Particl bases online retail marketplace on cryptocurrency
The new e-tail platform does not require personal user information.
Particl leverages a native privacy cryptocurrency coin called PART to enable users to buy and sell goods without submitting any personal information to the marketplace operator. The only required data is the shipping address, meaning Particl cannot lose or divulge any of its user’s personal information. In addition, Particl applies no commissions on top of sales.
To help ensure privacy and security, Particl uses a double deposit escrow system. 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 and 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.
“Using a combination of P2P (peer-to-peer) 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,” said Paul Schmitzer, director of marketing strategy, Particl Project. “The Particl protocol also brings the cost of buying and selling online to the bare minimum as no central entity can charge fees.”
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