Thanks to all for participating in our AMA with ShopKart. We really appreciate all your support. There were really good and thoughtful questions that were asked. For those who missed our AMA, this AMA recap is for you.
CryptoNationIN – Hello Lewis
🎉Welcome to CryptoNationIN 🎉
Lewis – HI , Thanks for having Shopkart in your community today.
CryptoNationIN – We’re very glad to have you today 😊
How you doing today Lewis?
Lewis – I am doing great today. Hope you are well too
CryptoNationIN – Absolutely we’re well 💯
Lewis – Let’s start the AMA with introduction!
CryptoNationIN – Please introduce yourself and the project Shopkart.io
I am Lewis, co-founder of Shopkart, based in Estonia. I have 5 years of work ex, working in ecommerce industry and have been in crypto space since 2017
Shopkart was founded couple of months back in Estonia. We are currently in process of registering our firm here.
As we can see with DeFi and payments, crypto adoption is rising and will continue to scale in upcoming years, and ecommerce is big part of everyone’s life.
With Shopkart, we aim to provide users a great experience to shop using crypto at discounted rates and built in reward system.
Shopkart is an ecommerce marketplace , where users can buy from Amazon, ebay, aliexpress or Shopkart marketplace.
We are also building our own ecommerce focused blockchain, aiming to solve industry problems.
CryptoNationIN – Seems interesting 👌
Q1. One of the challenging problem with major e-commerce platforms is the large volume of data that they gather from users and sell out to stores and merchants who use their platform. How does ShopKart intend to solve this problem using Blockchain technology?
Lewis – As Shopkart will be a decentralized solution, we do not have rights over the data of user. Security of users and platform is important for us, so users personal data will be encrypted and if Users wants to sell there data to merchants or stores, they will have this functionality to sell the data at Marketplace. This data will only be about, customer shopping behavior or preferences.
Also, every transaction will be recorded on blockchain, to maintain integrity of data.
Q2. The most worrying thing about making purchases online is that there is a high exposure to scams, especially if payments are made externally to the shopping platform. What security measures will ShopKart implement so that users can safely operate with P2P transactions?
Lewis – We are using Coinspayments service for other crypto payment solution , With six years of serving merchants and nearly 2.5 million merchants registered to use their service, CoinPayments is undeniably safe and a legitimate payment processing service.
and for Shopkart tokens, we are implementing QR code scanner payment system, which is secure and error free.
Q3. There are other crypto projects offering the same services.
So my question is, apart from the fact that $ShopKart will be coming up with their own blockchain, how does #ShopKart intend to be different from others giving the same shopping services through their platform?
Lewis – A fully decentralized ecommerce solution, where 50% of the profits are shared among holders of ShopKart and rest used for development of ecosystem.
Imagine, few years down the line, if the profit is around 100 Million, 50 Million dollars will be shared among holders of SHOP tokens.
Q4. From what I could see the card and purchases are limited to Germany, UK and USA. However, cryptocurrencies have had and continue to have a global boom every day, do you have plans to expand to other countries? Do you have legal regulations?
Lewis – Currently what you see on website, this is just the demo. Also first the shipping will start in Europe regions.
Next we will expand to South America, as lot of countries from South America are already adopting Crypto.
After South America, we expand to Asia regions .
Legal : We are in process of registering in Estonia currently, as for the shipping, we will have to comply with the rules of country where the product will be delivered.
Q5. What are the main differences between ShopKart’s marketplace and the one proposed by eBay or Amazon? Being compatible with these large multinational platforms, what improvements does this imply for ShopKart’s commerce and, in turn, for the experience for retailers and consumers?
Lewis – The main differences as compared to ebay, Amazon and Shopkart are :
– Profit sharing with Community
– Very minimal listing fee for Vendors
– Discounts on payments with Crypto
– Data Ownership
– Shopkart Blockchain, to enable building dapps for ecommerce companies
– Product traceability
Q6. Could you please tell about ShopKart team, its background and take us through the early days of creating ShopKart? What is the reason you are implementing the project?
Lewis – We are a team of 4 Members currently and will be expanding over next few months.
Founder – Lewis (Me)
– 5 Years of management level experience. Previously employed by a well-known e-commerce marketplace.
