Currently, centralized ecommerce has become more and more concentrated in the hands of few people, thus creating a “single point of failure”. This means that a large amount of resources including power, capital, talents and data is being monopolized by these few ecommerce organizations.

THE RISE OF THE BLOCKCHAIN
Up to this moment, we have lived in a world ruled by centralized systems controlled by a handful of individuals. These centralized systems have evolved and greatly contributed to the development of mankind. However, the model under which these centralized systems operate has reached its upper limits as it is no-longer enough to continue to patch it up with new expensive technology and pass alone the cost to consumers along the way.
Perhaps the answer is to find a way to better align the existing centralized ecommerce economy with a more efficient distributed market economy. This is a great undertaking, but our civilization deserves it and now expects it.

In such efforts, the distributed ledger technology represented by the blockchain may play an extremely important role in solving the trust problem of mankind. For the first time in human history, there exists a “machine of trust”. Blockchain represents a complete solution to the limiting issue of “Trust”, that is, to deliver trust to communities we need to establish various large distributed ledgers through various consensus mechanisms to solve conflicts in various human cooperation. Not only that, since ledgers are based on peer- to-peer networks, it makes peer-to-peer transactions and value transfers, automatic, irrefutable, and immutable contracts.

Thanks to blockchain, strangers not only can trade without first having to stablish a relationship of trust, but they can also automate their transactions through smart contracts.
Blockchain is the trust technology that will power the second internet revolution wave, the Internet of Values.
While most existing technologies mainly promote the progress of “productivity”, blockchains is reforming the way people cooperate. It is bringing about one of the greatest transformations to humanity, a new social model, a trust based global village driven by blockchains.

The Internet of Values - IoA

Blockchain technology brings us from the age of the Internet of Information (IoI) also known as the first internet wave, to the age of the Internet of Values (IoV), which can be regarded as the second generation of Internet.

Because of the Internet of Information, the world has undergone tremendous changes. As a result of the Internet of Values, human society is bound to once again usher in enormous social changes. This is because the Internet of Values based on blockchain technology has the characteristics of digitization, intelligence, decentralization and inclusiveness.
Digitization and intelligence, which can bring efficiency to the Internet of Values are features that the Internet of Information already has, but are now being applied to the Internet of Values. A more essential characteristic is decentralization, which will help to completely solve the problem brought about by centralized organizations. The Internet of Values is also more inclusive and more prawned to cooperation.

eComX.org is a non-government organization based on the USA & Switzerland.

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When people easily send and receive information over the Internet people enter the age of Internet of Information; when they can easily process transactions and send value over the Internet and program value and execute transactions by smart contracts, they will enter the age of Internet of Values.
With time, ecommerce will process more and more transaction and transfer value on blockchains and entire ecommerce economies will be programmed with smart contracts in blockchains. As a consequence, people’s cooperation relations and human society will surely be greatly transformed.
Accenture’s report (2016) predicts that after an early exploration, blockchains will continue to grow between 2018 and 2024, when banks and ecommerce organizations begin to witness the benefits of early blockchain adopters, new government rules will also be gradually established, various new services and business models will begin to appear, and the original ecommerce business models will gradually be abandoned. After 2025, the application of blockchain will gradually mature, and the use of blockchain will become the mainstream, and at the same time it will be well integrated into the supply chain systems and into capital markets. The World Economic Forum’s Whitepaper “Realizing the Potential of Blockchain” (2017) boldly predicts that 10% of world GDP will be transacted on the blockchain network by 2027. It can be predicted, just as the early stage of the Internet of Information, that with the development of blockchain applications, the Internet of Values will gradually take shape.

Current internet of values problems to solve


INTEROPERABILITY
eCommerce is today a highly centralized economy, this means that most values exist in centralized organizations, data centers, and in different blockchains. The Internet of Values requires a seamless way for these assets to also circulate within a blockchain without requiring the entire data sets to be migrated to a distributed network and into one common blockchain.


SCALABILITY
The second issue confronting IoA is scalability. The Internet of Values needs to be able to handle different areas of ecommerce, such as marketplaces, shipping, fulfillment, logistics, supply chain, payment gateways, inventory management, and government regulations. All these sectors hold a piece of data relevant to an economic transaction within ecommerce that must circulate freely within the internet of values blockchain and which will require some sort of processing or computing in order for the transaction to be successful. Multiply this by millions of transactions and you can imagine the issue of scalability becoming a bottleneck.
To solve these, we need to leverage the computational power of nodes through intelligent algorithms (POW & POS) in the blockchain network in order to perform parallel computational tasks, this requires the implementation of some sort of parallel event firing mechanism capable of grouping and sorting computational transactional requests by consensus type in order to maximize performance, and to deliver special regards to the computational nodes within the network to perform such computations.

eComX.org is a non-government organization based on the USA & Switzerland.

