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BitBoost To Launch Blockchain-based Global Marketplace

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Swiss firm BitBoost is set to launch a blockchain-based decentralized global marketplace in June. This will be built using Ethereum's smart contracts to enable buyers and sellers to connect directly.

"We believe in free trade, and the BitBoost marketplace entirely removes several common barriers and intermediaries in online commerce. Anyone can sign up for an account. You don't need to submit an email address or any personal details: all that is required is an Ethereum address," says founder and CEO Paul Mahone.

The recent storm around Facebook and Cambridge Analytica has raised fresh concerns about the theft and misuse of personal data. There is also the danger of payment processors and major e-commerce platforms legally harvesting and distributing personal data to third parties.

BitBoost's Ethereum blockchain-based marketplace does not track or store personal data. As a user is identified by an Ethereum address, the process guarantees privacy, the company says.

A seller can list a product by paying a flat fee of $1, payable in BitBoost token BBT, regardless of the cost of the product offered for sale. The user needs to download the app and then create an Ether wallet.

Meanwhile, a buyer can buy a product on the marketplace also through the app using only Ether (ETH) in the beginning.

The purchase of an item is executed by clicking the Buy button. Ether will be withdrawn from the buyer's wallet and placed in escrow. The seller must approve the purchase and send the buyer the item. Finally, both buyer and the seller must mark the transaction as completed for the seller to be paid.

BitBoost had already completed its BBT token sale in early November by raising 114 BTC, 1812 ETH, and sold almost 5 million of BBT tokens. The tokens will be available on few exchanges to provide seller with listing power.

by RTTNews Staff Writer

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