Proton Blockchain
The Proton Blockchain is a delegated Proof-of-Stake (dPoS) blockchain developed and maintained by Metallicus. It has a heavy focus on payment processing and zero fees for everyday users. Storex chose to deploy the marketplace within the Proton ecosystem due to the blockchain’s fundamentals and the suite of decentralised applications (dApps). This article will explore the benefits this provides to a crypto-centric e-commerce marketplace as well as explaining how each dApp will be integrated into the marketplace upon release and into the future.
Zero Gas Fees
Every transaction on Proton is free for the end-user. This is made possible by a generous fair-use allowance which is assigned to every account on the blockchain. Creating an account on Proton is free and can be done via the WebAuth Wallet.
By handling marketplace transactions on Proton, Storex is able to offer the creation of listings, purchase of listings, and escrow services to users for free. This was not previously possible on other blockchains without charging end-users a gas fee. During peak usage times, transaction fees on other blockchains would have made low-value transactions too expensive to be viable. E-commerce conducted on blockchains needs to be inexpensive for the end-user, otherwise mainstream adoption becomes unlikely.
Feeless transactions also allows Storex to decentralise the e-commerce workflow even further, by transitioning most of the interactions onto the blockchain. Listing information, transaction history, user reviews, arbitration participation, and governance participation, among other things, can all be processed and stored on the blockchain for free.
Cross-Chain Assets
Proton Blockchain also supports the bridging of cross-chain assets, meaning you can deposit a variety of popular cryptocurrencies into the ecosystem and utilise them on a range of dApps, including Storex. On release, the marketplace will support the following cryptocurrencies and stablecoins:
- Storex (STRX)
- Proton (XPR)
- Bitcoin (BTC)
- Ethereum (ETH)
- Dogecoin (DOGE)
- USD Coin (USDC)
- Tether (USDT)
- Metal Dollar (XMD)
The Storex Governance Council have the power to add and remove currencies from the supported list of payment methods. In the months after release, the list of supported cryptocurrencies will expand to include other popular user-suggested coins.
Users can bridge cryptocurrencies onto the Proton Blockchain via the Proton Bridge. Deposited coins are securely held with a custody provider on their native blockchains. Assets bridged onto Proton become wrapped tokens (xTokens) and are redeemable 1:1 for their native blockchain counterpart. Storex is able to support tokens native to Proton in addition to wrapped xTokens.
Decentralised Trading
Proton currently has two dApps to facilitate the decentralised trading of cryptocurrencies, Proton Swap and Proton DEX. The Swap tool offers instantaneous trading and works by incentivising users to deposit their tokens into a pool, matching the base tokens’ dollar value with the equivalent amount of another token. This allows other users to trade one token in exchange for another, with each trade affecting the token composition of the pool. If a user sells token A into the pool, they will receive token B in return, and vice versa.
Storex is able to utilise the Proton Swap smart contracts and provide an instantaneous conversion of cryptocurrencies. This will prove useful during the checkout process if the buyer does not hold any of the cryptocurrencies accepted as payment by the seller. Rather than disrupt the user-experience on the marketplace, Storex can integrate Proton Swap conversions directly into the checkout system, eliminating the need to leave the platform.
Decentralised Finance
Another dApp that will be integrated into the Storex platform is Proton Loan. The lending platform allows users to borrow cryptocurrencies by providing another cryptocurrency as collateral. This will be useful to users wanting to borrow assets without losing exposure to their base collateral. The APR for borrowing cryptocurrencies on the lending platform is much lower than mainstream rates.
Storex will be able to offer these low-interest decentralised loans to buyers during the checkout process. Again, this is useful if the buyer cannot pay in one of the accepted payment methods set by the seller. The loans are perpetual and can be repaid whenever, as long as the borrower maintains interest repayments to keep the loan healthy.
Decentralised Identity
Proton also follows regulatory compliance and pioneers Decentralised Identity (DeID). Users can obtain Know-Your-Customer (KYC) verification by securely providing their information with Proton KYC. KYC verification provides a range of benefits within the Proton ecosystem, and creates a system of trust for both parties during an e-commerce transaction on Storex.
All users on the platform will be able to view the KYC status of potential buyers and sellers on the marketplace. Alongside the decentralised review system, this helps to create a trust profile for prospective buyers and sellers. Merchants are given the power to choose the terms they conduct trade on; they can prevent non-verified users from purchasing their listings if they desire. Buyers also have the same power and can decide to purchase from only verified sellers. The decision always lies with the user.
KYC verification is also used to secure many systems within the Storex ecosystem. For example, users will need to pass KYC verification to participate in the Governance Council, as well as the Arbitration Panel. This gives credibility to the users participating within the ecosystem, and helps protect the wider community from fraudulent behaviour.
Mainstream Login System
The majority of e-commerce users around the world will be familiar with the email address and password login system found on almost every website. Not many will be familiar with the Web3 login systems found on blockchains like Proton. Although using your mobile device for biometic authentication is the more secure option, Storex needs to accommodate both Web2 and Web3 users. The technology on Proton makes this process possible and allows everyday users to purchase goods and services with cryptocurrencies. Every user, regardless of Web2 and Web3 login preferences, will be able to seamlessly interact with eachother via the smart contracts on the blockchain.
After creating a Storex account with an email address and a password, a Proton account will be created in the background for the Web2 user. The private key to the wallet will be securely held in custody and used to authenticate transactions authorised by the Web2 user. Proton Bridge, as described earlier, provides deposit addresses for bridging assets into the Proton ecosystem. Web2 users can make use of these deposit addresses to fund their Storex account and make purchases on the platform.
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Website: https://storex.io
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