Requitix is a trusted token and confidence system that claims to be the next generation of e-commerce payments. Find out how it works today in our review.
What Is Requitix?
Requitix is an e-commerce platform that just launched its ICO on October 16. The platform aims to offer a better experience for online merchants and shoppers – including trusted reviews, zero chargebacks, and protection against scammers and spammers.
The platform is powered by the Ethereum blockchain. Overall, the platform describes itself as a “trusted token and confidence system” and a “blockchain based ecommerce trusted gateway.”
Requitix has already launched a proof of concept on a niche dating website. After the ICO, they plan to roll the platform to a network of 3,000+ niche dating websites.
With that in mind, let’s take a look at how Requitix aims to change the world of ecommerce.
Requitix aims to differentiate itself from other e-commerce platforms with the following features:
- Trusted Reviews: Requitix aims to provide real reviews from real customers through smart contracts on the blockchain.
- Scammer Protection: Requitix has scam protection in place so merchants can “stop scammers and spammers before they strike.”
- Zero Chargebacks: Requitix’s payment solution has no chargebacks
- Low Fees: Requitix charges a 0.5% fee, which they describe as the “lowest fees ever”. In comparison, platforms like PayPal charge 3 to 6% fees (3% to process the transaction, plus a similar fee when exchanging currencies). Requitix does not claim to charge any additional fee.
How Does Requitix Work?
Obviously, a number of e-commerce platforms promise low fees, fast transactions, and spam protection. So how does Requitix accomplish these goals?
Requitix is a global e-commerce payment gateway that can be implemented on any type of website. It can be used to take payments via web or mobile apps, for example.
Transactions take place on the Ethereum blockchain. They claim a transaction “takes a few minutes”, although the recent Ethereum hard fork will reduce transaction time to a few seconds.
The platform revolves around use of the Requitix token, or RQX. That token is used for transactions involving Requitix smart contracts.
The smart contract controls four crucial components of Requitix, including qualified reviews, spam/scam protection, chargebacks, and low transaction fees.
Overall, the Requitix whitepaper is light on technical details of the platform, so it’s hard to get a solid understanding of how it works.
Who’s Behind Requitix?
The Requitix team has experience with banking, finance, web merchant services, point-of-sale services, e-commerce platforms, and more. They’ve also been operating in the online dating space for 17+ years.
Key members of the team include Tom Boyle, CEO and Co-Founder and Michael Reece, CTO, Co-Founder, and Lead Developer. The company is based in Oregon.
The name of the Requitix platform, by the way, comes from the term “Requit”, which is defined as “Giving something in return.”
“We chose the Requitix name because we’re all about giving back and when it comes to being an online payment solution we believe in giving back something to our customers and that comes in the form of lower fees and high profits,” explains the official website.
The company’s proof of concept for their payment platform was first used on ZugNug.com, a niche dating website.
The Requitix Token Sale
The Requitix pre-sale launched on October 16. During the pre-sale, you can buy tokens at a rate of 1 ETH = 2000 RQX (plus a 500 token bonus during the first week, so 1 ETH effectively = 2500 RQX). There’s a minimum contribution of 3 ETH required to participate in the pre-sale.
The pre-sale ends on October 22.
Out of the total supply of tokens, 51% will be distributed through the crowdsale. 16% of tokens are reserved for future stakeholders; 21% are reserved for the Requitix team, 10% are for partners and advisors, and 2% are for bounties.
The crowdsale is scheduled for November 1, 2017 to November 30, 2017, or whenever a hard cap is reached.
Bounties are available for those who want to promote the crowdsale on social media.
Requitix is an e-commerce platform that promises to offer low fees of 0.5%. The company implemented a proof of concept on a dating website called ZugNug.com. With their crowdsale, they plan to raise funds to continue development of the platform and roll it out to new partners – including over 3,000 dating websites catered to niche markets.
Overall, the Requitix whitepaper is light on technical details. It’s a 16 page whitepaper that only touches briefly on how the platform works. We know the core features of the platform, but we don’t know any technical details of how the platform works, or how they’re able to offer 0.5% fees.
Nevertheless, not all whitepapers reveal technical details like this.
Ultimately, you can participate in the Requitix pre-sale online today at Requitix.io. The general crowdsale for the campaign begins on November 1.