Place/Date: New York - August 14th, 2019 at 10:12 am UTC · 3 min read
Contact: Paul Schmitzer, Marketing & Project Strategy, Source: Particl
Leading online retailer Particl.io officially launched its marketplace at 8 am EST on Monday, August 12, 2019. Particl is an entirely decentralized ecosystem built around a native privacy coin called PART. Particl is dedicated to addressing the biggest issues still plaguing crypto: the inability to effectively spend cryptocurrencies without friction, and with the full guaranty of privacy.
Particl network enables users to buy and sell goods without submitting any personal information to the marketplace operator. This makes the system fully private because the only required data is the shipping address. Therefore Particl cannot lose or divulge any of its user’s personal information.
Because there is no central entity owning or controlling the Particl protocol, there are no commissions applied on top of sales. This is radically different from existing markets where fees for sellers can be as high as 45% of the cost of items. This allows vendors to dramatically increase their revenue, thus opening up the opportunity to reduce their listing prices to beat their competition, increasing their sales volume, while still making more profit for sale.
The absence of any third-party from the platform, combined with the various privacy protocols put in place, ensures that absolutely no data or personal information can be collected by any party.
Some large online competitors have experienced hacks and do not yet offer the level of privacy that Particl is offering. A lack of privacy enables copycats to potentially steal the innovations and advantages of top sellers. Copycat sellers erode margins and discourage innovators.
Particl is a next-generation decentralized marketplace that goes beyond the pioneering work done by OpenBazaar. Indeed, unlike OpenBazaar, every single aspect of Particl’s marketplace is built with user privacy and data protection in mind, ensuring that absolutely no data is generated when using the platform and that no personal information can be collected by third-parties.
Particl also approaches fraud protection and trade insurance differently by instead opting for a double deposit escrow system that requires no intermediary or arbitrator nor fees to be paid. As no single party owns or has any control over the Particl protocol, all of the listing fees generated by the marketplace protocol are redistributed, in full, to its global network of users.
Paul Schmitzer, of Particl Project Marketing & Strategy, underlined how the company was able to achieve its level of security, and privacy, stating:
“Using a combination of P2P and blockchain technologies, Particl Open Marketplace can provide a verifiably private shopping experience that ensures no user data can be created or collected by any party other than the one you are transacting with. The Particl protocol also brings the cost of buying and selling online to the bare minimum as no central entity can charge fees.”
Because of this, no users can defraud other users on fees. No users can take others data, leaving buyers and sellers in control of their information.
Particl is a privacy-focused ecosystem based on P2P/blockchain technologies. It is composed of three main components. a privacy coin capable of untraceable/unlinkable transactions, a private, decentralized online marketplace where anyone can conduct private buying or selling, and a platform on which various applications can be integrated and interacted with.
Particl uses a double deposit escrow system based on the MAD game-theory. Each party adds collateral (PART coins) into a smart-contract which is released back to both users, without any fee, once they both agree the transaction is complete. This is scalable, requires no staff and ensures a mutually satisfying transaction.
Disclaimer: Particl is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value or any value at all.