Everything you need to know about Egoras is in this article. So just take out a few minutes of your time to read to the end.
Egoras market is a blockchain-based re-commerce /resale marketplace that allows sellers and buyers of used items to exchange value fast without any third party manipulating its transactions.
Do you know that Egoras is the first cryptocurrency that attempts to accurately and transparently reward an unbounded number of individuals who creates value in its marketplace, and I am here to inform you of a very important key to inspiring involvement in any marketplace, currency or free-market economy is a fair accounting system that often reflects in each person’s contribution?
I am sure you will have so many questions in mind about the meaning of blockchain, but no worries I am here to explain every single detail to your maximum satisfaction.
WHAT IS BLOCKCHAIN?
Blockchain can simply be defined as a decentralized, digital ledger that records transactions made in bitcoin or another cryptocurrency, computers that are linked in a peer to peer network. Blockchain isn’t regulated by any central authority which implies that buyers and sellers are only in control of blockchain operations.
Benefits of Egoras
Egoras market place provides very important service to the users of Egoras. Below are some interesting benefits of Egoras that I am sure you would find very interesting.
- A stable cryptocurrency pegged to the US Dollar: Egoras made things easy for its users to enjoy a stable cryptocurrency that is pegged to the US Dollar. You might have some questions about the meaning of cryptocurrency I am glad to inform you that I have to explain the information I convey to you. Cryptocurrency is simply an internet-based medium of exchange which uses cryptographical functions to carry out financial transactions and it is not controlled by any central authority.
- Market place to buy items at a premium price: Egoras marketplace has also made it possible for buyers and sellers to by items/goods at a premium price.
- A high moderated market place with no third-party control: when it comes to Egoras, a very high moderated platform is created to avoid any third party to encroach in any transactions made by the users of Egoras, Which makes it impossible for any third party to manipulate any transaction.
Another interesting Benefit about Egoras Market is smart incentives.
You might be wondering what smart incentives are all about. I would tell you the meaning and explain or throw more light on Smart incentives. First of all smart incentives are several tokens that are given directly to Egoras users by the egoras network to encourage the users to purchases on the network. It is also a specific amount of egoras coin per unit purchase which is given to the users of Egoras to motivate users. The reason for incentives is to increase prices for sellers and to also increase the price received by buyers. Thereafter, the benefit of the incentive would be shared by the buyers and sellers in a proportion that is based on the relative slopes of the demand and supply functions. After all the benefits of Egoras I have been able to point out to you I am sure you found each point very interesting and educative. Relax while I bring more interesting facts about Egoras.
RECOMMERCE
It is the process of selling previously owned, new or used products, mainly electronic devices, clothes, media such as books through online or physical distribution channels to repair if necessary and reuse. We also have different types of re-commerce which would be listed below.
- Trade-in re-commerce services: it involves the recycling of product/goods if it can be used anymore. It also controls the condition of the product in a specialized workshop. Furthermore, it shows an indication of the final purchase price to the owner of the product sold.
- Informal market by back and trade-in offers by vendors of a new product.
- we have learnt about re-commerce and we have also known about the types of Egoras we are going to look into another part of Egoras called Egoras algorithm is designed to display users that buy items on its marketplace higher and also gives a fair compensation to Egoras users that buys at a premium rate.
PROOF OF PURCHASE
Proof of purchase is a piece of data which is created after every transaction which allows the user to verify the authenticity of the purchase. Egoras smart incentive contract creates a new coin after the proof of purchase has been created. That is not all Egoras also have two unique properties when compared to other cryptocurrencies.
Ø First it has the pool of tokens also called the reward pools. It is dedicated to incentivizing buyers for their purchase on the marketplace.
Ø Second it has a verification system that requires marketplace users to determine the authenticity of every purchase on Egoras network. The above listed are the unique properties of Egoras.
We also have what we call Egoras coin. Egoras coin is a liquid cryptocurrency that can be bought and sold on exchange it is the backbone of Egoras network, Egoras coin can also be used as a form for payment to other parties.
EGORAS TOKEN
Egoras network interact with three kinds token which are;
Ø The Egoras dollar (EUSD) — a stable cryptocurrency that can be held and spent, the way we use US dollars and other stable fiat money.
The Egoras coin (EGR): a cryptocurrency used to facilitate the stability of the Egoras Dollar (EUSD) and it is created by buyers on Egoras re-commerce marketplace.
Egoras market (EGM); This is an ERC721 token created when a merchant creates a listing on egoras marketplace. It is a non-fungible token which has a unique identifier.
In Conclusion
Egoras Marketplace is built on Ethereum blockchain. We believe in decentralization and self-sustainable architectures, however, we see the need for centralization of certain aspects of the platform (at least in the beginning) to enable shorter development and deployment cycles and to ensure faster market adoption.
Now that you have read to the end and known about EGORAS I want to say thank you for reading this article.
