Place/Date: Santa Clara, CA - June 28th, 2018 at 11:17 am UTC · 4 min read
Contact: Jannelle Garcia, Source: ApolloX
ApolloX is a protocol for building decentralized e-commerce applications and services on blockchain. This marketplace of the future is a fast-growing community made up of manufacturers, sellers, customers, service providers and technologists.
On this open marketplace, community members can have an optimized online shopping experience without monopolistic intermediaries. Community members can also contribute their time and experience to help build ApolloX and will be compensated with ApolloX Tokens.
A decentralized marketplace built on blockchain technology offers solutions to a multitude of common e-commerce problems, but here are three of the largest issues ApolloX is trying to fix.
Earning new shopper’s trust is one of the largest and most expensive obstacles small businesses face. Research shows that fear of a retailer’s business ethics is one of the major reasons people abandon shopping carts. To overcome this challenge, many small businesses use ads to earn new customer’s trusts.
A majority of new businesses spend thousands on ads to earn a shopper’s trust. Thanks to ApolloX, businesses can now push this ancient and pricey strategy to the side. With the help of smart contracts and community arbitration, trust is immediately established between buyers and sellers no longer has to be bought with ads.
Data privacy is the second prevalent e-commerce dilemma that negatively affects both customers and sellers. Customers should have the right to access, destroy or control who can access their online shopping data but unfortunately, this right is not respected.
Centralized e-commerce marketplace companies have unrestricted access to all shopping activities and analyze the data to gain an unfair advantage over small vendors. They determine what products sell the best, start to sell those products and compete directly with the small businesses on their platform.
On ApolloX all shopping data is encrypted and permission enabled, only accessible to service providers with the customer’s permission, which protects shoppers and buyer’s privacy and cancels out unfair competition.
The last major hindrance sellers face when selling on centralized marketplaces are the high fees for unneeded services. After adding up all the fees popular centralized middle-man platforms charges their vendors, sellers end up paying up to 30% of their merchandise value. These fees hurt both the sellers and the buyers who end up having to pay higher prices.
Every transaction on ApolloX is peer-to-peer, excluding all middlemen which cuts out extra fees and results in lower product prices. ApolloX anticipates that the elimination of the various intermediaries in every process of an e-commerce transaction, including advertisement, marketplace listing, logistics, etc. will create a 40% price reduction for consumers.
Buyers and sellers aren’t the only e-commerce members ApolloX’s protocol will benefit. The ApolloX Protocol, made up of an attribution protocol, payment protocol, arbitration protocol, reputation protocol and oracle and data protocols, will create a universal blockchain platform for the future e-commerce industry.
This platform isn’t just for marketplaces and shops, and will support various solutions for applications that help all members of the e-commerce community, such as manufacturers, logistics and advertisers. As more e-commerce businesses and members join the ApolloX community, we expect to see the ApolloX Protocol grow into a thriving environment that provides a variety of business services which cover every element of e-commerce.
ApolloX founder and CEO Will Li believes that more members of the e-commerce community will use decentralized e-commerce platforms as their primary online sales channel because they offer transparency and independence.
“Today’s e-commerce industry forces sellers to pay anywhere between 25% to 50% of the sale price to gain traffic and trust. Blockchain technology and token economy is a promising solution. By rewarding positive community contributions, ApolloX can reduce the cost of traffic and trust by more than 50% and form a transparent and equal e-commerce environment. Products will be 10% cheaper and you’ll never have to worry about scams or disputes when shopping on a new site. This is going to be a revolutionary shift in e-commerce.”
The ApolloX platform is being created by the team behind Apollo Box, a Silicon Valley based e-commerce company that has over 800 vendors, close to 1M active users in the US and has been featured in prominent publications like BuzzFeed, HuffPost and TechCrunch.
Made of individuals from notable schools and companies like MIT, Stanford, Duke, Newell Rubbermaid and Google, the ApolloX team has extensive experience in cross border e-commerce and blockchain infrastructure.
Today ApolloX has completed their angel round investment and is backed by notable investors Amino Capital and Hofan Group. The ApolloX Token Wallet is now integrated into the Apollo Box app and the ApolloX beta is scheduled to launch in December 2018.