CoVEX — Payment GatewayA common hurdle when getting into cryptocurrencies is that you usually have to buy one of the major ones (Bitcoin, Ethereum, or Litecoin) to be able to purchase smaller altcoins. It can also be a bit cumbersome to spend the crypto holdings or convert them into fiat. With our payment gateway, we strive to simplify these processes!
E-commerce has been on an unparalleled growth rate in the recent times and is set to rise even further. According to Statista, global e-commerce sales are projected to rise to $4.135 trillion by the year 2020.
Despite the massive growth of e-commerce, merchants have been encountering the following hurdles:1 Reputation and trust
2 Costly and protracted payment processes
3 Inability to tap into the growing number of cryptocurrency markets with a market capitalization of over $750 billion
The payment gateway will allow our users to effortlessly trade between cryptos and fiat currencies in futures, such as the USD, GBP, and the EUR. In the future, the wallet service will be complemented by prepaid cards or credit cards which will enable users to quickly access their funds.
It will democratize the payment gateway and establish a trust solution based on the Blockchain by working seamlessly with a decentralized trust and reputation system where merchants will accept cryptocurrencies. The Platform will allow merchants and their customers to participate in borderless, global decentralized commerce with trust.
Any time a transaction is done the Blockchain will record the time of transaction of the transaction, the senders’/receivers addresses, delivery time, warranty conditions and any data can generate trust. As the case is with Blockchain, sensitive data will be encrypted and availed to authorized parties in a carefully designed user interface.
Based on the information stored on the Blockchain, merchants and clients will be able to file or solve various claims and rate each other. A trust rating system will be created so that every time a transaction is done, the claim registered, solved or unsolved (based on the purchase details that were saved on the Blockchain during the purchase and reviews.
The smart contract will automatically alter the trust level for any of the parties whether merchants or clients involved in e-commerce.
https://medium.com/@covexcoin/covex-payment-gateway-b54b04973df9
