Araw Token - The Decentralised Payment for E-Commerce Ecosystem

in araw •  6 years ago  (edited)

Reality overview

From transaction records to payment systems, the global e-commerce sector, with markets expected to reach $ 4.058 billion by 2020, will need Blockchain's support to catch up. with the development trend, especially in the Ethereum market. Statist notes that the number of people buying goods or services online will increase from 1.46 billion in 2015 to over 2 billion by 2020.

In the field of payment, worth mentioning most is PayPal. However, despite having a steady and widely accepted platform, the company has also failed in several markets, including one of the leading economies in Africa, Nigeria, the country that people have been banned from using digital services for years.

Centralized nature of PayPal is also reflected in the case of the company's closed in Turkey last year. Reports of this incident indicate that they did not comply with local law. After that, there have been information that people in Turkey started moving to the free market with the use of Bitcoin after the PayPal license was not approved by the Bank Regulation and Supervisory Authority.

Another issue of payment in e-commerce is the payment process is very costly both money and time. The payment process can take many steps and is accompanied by the cost to pay for the payment gateway. It ranges from 2-5%. In addition, entry barriers on international payments are also an obstacle. And this is the opportunity for Blockchain to promote its strength. Applying Blockchain can help merchants in the ecommerce industry to avoid burdens of economic potential as well as advertising budgets, minimal things to create trust. This is based on the fact that Blockchain technology operates on a distributed model that records all transactions in order to maintain the authenticity of information on a secure global network. And now, I will introduce you to the Araw project, a project that can solve these things.

What is Araw Tokens?

Araw is an ecosystem of decentralized payments. The main purpose of the project is to revolutionize the payment process in the field of e-commerce. To do this, Araw brought Blockchain to e-commerce. By releasing Araw token in conjunction with integrating a bank, users can purchase Araw tokens as well as exchange them with fiat money. On the vendor side, they are provided with an open API platform that allows control of Araw tokens redistribution without the need for specialized blockchain developers. Sellers and retailers can attract their customers through an extremely attractive reward system provided by the platform. This will completely eliminate the complexity of cryptocurrency possession and step by step bring cryptocurrency closer to day-to-day exchange activities.

The company intends to create a unified system that will be widely accepted. They want to create a connection ecosystem between ARAW Pay, ARAW Touch and Pay Card. Other plans include the plug and play facility, the reimbursement option for protected clients (which is not common on blockchain). Basically, ARAW will be the end-to-end solution because it will provide everything you really need to buy online products that will be fully secure or provide these products and manage your own business. ARAW will be a transparent ecosystem that will link customers and stores.

Ecosystem

Araw's ecosystem is simply designed, so anyone can use the platform. This is a scalable and efficient ecosystem where customers and businesses can interact directly with each other, enhance customer confidence, and benefit all. It includes:

  • Araw Pay: The main way to access the ARAW ecosystem will be via the ARAW Pay option, which will be a facility that allows the site to accept payments including the ARAW token. By installing this app, you will be able to connect to the company's API and receive the ARAW code directly into your wallet. Because of this, ARAW Pay will be the most important part of the e-commerce market that the company intends to create and support.
  • Araw Marketplace: This allows any shop owner to sell or build their own ecommerce platform. Users are free to choose what they want, such as buy, sell or participate in loyalty programs to earn rewards. All products and services will be managed by the distribution accounting system, everything will be kept confidential and can not be changed.
  • Araw Card: You can imagine it like a bank card. Its main purpose is to pay for small transactions like at cafes, supermarkets or online shopping everyday. It contains radio-frequency identification (RFID) to communicate with the reader card to enable contactless payments.
  • Open API Platform: Open API is an application programming interface that gives network owners the ability to allow people from different parts of the world to access services such as the developer. APIs are available to every user, they just need to integrate into their platform. APIs are structured in a variety of ways but all are designed to be as easy to use by as many people as possible.
  • Banking System Integration: This is a system that allows users to link to a centralized bank. They can also buy Araw Tokens or switch between them.
  • Araw Wallet: Used to store tokens.
  • Cryptocurrency Exchanges Integration: This function is integrated in Araw Wallet. It allows exchange of Araw tokens with other cryptocurrencies, between different types of cryptocurrencies or between cryptocurrency and fiat money.
  • Ethereum Blockchain – Proof of Delivery & Service: This system will ensure the safety of both parties when participating in the transaction. When a customer makes a transaction using the ARAW Token, these tokens are stored in a secure margin until the transaction is completed from both sides. Sellers may set the option to exchange ARAW tokens with fiat money during this transaction to protect against market fluctuations..
  • Peer-to-Peer Transaction: This is typical of Blockchain technology. There is not much to say. It allows the parties to deal directly without any intermediaries. As a result, the transaction is faster and more cost effective.
  • Unified Reward System: This system removes the limitations of traditional customer incentives and is instead a new way in which customers can receive rewards. It is possible to re-use Araw tokens to join other rewards programs. By combining all sales entities - pooling together a limitless customer base and rewards on offer, this system can be maximally exploited the potential of reward systems.

Team

Core team

Advisor

Roadmap

Conclusion

I think this project has a great potential in the future, thanks to which merchants will have a more convenient and economical payment service while still being able to attract their customers by reward system that platform provides. This will motivate businesses to grow more, and better care for their customers.

If you have any opinions about the project, please leave below the comment section. Thank for reading!

Useful links

Website: https://arawtoken.io
Whitepaper: https://arawtoken.io/assets/araw_whitepaper.pdf
Bitcointalk ANN: https://bitcointalk.org/index.php?topic=3497194
Telegram: https://t.me/ArawTokenOfficial
Youtube: https://www.youtube.com/channel/UC3QKDkSt7UbhqWlAm2T5Abg
Medium: https://medium.com/@TheARAWToken
Twitter: https://twitter.com/arawtoken
Github: https://github.com/arawtoken
Author:
Bitcointalk username: kld_hp
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1014734

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6 years ago by

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