The blockchain is celebrating its tenth birthday within the year but much hasn’t been seen of its supposed fruitful lifespan. One expects that its gospel must have infiltrated many ears and hands will be itching to have it in motion. However, the reversal had been consistent because relevant tools for blockchain adoption are not handy.
Citing some examples will suffice in comprehending how Universal Protocol tends to bring decentralization to the already fragmented value transfer across blockchains. There seems to be few tools that could have made interconnectivity possible among blockchains. For instance, transacting from Ethereum to other platform demands that a user maps assets to the other platform.
While concerns have been expressed over seeming security lags and low transaction time, synergy in transactions is not at their best. Consider a situation where you have to port value to a separate blockchain and trade there before your request to have a transaction can be accepted. This is usually the case if a transaction is not sent to sister-blockchain.
What Is Plaza Systems?
Plaza Systems is a project that aims to revolutionise every aspect of Commerce with Blockchain technology, but Plaza is just just an online Blockchain based Hub where you can buy goods and services with Crypto, it is also general solution to every problem faced in everything related to Commerce ranging from payments to even Security and Privacy and most importantly it would provide a central hub where buyers can buy any product the want worldwide, additionally thanks to the MerchantChain Technology, any seller can build their decentralised app on the platform.
• Security: In present eCommerce platforms, shoppers are having to give up their anonymity and credit card details in eCommerce platforms and as we all know, because of the hundreds of millions of customer credit and debit card details that are being stored in these platforms, they are prime targets for hackers and general mischief makers, many e-commerce platforms has been hacked in the past and even popular ones like eBay and Amazon has suffered their fair share of hackings and one incident was even done by a teenager, many customer's card details were compromised.
The weakness with all these platforms is that they have a centralised database which makes it possible for them to be hacked, with Plaza Systems, the information of everybody would be stored in the Blockchain which according to a **Google Search is "A decentralised, it is a distributed, public ledger used to record transactions across many computers and this means that the record cannot be altered retroactively without altering all subsequent blocks and the consensus of the network which is impossible."
• Stable Cryptocurrency: One very important thing that has made it almost impossible for Cryptocurrency to be applied in eCommerce is the fact that the price of never stable, it is prone to volatility, so imagine if a merchant sells a commodity worth $50 to a customer and that customer pays in crypto and the price of that crypto drops after the trade and the merchant is suddenly left with $40, this is one major reason why Cryptocurrency could never be widely adopted as a means of payment in Commerce.
This is why the brilliant brains behind Plaza Systems decided to provide a stablecoin tied to the value of the dollar within their platform and it can be used by buyers and sellers to conduct their business without the worry of the value of money changing, this effectively solves the problem of using Cryptocurrencies for transactions.
• Scalability: Another reason why popular blockchains like Bitcoin and Ethereum Blockchain cannot be used to decentralised eCommerce is that they are not scalable at all, they are built to handle very low number of transactions, for example the Bitcoin Blockchain can only handle 7TPS (Transactions Per Second) and the Ethereum Blockchain can only handle double that amount.
This is why Plaza Systems came up with it proprietary MerchantChain™ Technology in which merchants can build their decentralised apps upon the best part is that MerchantChain™ is not just a fancy technology in Plaza System's whitepaper, it is already a developed and tested technology which is capable of comfortably handling a whooping 15,000TPS and an approximate 3 second transaction confirmation time.
• PlazaChatBox™: Shoppers do not need to waste time scrolling through various e-commerce platforms to search for products, thanks to PlazaChatBox™ they can seamlessly search and compare prices in just one place, Plaza Systems makes the shopping experience better and effortless.
Useful Links
Website: https://plaza.systems/
Whitepaper: https://plaza.systems/whitepaper
Telegram: https://t.me/plazatalk
Author Information
Bounty0x Username: sebastianlbj
PS: This article was written and published by me in exchange for some PLAZA tokens, and whatever that is contained there in, are simply my opinions from researches I made.