EZMarket, found online at EZMarket.io, is a digital marketplace built on blockchain technology. Find out how the market works today in our review.
What Is EZMarket?
EZMarket is a digital marketplace where users can buy or sell all assets for project development – including code scripts, templates, photos, plugins, and more. The market aims to reduce friction by facilitating fast payments. Transactions are made safe and secure with the use of a cryptocurrency called EZM tokens.
The EZM token sale starts on Saturday, October 14 at 10am GMT. However, the platform isn’t expected to be available for testing/launch until Q1 2019.
Overall, EZMarket wants to create a frictionless marketplace built on the Ethereum blockchain as a decentralized app, using smart contracts to allow buyers and sellers to make easy payments.
EZMarket aims to offer the following features:
Decentralized: The marketplace is a decentralized app (DApp) built on the Ethereum blockchain. Like other DApps, there’s no centralized authority. There’s no middleman needed to make the app function. There’s no central point of failure, and there’s no way to shut the market down. That means the marketplace is available all the time, with no shutdowns.
Easy: EZMarket aims to allow users to buy items with a few clicks. Smart contracts are used to connect buyers and sellers on the blockchain, with transactions completed in a trustless manner automatically.
Fast: EZMarket uses a decentralized blockchain-based database with caching technology. The operations are fast, secure, and immediately synchronized.
Low Fees: Smart contracts save you money since EZMarket eliminates the presence of an intermediary. You don’t have to pay a notary to witness your transaction.
Privacy: Payment is executed by smart contract. There’s no need for a centralized authority to know anything about you. That means EZMarket is anonymous and private.
What Problems Does EZMarket Seek To Solve?
EZMarket aims to solve a problem with today’s digital goods marketplace. Today, you can find plenty of goods and services for sale online, including website templates, scripts, codes, and more.
However, the marketplace is fragmented and difficult to access. As the EZMarket whitepaper explains, this difficulty is “mostly due to payment method.” Difficult payment methods leave uses “with a complex and painstaking process to engage in the buying or selling.”
With that in mind, the goal of EZMarket is to create a convenient and fast shopping process for users.
EZMarket’s pricing structure will have two types of fees. Those fees will be charged to users who want to sell products on the marketplace:
- Current authors (with no account registration) will pay a fixed fee of 35% of the total revenue of each product
- Regular authors (registered accounts) will pay a fee of 25% of the total revenue of each product
The fee will decrease based on criteria – like the total sales achieved, the “score from the purchase”, and other details.
The EZMarket Token Sale
EZMarket plans to charge fees on all assets sold through the platform. This revenue will be shared to all token holders. If you hold an EZM token, you’re entitled to a share of revenue gathered by the platform.
The EZM token sale is scheduled for October 14 to November 25. The company has set a max cap of 150 million EZM. The tokens are sold at a rate of 1 ETH = 1,000 EZM, with bonuses of 30% available in week 1 (declining to a 10% bonus by week 5).
76% of the total supply of tokens will be allocated to the crowdsale. 20% is dedicated to the company, and 4% is reserved for bounties.
Who’s Behind EZMarket?
EZMarket’s development started in Q1 2017. Development is scheduled to continue throughout 2018, with a test and release scheduled for Q1 2019.
The project is led by founder and CTO Yann Le Gentil, a senior delivery management and technical quality manager with specializations in business intelligence, SAP, data warehousing, business strategy, and master data management.
Ultimately, EZMarket is a project in active development. The company plans to release a blockchain-based marketplace in the form of a decentralized Ethereum app (DApp). Development on the project started in Q1 2017, with development expected to continue throughout 2018. The product isn’t scheduled for release/testing until Q1 2019 – so it’s a lengthier timeline than many other ICOs we’re dealing with.
Another unique thing about EZMarket is its high fees: users will pay a 35% fee to sell products on the marketplace. The EZMarket whitepaper claims that other marketplaces charge 55% fees, although a 35% fee on any blockchain marketplace still seems high – especially since decentralized apps are designed with low maintenance costs in mind.
Obviously, EZMarket is still a long way away from release, and the whitepaper, which is just 10 pages long, doesn’t go into deep technical detail about any aspect of the project (it’s still in development).
Nevertheless, you can learn more about EZMarket, or participate in the ICO today, by visiting EZMarket.io.