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CURRENT INTEROPERABILITY EFFORTS

There are some insignificant attempts but cross-chain peer- to-peer value transfers and distributed solutions for cross-chain smart contracts have not yet emerged.
The side chain is the most important attempt of current cross-chain communication technology, but the communication between the main chain and the side chains is delayed, unsafe, and poor in synchronization and these problems are hard to solve. What is more, the interfaces between the main chain and the side chain in many projects are still centralized solutions. Efforts on cross-chain smart contracts may not be successful for a long time, since even the standardization of consensus of a single chain is far from mature, not to mention the consensus reached among multiple chains.


CURRENT SCALABILITY EFFORTS
Regarding scalability, it is still very difficult for a lot of off-chain transactions to be mapped on blockchains. Currently, ICO projects on public chains through protocols such as ERC20 are on the rise, but many ecommerce values, products, and assets, are still hard to map to blockchains as long as other aspects of the ecommerce work-flow such as shipment, logistics, fulfillment, just-in-time inventory assertion, etc. are also mapped.


CURRENT USABILITY EFFORTS
In reference to usability, in the world of blockchains, technologies, parallel computing, high-throughput storage, cross-chain communications, programmability, interoperability, and software reusability, are still at their primary stage. There are some attempts to address these issues, such as solving problems through the private blockchains, or specifying only a few nodes to keep ledgers. But in the long run, it requires continuous efforts in hardware performance, algorithms, consensus mechanisms, cryptography and other aspects to improve the usability.
In short, interoperability, scalability, and usability are the major bottlenecks of the Internet of Values, but no good solution has yet emerged in the industry.


INTRODUCTION TO eComX


eComX and the INTERNET OF VALUE
The essence of the Internet of Values is to map various values to blockchains, so they can be controlled by smart contracts. The Internet of Values makes it possible for cooperation among people to be decentralized, disintermediated, inclusive, and programmable. These obvious advantages will make various values rush to be mapped to the blockchain. As the blockchain bottlenecks continue to be overcome, the Internet of Values will inevitably grow at a higher speed.

eComX.org is a non-government organization based on the USA & Switzerland.

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eComX Corporation - USABILITY

The last aspect is usability. The Internet of Values needs to make available to developers the resources, software libraries, smart contracts, etc., with which developers can efficiently perform rapid software development and decentralized applications that users can easily use.
Currently, blockchains cannot interoperate with other blockchains (synchronization of state machines), tokens on different blockchains cannot trade with each other. Since currently blockchains cannot interoperate with outside centralized organizations, it makes off-chain assets difficult to be mapped on the chain. Since current blockchains cannot read off- chain data, it makes current blockchains’ “smart” contracts blind or dumb and cannot see or communicate with the outside world.
Taking cross-chain technology as an instance, cross-chain communication currently is extremely difficult, not to mention developing cross-chain smart contracts. At present, there are already thousands of tokens, but each token can only move freely on a single blockchain and form its own ecosystem of wallet, smart contract development tools, etc. The existing blockchain ecosystems actually are island ecosystems, and the Internet of Values is far from being truly interoperable.
As to scalability, while the Internet of Information is continuously expanding itself by encoding various information as bits and programming various scenarios’ communication logic as applications, the Internet of Values is just beginning to expand itself by tokenizing various values as tokens and mapping various scenarios’ transactions logic as smart contracts.

Due to the limited interoperability, the scalability of the Internet of Values is greatly affected. It is difficult to map the actual application scenarios involving multiple cross border transactions involving multiple currencies, multiple organizations and multiple data sources to a blockchain to form a distributed solution, which hinders the migration of off-chain values to the Internet of Values.

As to usability, while the computing power, storage capacity, and synchronous speed of the Internet of Information has been able to support most demands of information management, the Internet of Values can barely support slightly heavier projects. The Internet of Values has a lot of work to do in terms of standardization, platform development, functionality, application libraries, interoperability, and future malware attack protection.

Of the above three types of bottlenecks, interoperability is the most urgent and by enhancing interoperability, we can transfer values between different blockchains, program smart contracts with different tokens, and make update scalability more easily. Usability, however, is a long-term basic task, while interoperability and scalability, which have greatly hindered the development of the Internet of Values, are in-need of a short-term solution and have become the two most urgent bottlenecks to be solved.

eComX.org is a non-government organization based on the USA & Switzerland.

