aBey E-commerce Blockchain | Q&A with the Creator and Partner
aBey A Multi-Layered Programmable Blockchain Approach to Digital Currency for High-Volume Transactions in E-Commerce Systems
There is a new economy coming and it’s called the Digital Economy. A new form of finance, a new way of doing business and a new way for the online service industries.
The online service industry has grown exponentially with a 276.9% increase in worldwide e-commerce sales over the most-recently tracked period. Blockchain ecosystems are preparing for just this bringing amongst other cost-saving attributes and investment opportunities into a secure marketplace.
View Statistics here: https://www.shopify.com/enterprise/global-ecommerce-statistics
The new Digital Economy will provide improved financial vehicles in an improved online marketplace to better serve the supply chain from the merchant through the affiliate marketer to the customer in a fair ecosystem where smart contracts and miners ensure due diligence.
Improving areas such as transaction volumes where transactions are expected to be settled in real-time with borderless low-cost payment structures whilst ensuring a user-friendly customer experience, a proper rewarding system for the back-end processes and energy efficiency to support a carbon-neutral economy.
The advent of a Digital Currency on such a platform further enhances the ecosystem to drive the value of the Digital Asset and the investment vehicle behind it. Key components with Blockchain efficiency allow for the ecosystem to collect, store and analyze data in the most proficient way.
The new era of Blockchain Technology has given Mathematicians, Scientists, Engineers, Developers, and Researchers the gateway to building new systems that will enable software packages to improve the Online Supply Chain experience but most importantly improve the way business is conducted.
There are of course many interesting aspects on how these new systems are being built and what better way to find out than go directly to the source, the creator, active researcher and co-founder of the aBey Blockchain.
Allow me to introduce Ciprian Pungila (PhD)
#Q1 Scalability: What is the difference between the “historical landmark” and Side Chains by design in this Blockchain model?
Sidechains are mechanisms that have the potential to enhance the capabilities of blockchains in general, by moving assets to other blockchains, and they are extrinsic mechanisms associated with blockchains. By comparison, historical landmarks are intrinsic blockchain mechanisms (tightly integrated into the existing blockchain) because they allow for faster download times, faster integration with the blockchain’s mainnet and significantly less storage when doing so. Why download hundreds of GB worth of blockchain data (and waste bandwidth and time) to join a blockchain’s mainnet, when you could do the same with just a few MB? That’s the problem historical landmarks propose to resolve.
#Q2 Customer Refunds: The Mediators mining model on your Blockchain is an exciting industry first. How will this introduction to the Blockchain be tested before the launch and how does it affect scalability?
We have worked on retrieving high-profile names in the e-commerce, marketing, and payment processing industries to support the efforts and join as Mediators in our upcoming blockchain. A number of these partners have already approved and confirmed their presence, and we are confident more will join, as our platform grows in popularity and virtual presence. By design, Mediators are meant to be acting through tightly-coupled roles into the blockchain — scalability is therefore achieved easier than with loosely-coupled elements. Plus, there is the potential of only a minimum number of Mediators to achieve consensus, which is outlined in the whitepaper to be 6 by default, just as in a real court of trial. As with any small-numbered consensus participants, especially in tightly-coupled systems, scalability should not become a concern. The tests we are performing involve simulating real-world fintech transactions, alongside refund requests (to a percentage which is commonly found in the real world of e-commerce), in our own testnet, for example starting with 6, 18 and 72 Mediators.
#Q3 The Name function: Is the name function similar to EOS use case and will the Blockchain provide for all E-commerce functionality B2B, B2C, C2C, C2B, B2G, G2B, G2G
The EOS Name function, as I understand it from the Cypherglass initiative, is meant to allow people to buy names in the blockchain — and it is not an intrinsic feature of the blockchain, it’s a paid service on top of the blockchain itself. By comparison, names in our ABEY blockchain are completely free, optional and open for everyone to use, and they are an intrinsic feature of the blockchain — their purpose is to allow users to locate their peers faster (should they, of course, want that).
#Q4 Compatibility: How compatible will the Blockchain be with Linux or WordPress? Will there be a plugin version?
The blockchain’s code is cross-platform compatible, so it could run on Windows, Linux and MacOS X. As for WordPress, because we understand the potential this could bring to e-commerce served throughout WordPress-based websites, we do plan to create in the near future at least one sample plugin for e-commerce integration of the blockchain functionality into WordPress-based websites.
#Q5 UI Front End: Interaction between the different parties is very important. Equally the visual aspect of the products on offer.
How is the designing of the front end going?
