CoinCola, The Next e-bay?

Internet e-commerce has become the oligarchs’ world. Throughout the world, Amazon and e-bay has totally monopolized the International trade on the Internet. But in the domestic, no matter Jack ma becomes the China's richest man or Wanda,Baidu and Tencent are teaming up to enter the O2O doesn’t change a condition. The condition is the treasure on the Internet ——e-commerce, has been carved up by the oligarchs. Everything seems to be settled. The appearance of an e-commerce website that uses cryptocurrency (take BTC as a representative) to pay seems to lead a revolution worldwide. Especially after the success of cryptocurrency’s e-commerce website—CoinCola introduces multisig. The money transfer around the world becomes safe and convenient. It’s the best news for the businessmen trade cross border. What’s more, it must have an affect on the future structure of e-commerce.

Overseas online buyer: the price paying by BTC is 1/3 lower than legal tender

July 19th, American Dell announced that they will accept BTC to pay in Dell.com website. A Chinese Internet user experienced the BTC shopping. He used BTC to buy a kind of Dell X51 computer in DELL’S official website. The total cost, including the customs tax deduction is 7000 RMB. But Dell X51’s price in China is near 10000 RMB. That is to say, the price is near 1/3 lower.

As the two major economic engines in the world, China and the USA, this example shows the future structure of e-commerce. It is a miracle? No. Paying by BTC doesn’t need to pay for the third party. Subtracting 0.0001’s miner expenses (equal to thirty cents), it’s the trade over-the-counter. But the traditional legal tender relies on the third payment company such as VISA and MasterCard. There are bank exchange rate and middle guarantee using international payment. After being taking a cut at every stage, an International trade will cost 5% of the total money. Meanwhile, the technology of international payments system making little progress, it takes over 3 days to finish an International trade. But it only takes 10 minutes (1 confirmed) by BTC. The main reason why BTC lover approve it is BTC has great advantage in cross-border payment. That’s a new option to the new overseas online buyers.

For the new overseas online buyer in China and the USA，how to pay is not important. They only care whether the money will arrive quickly and conveniently. What’s more, it’s better if the goods are cheap. But the problem is BTC is irreversible. Only when every merchant have reputation like Dell can buyers pay safely. Recently a BTC e-commerce platform named CoinCola has solved the problem by multi-signature. It aroused the concern of the industry again.

COINCOLA: using multi-signature to ensure the safety of paying by BTC

CoinCola, calls itself the next e-bay, it’s a product of Hong Kong BTC network technology co., limited. CoinCola is only one across the street from the well-known company in this industry. Its domain name is “CoinCola.com” while Chinese translation is :“可赢可乐”. It is a B2B and B2C e-commerce platform, whose biggest website in China is Coinxu.com website. It is also the largest encryption currency e-commerce website. Now it has more than 200 stores. The main application of BTC multiple signature is basing on P2SH（pay to script hash）agreement that supported by BTC. Introducing the BTC’s ownership of judgment mechanism-- M of N（M≤N）, the only multiple signature address was generated by N public keys' participation. Thereby, it achieves the reversible trading. The CoinCola.com uses 2 of 3’s multiple signature way. Only when the three sides of the two parties reaching agreement can the ownership of the currency changed. CoinCola.com has released the white paper about multi -signature’s application technology in official website. The entire shopping process is similar to e-bay and TaoBao, which has aroused wide attention and discussion in BTC community.

In the traditional trade, buyers transfer money to the sellers’ BTC address. If there is a dissension, whether it can refund or not depends on communication between both sides. Even the benefit has been damaged, buyers are in a passive protection status. The situation will improve if there is a center of the third party to guarantee it. But how should we ensure that the third party doesn’t be evil? Self-discipline is obviously week. Multi-signature solves the BTC’s priority problem in e-commerce. It makes Cryptocurrency realizes reversible. With the appearance of this technique, it’s possible for Cryptocurrency to make BTC internationalized.

Multi-signature + BTC will trigger a new e-commerce model

The competition between traditional e-commerce websites is mainly because the difference between product positioning and consumer groups. Sometimes，it’s also because of the whole market’s segmentation. With the appearance of website like CoinCola, the entire payment system has changed. This is completely different with the traditional e-commerce stations that take apart all individuals. It enables encryption monetary E-business platform to achieve the traditional electricity shopping experience buy the high efficiency, convenience and low cost of BTC payments and the use of multi-signature safety technology. In terms of security, it’s beyond the traditional e-Commerce station completely. The BTC e-Commerce website is based on in a multi-signature technology. The website platform doesn’t have the users’ currency. The wallet is safety similar to Blockchain. For the common user, He don't have to worry about the platform is not reliable because the platform gets no benefit from it. Paying by cryptocurrency has another benefit. No one can interrupt the payment of BTC because the p2p net is decentralized, Recent, after Britain made pressure to the European Union, it is considering kicking Russia out of SWIFT. As long as it implemented, it will not only block the trade circulation, but make problem to cross-border bank. But if it uses BTC’s payment system, the problem can be solved. That is to say, even though Europe and the USA kick Russia out of SWIFT, Russia still can use BTC to shop in CoinCola.

CoinCola，will it be the future e-bay?

As it’s mentioned above, CoinCola call itself “the next e-bay”, but can it realize its dream? CoinCola’s Founder JH LOO said in an interview, what BTC brings is a revolution in payment system. The Internet age will refresh everyone’s life. It is an inevitable trend that human being’s society is walking into a new form of civilization from industrial civilization. Under this trend, most people won’t refuse to make the life become a change for the better. In the field of traditional e-commerce, the cost of the middlemen in transfer of foreign exchange is over 1000 billion dollar every year. The disorder in International payment makes 10 million scared. Because Intermediate platform skip off with the money, 1 million businesses suffer losses……It’s a field that full of disadvantage system and human nature is loss control. Through technology, may be it is possible to restore a trusted global business world.
The development of Internet is unbelievable, but BTC will develop faster. It is not a distant dream that BTCpay take instead of paypal. JH LOO gave a wonderful answer: CoinCola isn’t necessarily be the next e-bay. But the cryptocurrency’s e-commerce platform, which takes CoinCola as representative, must produce a next e-bay.