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eComX The blockchain platform for the crypto-ecommerce economyeComX.org is a non-government organization based on the USA & Switzerland-info@eComX.world

ABSTRACT
Over the past several years, eCommerce has become a more centralized economy. An industry worth more than 22.1 trillion USD dominated by a handful of the world’s largest companies, such as Amazon, Alibaba, and eBay. Smallershops are quickly getting crushed by their inability to compete against such formidable companies, and fastoutdated with online shoppingrapidly rising.
The strong hold control by a few, of such a giant economy, imposes a business model riddled with disadvantages for the consumers and merchants.
While these few conglomeratescan be accredited for growing one of the most profitable industries, issues such as online fraud has reached unprecedented levels in recent years, merchants continue to experienceunnecessarily high insertion and processing fees, which reduces profit margins. All these disadvantagesmall sellers. On the other side of the eCommerce spectrum are the buyers, they also are disadvantaged by this centralized model, as they are hit with added cost, tariffs, third party handling fees, and time delays.

Today we are beginning to witness thebirth of the second internet revolution, “The Internet of Values”, which promises to do for ecommerce what the first wave of the Internet did for information. At the heart of this new wave, there exist a new technology infrastructure named“Blockchain” and it brings a new paradigm shift to humanity turning centralized business model into obsolescence, in the same way the cars brought it to horse carriages, and electricity did it for the industrial revolution.

No wonder that blockchain technology has been gaining in popularity. it provides mankind a brand new and efficient cooperation system. Blockchain’s application in the eCommercesector has hugeexpectations. At present, all kinds of tokens have completed some basic functions of value transferring and value distributing, but it is still far from the fully addressing real-world issues presented by the current highly centralized model.

To bring about the era of the Internet of Valueto eCommerce as soon as possible, weneed a new generation of eCommerceinfrastructure based on an expandedblockchain technology thatcan link different communitiesand which can bridge the gap between centralized and decentralized organizations.
Venture capitalist William Mougayar calls blockchain “the second significant overlay on the internet, just as the web was the first layer back in 1990”. When most people think of blockchain, Bitcoin instantly comes to mind. But the potential that excites Mougayar and many others goes far beyond ecommercetransactions made using digitalcurrencies. It touches on what is called “the Internet of Value.”


WHAT IS THE INTERNET OF VALUE ?

Like the Internet of Things is key on networking all things through intelligent networks, the Internet of Value is for value to be exchanged as quickly as information. Currently, although information moves around the world instantly, a single payment, for example, from one country to another is slow, expensive and unreliable. In the US, a typical international payment takes 3-5 days to settle, has an error rateof at least 5% and an average cost of $42. Worldwide, there are $180 trillion worth of cross-border payments made every year, with a combined cost of more than $1.7 trillion a year. The same goes for eCommerce, it is nearly impossible to purchase an item in a local store somewhere overseas without running into logistics, fulfillment, and payment issues.
With the Internet of Value, a value transaction can happen instantly, just as people have been sharing words, images and videos online for decades. The Internet of Value enables the exchange of any asset that is of value to someone, including merchandise, music, tickets, and many more.


BLOCKCHAIN ENABLES VALUE EXCHANGE

Until now, selling, buying or exchanging assets has required an intermediary like a bank, marketplace (physical or digital), credit card company, or third-party booking service like Airbnb. Blockchain technology, including eComX.org’s solution, allows assets to be transferred from one party directly to another, with no middleman. The transfer is validated, permanent, and completed instantly. At last value will be able to move around the world as information does.
Investment management service, Rathbones summarizes this potential as:

“…promising to do for value what the internet has done for information:
decentralized control, remove asymmetries, and change the way we transact and interact with everything. From shopping and music downloading to collaborating and sharing of resources, blockchain promises to enable, empower and revolutionize. And disrupt.”
We’re already seeing significant applications of blockchain in the real world. Nasdaq is using it to help firms manage shares. The Baltic nation of Estonia is securely storing the healthcare records for more than one million of its citizens on distributed databases, Japanese airline Peach Aviation recently became the third commercial carrier to accept cryptocurrency as payment for flights, while the musician Imogen Heap built her own blockchain to release a single directly to her fanbase.

For the Internet of Value to gain speed, it is critical to offer the ability for centralized value to be acted by smart contracts in a blockchain and as equally important, is to have Cross-Chain Inter-Operability.
At the moment, there exists a multitude of competing blockchains which do not necessarily connect with one another, so value cannot be exchanged like information just yet. For the internet of value to become a reality, industry standards must be adopted and a mechanism to allow inter-operability must exist.
This I why eComX.org is teaming up with a growing community of interested partners such as major marketplaces, ecommerce institutions, payment providers, logistics & fulfillment businesses to make the eComX blockchain network, the answer to the Internet of Value Paradigm for eCommerce.
With eComX, it is possible for value – to be exchanged in a trustful, immutable infrastructure.

eComX.org is a non-government organization based on the USA & Switzerland

info@eComX.world
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