ABOUT APOLLOX PROTOCOLAs a result of the centralized nature of ecommerce industry which has created issues of unfair pricing, hidden costs, data abuse and more, these are the problems that occur often in the industry as a result of centralized model. ApolloX aims at solving these problems with a blockchain-based protocol that will empowers decentralization in the e-commerce industry. ApolloX is to disrupt today’s e-commerce marketplace industry and provide everyone all the benefits of trading through a marketplace like Amazon without the unnecessary costs that come from monopolistic intermediaries.
ApolloX uses tokenization and decentralization platform to replace the rent-seeking enterprise with a new model of complete shopping protection, data security and minimal commission for the betterment or all traders. The implementation of this model will make ecommerce costs reduce by up to 40%. Their goal also is to create an ecosystem that thrives on community.
TOKEN DETAILSTicker: APXT
MVP/Prototype: Yes
Platform: Ethereum/Cosmos
Whitelist:Yes , from Aug 12, 2018 till Oct 1, 2018
KYC: Yes
APOLLOX SOLUTIONSDecentralized Trust
One of the solution ApolloX provides is the decentralized trust, it is to be noted that the execution and utilization of ApolloX protocols means trust will be provided by community consensus, instead of relying on the company to maintain trust between the buyers and sellers. For instance, if a buyer runs into problems with a fraudulent seller, they know their case will be reviewed by a group of their peers. Their centralized equivalent would profit from the success of the transaction, regardless of the damage done to the buyer.
Lower PricesLooking at the current e-commerce model, we pay up to 5 times the amount an item costs to manufacture for convenience. Every link in the supply chain is taking a profit. By implementing blockchain technology to the platform, we’re closer to conducting business peer-to-peer. The ApolloX team anticipates a reduction of 40% for consumers by eliminating middlemen with the blockchain. This is going to bring a lot of comforts to the industry and enhance fair trading between traders (both novices and experts).
ApolloX Solution - Data ControlBlockchain technology as the ability to encrypt sensitive information and store it on an immutable ledger. a user is able access the information if needs be using their private key. ApolloX only allows buyers to access their browsing and purchasing activity. Buyers can even choose not to leave any activity history. By having access to this valuable information, users can voluntarily share their data with service providers on the network to earn rebates or personalized services. This gives efficient control of their data to the user and can only be accessed by buyers
APOLLOX TEAMApolloX founding team are from top university and companies including MIT, Stanford, Tsinghua, and Google. ApolloX is also backed by reputable ventures in both US and China: Amino Capital, Redmoon Capital, and Hofan Capital.
ApolloX team has successful track record in building e-commerce marketplace. They founded ApolloBox in 2016 and now has 1 million active users, over 800 global brands, and $15 million annual run rate.
The founding members are supported by an experienced team with plenty of academic background. Founder Li is a serial entrepreneur having founded 3 companies, involved in blockchain since 2013 and MIT graduate. Co-founder Claire used to work as senior marketing at Google and Newell Group. Marketing lead Shannon Ma received a PhD in economy from Stanford and is an expert in online marketing channels and affiliate networks. Dr. Yusi Zhang and Dr. Qing Ren are the team’s core blockchain engineers and are supported by Zheng Ma (PhD in computational chemistry) as backend engineer.
COMPONENTS/FEATURES OF APOLLOXApolloX Protocol comprises of some amazing features and components for all essential e-commerce transactions, these components are;
Attribution Protocol ApolloX’s attribution protocol allows shops to monitor and keep all existing traffic channels with better transparency and lower costs. It also enables token-based incentive for community driven traffic, so customers can earn extra money from recommending products to their friends and family and shops can enjoy lower customer acquisition cost.
Payment Protocol ApolloX Payment Protocol handles and guides the end-to-end payment escrow process between buyers and sellers on the platform. ApolloX payment protocol also supports third party insurance and the transformation between fiat currency and cryptocurrency on ApolloX platform. this Protocol can prevent majority of online shopping scams with the help of distributed ledger and smart contracts.
Arbitration ProtocolApolloX Arbitration Protocol solves and settles post-purchase dispute and complaint by employing Deposit-Challenge-Vote mechanic in every dispute handling to ensure transparency and independence. When members (usually a buyer and a seller), within the community cannot reach agreement on a case by themselves, either one of them can open a case by depositing a smaller amount of ApolloX tokens. The opposite party is required to deposit the same amount of ApolloX for this case and provide their reasoning. In this model, disputing parties can stake tokens on their dispute after which the case is brought to a random group of community arbitraries, which vote for the verdict and are rewarded tokens for their effort.
Reputation ProtocolReputation is key in e-commerce and generally stems from ratings and reviews, Customers rely heavily on the reviews and ratings of products and sellers on a marketplace to make decisions on their shopping choices. Therefore it is important to prevent people from manipulating the review system and encourage genuine reviews from verified buyers. To accomplish this, ApolloX Reputation Protocol is created to reward authentic reviews and penalize fraudulent reviews. Reviews are filtered by an automated review algorithm and the questionable cases will be reviewed by a randomly selected committee.
Oracle and Data ProtocolCertain Outside information concerning matters such as logistics, personal information and advertising is an important part of the e-commerce process, as a platform for e-commerce we rely on these information to keep the system running. This information will be provided to smart contracts as trusted data through the ApolloX Oracle Protocol to ensure the trustworthiness of this outside data.
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