The designing process is going well and so far, is on track. We have some very talented in-house designers in charge of UI/UX, and we aim to create an ergonomic, friendly user-experience, where people feel right-at-home when opening their wallet, for example, and the experience is intuitive enough to allow even newcomers to adjust quickly to the platform. Basically, we’re aiming for a feeling similar to that of e-banking, but with much less fuss and hassles, focusing on the practical and essential aspects of functionality only.
#Q6 Trust & Privacy: How do you aim to gain the trust of E-commerce users from traditional websites and protect their online privacy?
We understand trust is the major factor playing an important role in any e-commerce business. That’s why we have already acquired a few major partners to support the initiative, where the blockchain will be playing a major role in the way business is handled, and how it may be used to acquire products, goods, and services.
Additionally, as the coin grows in exposure, it will also attract more investors, which is why we are aiming to expand our presence in the crypto-exchange industry as well. So far, we have been listed on one public exchange, and are already in the talks with others about a near-future integration.
#Q7 Affiliate Marketing: The lifestream of E-commerce, Affiliates. How will you ensure traceability, accountability and precise distribution of funds on all levels of % based commissions?
Affiliates work with different business models in modern e-commerce. Some of those involve direct sales, others involve multi-level marketing, while some involve even more complex models. Because of this extrinsic complexity of the business use-cases, we introduce the Trusted Payment Gateway concept, which acts as a buffer between the merchant providing the product or service, and the affiliates making the sale to the final customer. The TPG is the one responsible for the distribution of funds, traceability, and accountability, and is business-specific and focused on the marketing-model used for it. As with many approaches we take in our platform, it is up to the merchant to choose which business model fits best for him, and for which products. He could choose to work with multiple such models of course, for maximizing profits. TPGs will be open for intrinsic competition in the blockchain, to the benefit of the customers and affiliates as well, and we will provide at least one full-disclosure open-source TPG for businesses to use for implementing the model.
#Q8 Investment: A fascinating additional attraction to your Blockchain is the “Lending” Implementation for Investors. Can you explain to us how this will work?
There are numerous ICOs nowadays for ensuring lending models in the blockchain. Because each model attracts a different type of investor (e.g. lenders), we have decided to simply open the door to making this a possibility — but it is up to the lender to cross that door and step further into the type of business model he wishes to use. To leverage the use-cases and improve the speed of development, we will provide at least one full-disclosure open-source use-case for lending, with technical details covered in the whitepaper. This way, multiple lenders can create a blockchain-focused marketplace for lending crypto, with different business models and intrinsic competition — which is generally to the advantage of the end-user.
#Q9 Alpha, Beta, Launch: Share with us your Roadmap in short.
An accurate roadmap shall be disclosed soon, as we have long-term ambitious goals and there is still a lot of strong research going on in many aspects of core functionality — some of which is reflected in past or upcoming research papers. In rough estimates, we plan to have a beta version of the blockchain itself by the end of the year, alongside its own dedicated programming language to support development coming shortly thereafter. Every functionality layer will follow afterward.
Thank you Ciprian, these are privileged times to be creating Blockchains Technologies and more importantly Blockchains that will improve real business use cases.
Next up is my interview with Philipp Sauerborn who has seen the potential and partnered with the aBey E-Commerce Blockchain.
#Q1 aBey is a Blockchain-powered solution to many inherent problems in the current blockchain technology. How do you see the aBey Blockchain streamline your business here at aPay?
Using a proprietary approach to a transaction-focused blockchain as the core of the aPay platform, an technological advantage which is also shared with the aBey blockchain in many ways, we can benefit from the technical edge that the highly-innovative aBey blockchain solution offers, while dramatically enhancing the capabilities for lightning-fast transaction processing, an essential and core aspect of e-commerce nowadays. aBey offers people unique, innovative and pragmatical use-cases for high-volume e-commerce which can be built on top of decentralized/public blockchains. aPay and aBey are interoperable, but they do remain different in core aspects of functional behavior at the same time: aPay bridges the physical world with the virtual world of e-commerce, while aBey enhances the digital experience of e-commerce through innovative blockchain-based use-cases for the emerging world of blockchain-focused fintech.
#Q2 Products are of utmost importance in your E-commerce business. How do you see a Blockchain platform improving the customer’s product experience and overall experience whilst shopping online?
The main focus of our blockchain-based research and ongoing projects remains bridging the virtual world to the physical world of fintech, from two different perspectives: the tangible aspect, through aPay and its associated card and interoperability with the crypto-markets, and the open/decentralized aspect, through aBey and its associated use-cases for true private banking use-cases in the blockchain. We aim much higher than many ICO’s because our use-cases are much stronger and cover a larger spectrum of functionality which is essential to e-commerce business aspects. As we transition into a future of blockchain-based interoperability, we are the first to build, manage and enhance a powerful all-in-one e-commerce blockchain-focused infrastructure and ecosystem that bring it all together seamlessly. To the end-user, that means more transparency, less waiting times, and for business users, higher potential for more consistent, reliable income streams.
