Flipz, found online at Flipz.io, is a decentralized e-commerce platform. Find out how it works today in our review.
What Is Flipz?
Flipz aims to create a revolution in e-commerce by creating the “first decentralized e-commerce platform.” The Flipz pre-ICO and ICO are taking place throughout October and November.
The platform is based on smart contracts to facilitate transactions between merchants and customers. There’s also a blockchain-based rating system for merchants. Customers can spend cryptocurrency on products and services.
The overall goal of the platform is to provide participants with fast, secure transactions via smart contracts. Let’s take a closer look at how Flipz works.
How Does Flipz Work?
Flipz is a smart e-commerce platform built on smart contracts. Customers connect with merchants through a smart contract-based transaction. It’s a decentralized environment with no middleman or human factor.
Customers fulfil the economic side of the contract using cryptocurrency. The blockchain system records all information in an immutable way. It’s impossible for anyone to change the data after it’s been recorded onto the blockchain. The data is encrypted into blocks and anonymized.
The algorithm creates an open data system with product quality ratings, customer reviews, and prices. To do that, the algorithm studies the circulation of a product in the database. Sellers are ranked. As a rating increases or decreases, it will lead to a change in the amount of sales.
Here’s the transaction process broken down in a more straightforward way:
- It’s a smart e-commerce platform that uses smart contracts, a unique rating system, and blockchain technology to facilitate fast, secure transactions through a decentralized marketplace
- Customers can use the marketplace to buy goods and services online using cryptocurrency
- Flipz has no paid advertisements; its rating system cannot be cheated, and vacant spots on the platform cannot be purchased
- Merchants can list their goods on the platform free of charge; all transactions are performed instantly and without commission
- There is no centralized database on the platform, and no approval of information by a centralized third party; all participants work with the same conditions
What makes Flipz different from other decentralized marketplaces? Here are some of the key features of the platform:
Flipz is based on blockchain technology. Data isn’t stored on third-party servers. It’s stored in a decentralized network. Personal data on the platform belongs only to users – not to the system and its creators.
Flipz facilitates fast, accurate transactions using the latest blockchain technology, reducing the transaction time among participants.
Flipz doesn’t charge any commission for transactions among buyers and sellers. Their official website claims that “fees and commissions are opposed by the ideology of this project.”
Encrypted data is anonymous and confidential. Flipz ensures full transparency of transactions to spare counterparties from disagreements.
Flipz is led by CEO Aleksey Bobylev, an entrepreneur with experience in PR and marketing. He’s also the founder of Advertising Group Holding.
Flipz was founded on July 2, 2016. Throughout 2016, the company developed and tested the alpha version of its platform.
By May/July 2018, the company aims to launch its app for iOS and Android. The app would provide access to the Flipz beta.
The Flipz Token Sale
The Flipz pre-sale launched on October 12 and concludes on November 8. The company is accepting BTC and ETH for the pre-sale at a rate of 1 ETH = 3,000 FLZ tokens. There’s a minimum transaction amount of 0.1 ETH. Bonuses of up to 30% are available during the pre-sale.
The first phase of the token sale is scheduled for December 2017, with a second phase occurring in January 2018. The first phase begins on December 1 and ends on December 28, 2017, while the second phase is scheduled for January 15, 2018 to February 11, 2018.
The base price for tokens is 1 ETH = 2,500 FLZ.
75% of the total supply of FLZ tokens is available during the crowdsale. 20% is given to the Flipz team, 3% to consultants and partners, and 2% for promotions and a bonus program.
Flipz is a decentralized marketplace built around FLZ tokens. The marketplace aims to allow merchants to interact with consumers through a decentralized, transparent platform. Participants can conduct fast, secure transactions over the blockchain.
Obviously, there are other decentralized marketplaces that offer similar features. However, what makes Flipz different is that the company doesn’t allow advertising, nor does it charge a transaction fee. Merchants cannot pay for promotion – it’s all done through a reputation-based system. This is designed to provide a level playing field: the best products and services rise to the top.
To learn more about Flipz, visit online today at Flipz.io. The pre-sale is taking place throughout October and November, with a general crowdsale taking place throughout December and January.