CryptoCart | Interim Update

It is currently Thursday 29th April, five days post-launch and the team are thrilled to bring you some further input about the direction of CryptoCart and all of the incredible progress we have made since launching.

Day Five Team Progress

Behind the scenes, whilst our community helpers have been busy managing our lively Telegram chats and dealing with investors’ queries over social media, our core team have been networking, holding business meetings, drafting proposals, budgeting, and steadily moving development along the required cycle which is all currently on schedule.

We have compiled our reports from several business meetings held in the last three days and we will share details of these reports with the community on Monday 3rd May. Please stay tuned and we will release all of the drilled-down details that people have been asking for about our development cycle and time-frames, and what to expect in the coming weeks and months leading up to main-net launch.

In the meantime, here are some (quite long) hints as to what is in the pipeline...

Spendable ERC20 Tokens

If you have read the CryptoCart Mission Statement article, you will already have an understanding of how we are excited to work with (and not against) other ERC20 token projects to develop the crypto e-commerce space.

To elaborate on this further, we seek (as a side-mission), to create sustainable strategic partnerships with other projects that will provide utility to their ERC20 tokens whilst also benefiting our e-commerce platform by making their ERC20 tokens spendable via CryptoCart.

Whether your project has a hundred use-cases, or none at all, CryptoCart aims to add further utility. CryptoCart will allow partnered projects to have their ERC20 token used as a spendable currency at the checkout stage for any goods or services offered on the marketplace. This is subject to a strict vetting process where requirements to participate will be met to ensure investor safety.

Token price will be accurate to the minute at checkout through the use of up-to-date APIs and/or Oracles where viable, and this process can therefore be applied to any listed ERC20 token that CryptoCart develops a strategic partnership with.

ERC1155 NFT Discount Vouchers

With every new project partnered with CryptoCart, the CryptoCart team may offer community discount vouchers in the form of ERC1155 NFTs that can be spent at checkout that are unique to our partnership with that project. These vouchers will incentivize consumers to use the CryptoCart marketplace and interact with our community as we continue rapid growth.

Additionally, our partners may experience greater adoption of their native token based on the discounts their vouchers offer, which may range from 10% to 50% subject to a maximum or limited to a product or promotion.

One mechanism within the smart-contract that has been queried is the burn method and why we needed to implement this early. The simple answer is that whilst a burn function typically enables deflation, the main focus of this aspect of the smart contract is to allow the permanent redemption or disposal of NFT vouchers once they are spent or traded in for currency.

What is the benefit to CryptoCart holders?

Upon anticipation, the CryptoCart Core team have drafted numerous methods to implement discounts, cashback rewards, promotional offers and loyalty schemes that will only be eligible for holders of the native CryptoCart Token (CC). We anticipate that a lot of the new communities joining us will see the benefits of holding CC token as it transforms their experience on the platform. This is a simple process of lead conversion. Part of any schemes going forward must and will incorporate CC token holdings as a prerequisite for participation, of which the tiers are TBD.

We anticipate a lot of exposure from partnered communities, and a lot of interest offering a mutual use-case that has never been offered before. As a team, we see a gap in the market that has not been executed with any degree of precision yet and are confident that we will be the first to add this level of value to crypto e-commerce.

We believe that, going forward, cryptocurrency as a whole will be accepted globally and on every platform, however the true revolution of bridging the gap between decentalized finance and e-commerce by bringing new ideas to the space begins here with CryptoCart.

Which vendors will be accepted on launch?

Initially, our first vendor will exclusively be a global Amazon offering, with other platforms such as eBay and AliExpress to follow shortly thereafter. Our main focus is to begin with the largest global vendor in the world that is far more accessible and wider in scope before fully implementing other vendors.

Yes, everyone has seen Amazon implementation already, however this is a stable beginning in a larger road-map where additional vendors will be added in due course. We are not a copy-cat, we are building from the ground-up, and this begins with the most established in a top-down approach.

Further to this, we will be implementing a gift-card shop shortly after Amazon implementation that will provide gift-cards from a range of top vendors to consumers that can be bought without KYC from any decentralized wallet and delivered via e-mail. We are already building relationships with major gift-card vendors at this present time in order to have them listed on the CryptoCart platform on-time.

Summary

As we have already pledged to our rapidly expanding community, we have seen numerous gaps and weaknesses in all current market offerings that we are confident that CryptoCart will build upon to improve crypto e-commerce as an early technology.

One major focus is to benefit our community and backers along the way, as this journey would not have been possible without the level of investment CryptoCart has seen since launching on the 24th April. This has provided numerous resources and has fortified our capability of delivering main-net to the maximum potential we have planned.

We also would like to reiterate that we welcome all mutually beneficial partnerships and that CryptoCart is able to provide a utility to any ERC20 token upon main-net launch for spending on goods, services, and gift-cards.

There are an infinite amount of possibilities that current e-commerce crypto marketplaces have not yet fulfilled and we are excited to enrich the space with our innovative ideas.

As always, we are incredibly grateful for the on-going support that we are receiving from you all.

Please, stay tuned for our detailed report on Monday 3rd May.