#Q3 Are there any restrictions in B2B communication (supplier & merchant), between the Blockchain and Web2 models as not all suppliers are on Blockchain?
We strongly believe that any restrictions (whether technical, functional, or bureaucratic by nature) between a blockchain and Web2 models can be tackled through proper infrastructure design and modularity. Since aPay is a payment processor, it can be used just like Visa or MasterCard, or PayPal — with little to no impact on the UX overall.
#Q4 Will you move your entire aPay business onto the eBay Blockchain platform and what challenges do you foresee?
We do not foresee any changes to the way the aPay business is handled or structured now. aPay is a permissioned blockchain, which is a fundamentally different concept than the permissionless aBey blockchain. Although aPay and aBey remain interoperable, they are fundamentally different by nature. We will utilize however the full potential of aPay and the aPay protocol to the full extent.
#Q5 Even more important than your product listing is your relationship with your customers and their shopping experience on the new Blockchain. How do you aim to grow your customer base, basket size, and margin on the aBey Blockchain?
I think your question is aimed more to a retailer, or business that would use our platform. aPay is a Platform as a Service (PAAS) provider. The businesses that use our service will find that their customers will experience the potential that the aBey blockchain offers, alongside the aPay business although they may not even realize it. aBey has exploded into the crypto space at an unprecedented rate and is quickly establishing itself as the next generation of blockchain. So far there are more than 100,000 adopters of aBey, within just a few months after launch. That is an 8x times faster growth rate than Bitcoin in the early days, which makes us very optimistic about its future and adoption. That proves us that we are not only on the right path. The early aPay adopters believe in us and in the future of the aBey blockchain and technology.
#Q6 On the other side is your suppliers. How do you intend to streamline the Supply Chain accountability and traceability aspects of your E-commerce business?
For the businesses that use our service, depending on the actual use case, the efficiency benefits will vary. In a service-driven and service-oriented commercial world, now and in the future, that includes millions of freelancers, small businesses, home workers, part-time entrepreneurs, students and for the sake of the argument any service provider that is either required or willing to deploy technology for the deliverance or administration of its services: using aPay and /or aBey can greatly contribute to accountability, being a core feature of both. Traceability goes hand in hand with accountability in the provision of services, as you would typically charge receive an invoice from your supplier after certain/pre-agreed milestones have been reached. But where traceability is a wanted side effect, certainly credibility aspects play a vital role in any blockchain adoption. For one the main benefit of blockchain technology: trustlessness. On the other side, in the case of our protocols the core feature of “reverse transaction” will greatly contribute to the credibility of suppliers using our technology and increase the credibility of their service provision.
#Q7 Targeted audiences with SEO and Back-Linking is a very important aspect of building traffic and getting customers back onto your platform. How do you see a Blockchain solution for improving your conversation rate and retain customers?
For any modern business, the data-based decision model becomes more and more important. In compliance with all data and consumer data protection regulations incl. GDPR, one can not only target audiences more efficiently. One of the great revenue models of the future for any company relying on the provision of quality data is to reward audiences for providing data willingly and for interaction on a platform. Blockchain and the facilitation of token/coins have fundamentally enhanced, if not even triggered this function, with the most prominent cases being Facebook (libra) and Block1 (Voice, EOS). This, however, can be brought into virtually any use case of blockchain including the aBey and/or aPay models. Reward clients for providing data, for sharing, for doing surveys, using offers, refer clients, vote, compare, author, like, promote, test, use — the possibilities are endless. This binds customers to a great extent, creates trust and builds a relationship — all of which are key aspects for conversion and retention.
#Q8 Technology goes hand in hand with the team that works behind it to make it all happen. How do you go about choosing the right people to drive your E-commerce business especially now with Blockchain integration?
Our philosophy is that the right people are those that which are led by life-long principles, long-term beliefs, and goal-driven passion. We aim to attract the right people by proof of example and by the transparency of the work that we accomplish, but also by the promise of a better future — one that, just a few years ago, seemed utopian. We lead by example, and we are reshaping the future of fintech technology as we know it, through innovations that will change the world in so many ways.
Thank you, Philipp, it is fundamentally important for businesses to be able to go through this intermediate process of Blockchain integration. For businesses to grow and scale in the future, Technological advantages will separate them from their competitors and ultimately ensure exponential growth.
Freelance Writer | Digital Content Marketing > Blockchain Technology.