The unique E-Commerce System of the GLMall Marketplace is built around creating safe, efficient e-commerce on the blockchain and fostering a unique affiliate marketing system without middlemen.
This is done through a proprietary parallel coin system involving the native coin, GLMT, and the publicly traded stablecoin USDT.

In this system, the GLMT is at this time has a fixed relation with USDT, so there is no risk, but merchants and buyers can transact with zero gas fees on GLMall. To start purchasing on GLMall, buyers simply create an account, download their GLMT wallet, and swap USDT or Etherium for GLMT, or use Alchemy pay to purchase GMBT with fiat, which they can then immediately use to place orders on GLMall.

All buyers and sellers may download their own cold GMBT wallets on the GLMall Marketplace, which make it easy to store, send, and swap GMBT for USDT and vice versa.

GLMall also features integrations with WooCommerce and Shopify, which allow online shop owners to connect to the GLMall Marketplace sales channel simply and fast, to spread the word and scale sales within their WooCommerce or Shopify shop.

Explainer Video:

Buyer benefits:
• Zero gas fees on unlimited transactions
• Stable crypto environment linked to USDT
• Global and local marketplace to search and shop
• Fiat payment options through Alchemy Pay

Seller benefits:
• Grow their regular sales channels on WooCommerce & Shopify though the GLMall sales channel\
• Offer products for purchase in crypto without gas fees
• Expand user base to early adopters and innovators in the crypto and metaverse space
• Bridge web 2 e-commerce systems to new web 3 e-commerce infrastructure in a safe and scalable way

To better understand why GLMall’s native coin is so vital to this system, it is important to grasp its technical makeup and the challenges it can overcome.

GLMall's GLMT coin is not just a regular coin operating on the GLMall marketplace; it is unique in that it is built on the Skyfiber blockchain, which has many more advantages than disadvantages. This cannot be said about most common blockchains today. Most blockchains operating today were designed to generate profit through their services, yet are extremely complicated and slow to use.

Explainer Video

Even Ethereum, one of today's most noteworthy blockchains, is not immune to these struggles. On the Ethereum blockchain, achieving optimal speed and efficiency is very difficult because thousands of transactions are validated simultaneously across its core chain.

For a cryptocurrency distribution network to function properly and for information flow to be adequate, much needs to be improved in the speed of transaction entry and the time to reach consensus; otherwise, the large-scale adoption of cryptocurrencies for e-commerce will be difficult.
To efficiently establish the daily use of cryptocurrencies in e-commerce, a system that can examine hundreds of thousands of micro-transactions in just one second at low to no cost is needed. This is not an easy task, but for cryptocurrencies to take their rightful place in the global trading markets, it must be achieved. 

Let’s dive into an example to demonstrate the challenge at hand. Imagine you want to buy a toy for your child. birthday using Bitcoin or ETH. The toy costs 2 USD. Based on the low value of this single transaction, you would have to wait hours for it to be confirmed, and the gas fee for the actual validation would be higher than the toy's basic price. This works when buying a Tesla worth 30k-150k, but it is unsustainable for small & frequent transactions.

There are two major reasons for scalability challenges today:
1. The time required to enter a transaction into the blockchain
2. The time required to reach a consensus and get validation

When it comes to Bitcoin and Ethereum networks, all additional costs stem from design shortcomings in these systems. The more popular a platform is, the longer it takes to process a transaction and the harder it is to reach miners to validate small- to medium-value transactions, largely because miners operate on a "largest bid" basis.

As a result, the time for the achievement of consensus becomes longer on each subsequent node that inputs transactions because each blockchain must be replicated at the level of the entire network. As a blockchain platform becomes more popular, new nodes are added and the transaction processing time is increased. In short, the more transactions are made on the blockchain the higher the cost to transact on it. Backwards, isn't it? What ever happened to good old supply and demand theory?

Now that we have set the scene about what is going on with today's most popular blockchains, let's dive into how GMBT's Skyfiber consensus algorithm called "Obelisk" manages to overcome these common barriers.
Obelisk consensus mechanism uses a PoT (proof of trust) consensus algorithm which establishes a unique validation mechanism modeled on a 'web of trust' topography and distributing influence across the network in a manner reminiscent of human social dynamics. Every node has a list of trusted nodes to which it subscribes to and the more subscribers a node has, the more influence it has on the network.

Due to the transparent and public nature of the decisions and trust lists located on each node's individual blockchain, a misbehaving node can easily be identified and isolated by the community as nodes will simply remove the malicious node from their trust list, causing the node's influence to wane. This mechanism allows the community to shift the balance of power on the network rapidly which bring s about a highly democratic and decentralized decisioning process.

Aside of the above unique consensus mechanism, the Skyfiber Platform also uses Parallel Peer-Chain technology. This is the key to what makes it so special and different from all other blockchains. Parallel chain architecture is much more efficient than the classic uni-chain blockchain. By aligning multiple different blockchains in parallel while being able to scale laterally as well as horizontally, all chain entries are parallel with each other and operate in an independent yet connected environment, not overloading one chain with all network transactions.

To start selling/ buying on GLMall sign up now and download your wallet.