Members of the e-commerce industry are forced to spend at least 5% of their income on ensuring their own financial security and defending themselves from malicious consumer activity. Using blockchain technology, the Connectius project promises to solve these problems and decrease losses in e-commerce.
Connectius is a blockchain-based SaaS solution for e-commerce that allows companies to decrease their e-commerce-related losses due to the actions of dishonest customers during chargebacks or non-card-based transactions through the use of smart contracts.
“Blockchain, which is public, immutable, and decentralized, is more transparent and reliable than existing traditional solutions, which means it is ideally suited for solving business issues related to decreasing costs and increasing security. Our goal is to make the e-commerce industry more open and simultaneously more secure,” says Sergey Nosikov, Connectius co-founder and CTO.
Three types of users will interact in the Connectius ecosystem: consumers of goods and services, who place orders within the system; suppliers, who provide these goods and services; and arbitrators, who resolve complicated situations between other users.
Each transaction in the system is a smart contract. If something doesn’t go as planned, either party can request an “arbitrator” to resolve the dispute. The reputation of all users is changed each time a transaction is complete and the changes are stored in the blockchain, which ensures increased mutual trust between users. An arbitrator may be a user with a high reputation within the network, or a person chosen by the community.
The Connectius service can be integrated into any existing trading platforms: online stores, delivery services, and any other services (freelancer search, tourism, booking, hotel and car reservations, etc.) that involve a consumer and a supplier.
Work on the Connectius ecosystem began back in 2016. The first Connectius-based mobile app, Connectius Experts, is currently being alpha-tested.
The team intends to develop the project with the help of an ICO, during which they plan to raise $31 million. The funds will be spent on further research and development, marketing, PR, and day-to-day company operations.
The Connectius Token (CNT) will be used as a means of value exchange for payment, both within the system and in apps based on the Connectius platform. The cost of goods and services will be given in US dollars, which will be instantaneously converted into tokens by an external service.
The pre-ICO will launch on November 5, and before November 20 tokens can be purchased at a 20% discount. Fundraising will continue through December 20, 2017.