GLMall is the first online marketplace of its kind that pusches the boundries between e-commerce and de-commerce in an efficient and safe way with the aim to de-mystify crypto and clearly show how the blockchain can be a highly beneficial tool when used in a transparent and sustainable way. This approach allows GLMall to solve 5 key issues that the space has been facing to date.
1. Transaction fees:
To date, transaction & gas fees are a constant companion when it comes to on-chain transactions ranging from a higher to a lesser value depending on the #blockchain used. Trough the use of a proprietary parallel coin relationship between the USDT and GLMall's native parallel clone $GMBT, GLMall has eliminated gas fees all together and replaced them with “coin-hours” to power transactions. Coin hours simply represent the time a coin has been in circulation and thus is a self-generating resource.
Most if not all commonly known blockchain protocols today such as bitcoin or ethereum are a “product” in itself, needing to be monetized. With this in mind it only makes sense that gas fees would be the driving force to motivate nodes to validate on-chain transactions based on the highest fee paid. This however slows down any and all transactions that are not able to compete in the “gas fee bidding” process so to say, causing delays and inefficiencies for daily low-value transactions.
More transaction demand means less node validation supply causing transactions fees to rise consistently. Applying this logic to daily e-commerce which is 80% high-volume and low-value transactions, the more you want to buy the more expensive it would get. Not ideal for all those daily fast moving consumer items.
When it comes to online shopping these days, influencers are the new billboard. Being able to split one online order between separate buyers who each use 2-3 different influencers to generate these sales, would result in: number of orders x number of influencers = number of total on chain transactions, charging gas fee each time. This would cost more than it any one of these influencers make from the commission on most blockchains.
5. Safety & Trust:
When we order something online, we want to be sure that we can refund something or know that we have a way to get our money back if the product is not delivered or not up to par. This is a tough one when it comes to on chain transactions as it goes straight from wallet A to wallet B and that’s it. There is no banks in between, but that means there is no assurance either. To make decentralized e-commerce viable, GLMall has created a public “escrow wallet” in between buyer and seller to show the seller that payment has been made but only upon confirmation of receipt of the ordered product or service, will payment be triggered to the merchant via the blockchain. This is all done automatically through the blockchain and creates a trasparency as well as safety for GLMall buyers.
With the above challenges in mind, GLMall has developed a free, fast, scalable, flexible and safe future for e-commerce - bridging the gap between crypto as an investment & status tool and crypto as an actual everyday currency.
Want to see it for yourself? Here is how you get started on GLMall:
1. Go to www.glmall.glbrain.com to create your account
2. Go to My Profile => My Crypto => Download GMBT Wallet
3. Load your cart full of crypto products and go to checkout
4. Enter your wallet address and top up or use your GMBT balance to make the transaction
5. Place your order!