Qilin Market disrupts global e-commerce market, in fact becoming a new approach to on-line shopping with cryptocurrencies based on smart contracts. The main goal of QilinMarket is to make a direct end-to-end connection in the global supply chain.
Within Qilin Market transactions take place directly between buyer, seller, delivery services and possible marketing professionals eliminating geographical barriers and intermediaries, which could influence the final price or hold funds.
“We believe that the main purpose of cryptocurrencies on a long distance is to make online payments, mainly for buying goods and services. It solves the barriers of international fund transfer processes and fragmentation of national payment methods that create major challenges for e-retailers and delivery providers today,” – co-founder of the Qilin Market Denis Ivannikov said.
According to the project’s whitepaper, one of the advantages of Qilin Market is availability of secure escrow assuring money–back guarantee for the buyer, and secure funds transfer for the seller that make Qilin Market attractive among investors and future users.
The buyer transfers payment to smart contract, which holds funds until the product is delivered. Distributed ledger ensures no one can take funds before the oracle confirms successful shipment. If the customer accepts the product, smart contract releases money to the seller. In case the product is not accepted, it will be sent back to the seller and funds will be returned to the customer.
Every user of Qilin Market is in fact an independent P2P node that supports platform operations. Anyone can open an on-line shop just by making a clone of git repo on their server and start earning platform’s own digital currency called Qilin Token.
Qilin Market model provides circulation of Qilin Tokens (Qt.) as transactions between all market participants are conducted by using them. Sellers need Qt.in order to confirm new orders and reward merchants, delivery services – to deposit an escrow, merchants receive Qt. as a reward from sellers, and buyers receive discounts.
Qilin Tokens preorder started on December 1, 2017. Tokens will be divided in batches, and price for every next batch will be increased according to the hyperbolic logarithmic progression.
Moreover, “limited amount of Tokens would be minted with no new emissions ever to be made. That makes sure the token will never cost less.”
Digital currencies demonstrate considerable growth in value and demand this year. Recently, cryptocurrency has been used mostly for speculative purpose and as storage of wealth, but nowadays they become a payment instrument. Qilin Market plans to continue this tendency.
“We believe that the main purpose of cryptocurrencies on a long distance is to make on-line payments, mainly for buying goods and services. We hope that current lack of legal framework for regulating cryptocurrencies will be solved in the near future and Qilin Token will become the primary engine driving e-commerce market growth,” Denis Ivannikov said.