Bitcoin Forum

Melcor

1. Introduction

1.1 Overview

Melcor is a web-based platform that allows users to sell and buy goods and services with digital assets. The platform runs on the Ethereum blockchain, which provides a high degree of security and transparency for every transaction between sellers and buyers.

We utilize a distributed IPFS system to store metadata and images, and The Graph to extract data from the blockchain. This not only improves the security and reliability of our platform, but also provides faster and more convenient access to product and service information for our users.

In addition, we provide many convenient features that make the buying and selling process on our platform even easier and more convenient.

At the same time, our team is constantly working to improve the user experience of our platform.

We strive to make the buying and selling process on Melcor as convenient and enjoyable as possible for our users.

We are committed to providing our buyers and sellers with the best possible trading environment. Our values are security, transparency, convenience and high quality service. Rest assured that our team is always ready to help you and make your shopping experience on Melcor as pleasant and convenient as possible.

1.2 Problem the project solves

Traditional platforms for selling goods and services often do not support the use of digital assets. However, thanks to blockchain technology, Melcor is making significant improvements to enable security and transparency for buyers and sellers. The Ethereum blockchain allows for the creation of secure contracts between sellers and buyers, which provides additional security for all parties involved in the transaction.

2. Project Description

2.1 General Information

Melcor is a platform consisting of three functional parts: a core containing smart contracts; a subgraph for extracting data from the blockchain; and a user interface.

2.2 Technological Aspects

Melcor utilizes WEB3 technologies such as Ethereum blockchain, IPFS and The Graph. With these technologies, we can ensure the reliability and security of our platform.

2.2.1 IPFS

IPFS (InterPlanetary File System) is a protocol and networking system designed to create a content-centric and persistent web. At Melcor, we use IPFS to store metadata and images, which ensures high availability and reliability of data. With this, we can ensure that our platform's data is secure and protected.

2.2.2 The Graph

The Graph is a decentralized protocol for indexing and querying data from blockchain networks. It is designed to act as an infrastructure layer for Web3 applications, including decentralized marketplaces. The Graph enables developers to index and query data in an efficient and scalable manner, enabling them to handle increasing transaction volumes. In addition,

2.3 Security and Privacy

Melcor uses two systems to protect sellers and buyers: escrow (with a third party as guarantor) and deposit by each party. Once an order is confirmed, buyers and sellers have access to a messenger based on the Waku protocol.

2.3.1 Escrow Mechanism

The escrow mechanism is a mechanism used at Melcor to increase the safety and confidence of buyers when transacting on the platform. It is a tripartite contract between the buyer, seller and guarantor.

In Melcor, this process is implemented based on a special smart contract that ensures that the terms of the transaction are automatically fulfilled. When the buyer transfers tokens into the contract, he expects to receive his goods. Upon successful receipt, the tokens are transferred to the seller's account. However, if something goes wrong, a third party - a guarantor - intervenes and solves the problem.

A guarantor is an independent expert who monitors compliance with the terms of the transaction and is ready to intervene in case of problems. He is a person who is trusted by both parties and guarantees that both parties will comply with the terms of the transaction. Any user of the platform can become a guarantor.

In case of a dispute, the guarantor makes decisions based on the evidence provided by the parties. This reduces risks for buyers and sellers, and increases trust in the platform.

Thus, escrow is an important mechanism that allows buyers and sellers to use Melcor to trade digital assets safely and securely. Smart contracts ensure that the terms of the transaction are automatically honored, and the guarantor ensures compliance and resolves disputes when necessary.

Benefits:

1. Security: funds are transferred via smart contract, so they cannot be used until the transaction is finalized, ensuring security for both parties.
2. Independent guarantor: having an independent guarantor provides additional protection and trust for both parties.

Disadvantages:

1. Dependence on the guarantor: if the guarantor fails to fulfill his duties or abuses his position, it can lead to problems.
2. Complexity: the escrow mechanism can be difficult to understand and use for some users, especially those unfamiliar with cryptocurrencies and smart contracts.

2.3.2 Security Deposit Mechanism

Instead of choosing a guarantor to resolve a dispute, both participants must provide collateral by making a security deposit in the smart contract. This means that both parties must deposit digital assets into the smart contract.

This security deposit is automatically fully refunded to both parties once they mark the transaction as completed. This gives both parties the assurance that their money will be returned if the transaction is successfully completed.

If there is any dispute or problem, both parties must come to a mutual resolution so that they can mark the transaction as completed. Since both parties have a security deposit locked in a smart escrow contract, they are forced to cooperate and reach a reasonable solution.

In addition, this mechanism can be used to manage risk in transactions, and can be particularly useful in cases where the parties to the transaction do not know each other personally, or have little experience with digital transactions.

If no agreement is reached, both collateral deposits will be blocked until a solution is agreed upon. This provides additional protection for those involved in the transaction and ensures that they have a vested interest in resolving any issues that may arise during the transaction process.

Benefits:

1. Incentivize cooperation: as both parties pay a security deposit, this incentivizes them to cooperate and resolve any problems that may arise.
2. security: the security deposit provides additional protection for the parties as the funds cannot be used until the transaction is finalized.

Disadvantages:

1. Dependence on agreement: if the parties cannot reach an agreement, the funds may be blocked indefinitely.
2. Deposit required: some users may be unable or unwilling to make a security deposit, which may limit their ability to use this mechanism.

2.4 Messenger

We use the Waku messaging protocol, which provides privacy and security for communication between users of our platform. Currently, each chat is encrypted using symmetric encryption, and asymmetric encryption is used to transfer encryption keys between participants in a transaction.

The first time a user interacts with Melcor, they are required to create private and public encryption keys. The creation of these keys allows for an additional layer of security in messaging.

The public key will be recorded in the application contract, and the private key will be encrypted using AES encryption with your password and stored in localStorage. This approach keeps your private key secure by protecting it from unauthorized access.

3. Project Economics

This section describes the use of the native token and the business model.
[See tokenomics.](/tokenomics)

3.1 Monetary Policy

Melcor uses the NetSyde Token (NSD) as a native token. Sellers can choose which token they want to be paid in, and depending on the token chosen, a fee is set for using the platform. If the seller chooses NSD, no commission is charged. This allows sellers to save on commission and improve their profitability.

3.2 Business Model

NSD is used by the community to manage the platform. For example, sellers and buyers can adjust the display of products and stores, and guarantors receive a percentage of successful transactions, which is set upon becoming a guarantor. This motivates sellers to provide quality products and also improves the security of the platform.

4. Development and Roadmap

4.1 Development Plan

Melcor aims to become the leading platform for selling goods and services for digital assets. Future plans include expanding the platform's functionality and improving the user interface.

4.2 Roadmap

We are continuously working to improve Melcor and strive to implement new features based on feedback and needs of our community.

See roadmap: https://docs.melcor.io/roadmap

5. Conclusion

Melcor offers a unique platform for selling goods and services for digital assets. Our platform solves the problems associated with using traditional marketplaces and offers improved security and transparency for all users.