– Crypto Investor since 2017
– 3 Years of high-level experience in API development and Data Scraping.
– Previously employed by a blockchain startup building Oracle Solutions.
Blockchain Developer – Ram
UX Developer – Kevin
Shopkart was founded one month back in Estonia. We are currently in process of registering our firm here.
As, I have 5 Years of eCommerce Industry experience and was also learning about Blockchain since last couple of years, I had this use case in my mind.
After shopping.io launched, I really got inspired from them and wanted to offer something more to the eCommerce industry, not only to buyers, but full lifecycle of eCommerce.
Ecommerce is expected to grow to 5.4 Trillion dollars by 2022 and 6.4 Trillion dollars by year 2024
Current problem faced by industry :
Merchant/Retailer has fundamental problem of high listing fees, therefore makes less profit
Sell in multiple countries, merchants have to pay high fees
Traceability Do users really know, if there product is original?
Problem of traditional payments.
– High fees
– Slow , there are delays of payments in different lifecycle
So these are some problems we will be solving at Shopkart using Blockchain Tech.
Q7. Although the global adoption of cryptocurrencies continues to rise exponentially, most of us tend to see this type of use in Europe or America, I would like to know what plans do you have for Latin America where the economy is dire and this could be an ideal solution to the crisis?
Lewis – With Latin America countries adopting crypto , our next plan is to market in Latin America region and start our services in South America. This would bring lot of users to our platform.
We will hire, local professionals from respective countries to fasten our process.
Q1. How safe Your Token to buy, if you have performed an external audit?
How do you deal with hacker attacks, do you have a bug hunter program?
Lewis – Here is our audit
Team and marketing tokens will be locked.
Our presale is starting 29th June 2021 at 13 UTC.
Q2. In Shopkart project Do you have any plans to integrate your project with NFT? Are there viable options for deposits and farming in the future?
Lewis – In Q4, we will do collaboration with Vendors / Merchants for limited edition NFTs.
Staking will be live on our platform 24 hours after listing.
Q3. What are the main thoughts you want to convey through AMA today? Can you tell us the biggest achievement of the Shopkart project?
Lewis – We have not even launched yet, but development has been in full flow since day 1. Our product search demo is live , staking platform will be live 24 hours after listing.
Q4. As a trader, I put the safety of my money first when choosing a platform to trade and invest in! How safe is Shopkart? What programmable security and technology have you and your team developed? to build such a reliable platform?
Lewis – Security is our top concern. We are audited , all team tokens are locked.
Q5. ️Is your project GLOBAL or LOCAL? What are your plans to expand it to all over the World? Can we joint your great project from anywhere in the world?
Lewis – Our project is GLobal and can be accessed from anywhere.
Q6. Smart contracts of recent projects are prone to errors and even previous major DeFi projects have had the same problem, leaving you with a lot of difficulties and a great impact on users. How do you guys improve that?
Lewis – First audit is already done, second audit will come from Certik after listing.
Q7. I understand that with ShopKart you can buy the various products that are in multiple electronic stores, but can you really pay through any cryptocurrency? If so, do these companies like Amazon, eBAY and others already accept this type of payment?
Lewis – Yes you can choose from multiple crypto payments. Users pay us in Crypto and we pay to vendors in dollars.
Q8. How will the data be stored in the system? I am assuming that even though you don’t want to be constrained by the various rules in the myriad of jurisdictions, the data will have to be stored security right?
Lewis – Data will be stored on secured servers. Data will be encrypted and users will have full ownership of data. We will comply to all regulations when it comes to data handling.
Q9. 7,500,000 tokens of $SHOP is being allocated for Rewards. So,can you tell us what kind of reward is this allocation for? What are the mechanism and inclusion of this reward allocation in ShopKart? Why does allocation is a bit high?
Lewis – Total rewards now are 10 Million, 5 million rewards for staking and 5 million for shopping.
Q10. I want to invest, in your project. How can i invest on your project. Is there any limitations for buying tokens?
Lewis – Our presale is tomorrow (i.e. 29th June 2021) at 13 UTC . You can participate in presale and get tokens.
Thank you Lewis (Co-Founder) and Community for participating in the AMA. Have a nice day.