That platform allows users to pay wholesale prices on retail goods. To do that, Cartel will connect the buying power of multiple people together.
It might cost $50 to purchase a single item, for example. However, by teaming up with 2,000 other buyers, you might be able to reduce the cost per item down to $10 each. That’s what Cartel and the CartelCoin ecosystem seek to accomplish.
How Does CartelCoin Work?
CartelCoin is a blockchain-based platform where all transactions take place over smart contracts. The Cartel platform itself is a decentralized app built on the Ethereum blockchain. The overall goal of the app is to help consumers connect directly with the people that are making their goods.
Instead of paying for every step of the supply chain, you can pay the factory directly, for example. You can avoid paying fees for trucking, distribution, shipping, retail overhead, and more. You get the same product – just at a substantially lower cost.
The Cartel platform consists of four core components:
Cartel’s consumer portal is a merchant interface with embedded smart contracts. That portal uses a “proprietary scale purchase system that connects buyers from all over the world with wholesalers and manufacturers.”
Cartel’s API plugin will allow third party services to connect with the Cartel ecosystem. The Cartel whitepaper mentions third party services like Alibaba, WeChat, Kakaotalk, Amazon, and WhatsApp, among others.
Enables the sending and receiving of CartelCoins, or CCs. You can also use the wallet to exchange CartelCoins into other currencies. The wallet will also have a built-in lending system.
The Cartel ecosystem will have a B2B platform allowing companies to compile their buying power together, exploiting economies of scale and reducing the overall cost of goods and services.
Ultimately, the two core parts of the Cartel ecosystem are the consumer and business portals. The portals allow consumers and businesses to combine their buying power together for lower overall costs.
CartelCoin will charge a 1% fee from the seller and a 1% fee from the buyer. During the early days of the platform, all fees will be automatically returned to the ecosystem.
Overall, there isn’t a whole lot of technical detail about the Cartel ecosystem available in English online. The whitepaper is just 11 pages long, and the executive summary is 5 pages long. There’s a basic overview of the CartelCoin ecosystem, but few specific technical details about how CartelCoin plans to accomplish its goals.
Who’s Behind Cartel?
The Cartel project is led by Alexander Harutunian (Project Manager), a finance and accounting executive currently specializing in fintech. He’s originally from Armenia, but he currently lives in Switzerland. His previous work experience includes a position as a crypto economics expert at “Blockchain R&D Hub”, and a position as CEO of Concent.
Other key members of the team include Levon Hayrapetyan (CTO), a software engineer specializing in cloud technologies and blockchain, as well as Croft Malyan (Team Lead), a Windows software engineer.
The CartelCoin Token Sale
The CartelCoin token sale will take place sometime in Q1 2018. The whitepaper and website do not list exact dates or further information about the token sale.
There will be a total of 100 million CartelCoins (CC) in circulation. CartelCoins are ERC20 tokens on the Ethereum blockchain. As with many aspects of the CartelCoin ecosystem, there’s limited information about the token sale available online at this point in time.
CartelCoin CC ICO Conclusion
Cartel is a retail product ecosystem that seeks to combine the buying power of multiple parties together. The company will have two core platforms, including a consumer platform and a business platform. Consumers and businesses can use the platform to connect directly with factories and producers, avoiding high middlemen fees from retailers, shippers, and other intermediaries.
To learn more about CartelCoin and the Cartel ecosystem, visit online today at CartelCoin.io. The project appears to be in the early stages of development, and more information should appear online over the course of 2018.