PART 1. Introduction of ShopKart project and community questions.
Hello, Satoshi clubbers and guests of this site. We would like to bring to your attention a crypto project – ShopKart.
ShopKart is an eCommerce marketplace, where users can order products from eBay, Amazon, Aliexpress, and ShopKart’s own marketplace offering retailers and consumers a great experience and an opportunity to put crypto to use.
The plan of AMA session:
- Part – Introduction and preselected questions.
- Part – Live questions
- The Quiz about ShopKart
The reward pool is 500$
Leading the AMA our clever and fun admins:
Mary | Satoshi Club – @Satoshi_club
D. | Satoshi Club – @Cool_as_Ice
The Representative of the project:
Lewis – @Lewis_shopkart – Founder: 5 Years of management-level experience. Previously employed by a well-known e-commerce marketplace.
Larry – @larry_Shopkart – Co-Founder: 3 Years of high-level experience in API development and Data Scraping.
Introduction of ShopKart project.
Mary | satoshi club:
Hello, satoshi club! We are happy to announce our ama session with Shopkart! Welcome to satoshi club😀
D| satoshi club:
Today our guests – @Lewis_Shopkart and @Larry_Shopkart! 🚀 Hey guys! How are you doing?
Lewis:
Hello everyone, it’s nice to be here.
Everything is great. Hope you are having a good time too.
Mary | satoshi club:
Hello, Lewis, welcome to the Satoshi club 😀
Larry:
Hi, it’s nice to be here, I am doing great.
Mary | satoshi club:
Hi, Larry! Happy to see you here 👍
Lewis:
Thanks
Mary | satoshi club:
Let’s start our ama 🚀
Lewis:
Ready 👍
Mary | satoshi club:
Could you please introduce yourself and tell us more about Shopkart?😀
D| satoshi club:
Smooth start 👀
Lewis:
We are a team of 4 members currently, based in Estonia and India
Founder – Lewis (me)
– 5 years of management-level experience. Previously employed by a well-known e-commerce marketplace.
– crypto investor since 2017
Co-founder: (Larry)
– 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 been involved with eCommerce industry and was also learning about blockchain for the last couple of years, I had this use case in my mind.
After shopping.io came, I really got inspired by them and wanted to offer something more to the eCommerce industry, not only to buyers but the full lifecycle of eCommerce.
Ecommerce is expected to grow to 5.4 trillion dollars by 2022 and 6.4 trillion dollars by the year 2024
Current problem faced by the industry:
Merchant/retailer has the 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 their product is original?
The problem of traditional payments.
– high fees
– chargeback
– slow, there are delays of payments in different lifecycle
So, these are some problems, we will be solving at Shopkart using blockchain tech
D| satoshi club:
Are your a public team, or prefer to stay anons?
Mary | satoshi club:
So, you started to develop Shopkart project one month ago?
We will be anonymous for 3 months as we’re still in process of registering our firm in Estonia. So, from august, we’ll be public.
D| satoshi club:
Okay, got it
Lewis:
Yes, the ideation part started one month back
– tech stack platform is already set up
– data collection through scrapping and vendors is done
– data model is ready
– we will be improving the data model, as the key point in eCommerce is the optimized search results, which is complex from a technical perspective
This month, we will be working on the front-end part of the Shopkart.
Mary | satoshi club:
You’re fast, guys👍 Thank you for your intro! Do you want to add something, or we can go to the questions from our community? 😀
Lewis:
Lots of work, a lot of milestones to be achieved, and Larry is pretty good with APIs and data.
Preselected questions about the ShopKart DeFi project.
Thanks, guys, for the intro! We will start with community questions 😉
Q1 from telegram user @maxivv
I understand that Shopkart is an eCommerce marketplace, where users can order products from eBay, Amazon, AliExpress and Shopkart’s own marketplace offering retailers and consumers a great experience and an opportunity to put crypto in use. But what I don’t understand is, what is the difference to use Shopkart to buy in Amazon instead to buy in Amazon or eBay directly? What is the experience for the user you talk about?
Lewis:
Yes definitely.
In the intro, I just mentioned one part of Shopkart.
There is another part of Shopkart, which is very excited and will solve industry problems.
We are building our own eCommerce-focused blockchain, which will have minimal transaction cost and solve the eCommerce industry problems with the following features.
– product traceability
– cutting out middlemen
– data ownership
– lower costs
– global payments and accessibility
– pay with multiple cryptos
– higher rewards for retailers and end customers
Currently, we are on BSC, and by q1 2022, we will migrate to our own Shopkart blockchain
We will be onboarding a lot of eCommerce marketplaces on our ecosystem, which will enable transparency across all lifecycles of eCommerce.
This will be fully decentralized, and shop token holders will enjoy the rewards from the ecosystem.
Also, 50% of the profits will go shopping token holders, rest will be utilized towards the development of the ecosystem.
Lewis:
The difference here is, to buy from Amazon, eBay, and AliExpress, users would need three different accounts.
With Shopkart, users will have access to different marketplaces via our portal.
– user can pay with crypto and get more rewards in terms of shop tokens.
D| satoshi club:
So you will be working as an aggregator for shops on the internet?
Larry:
More than that, we’ll also launch our own marketplace where retailers will have very low costs and will offer better prices to customers and retailers. So, more room for profit.
Mary | satoshi club:
You’re telling me that you’re cutting out middlemen, could you give me an example? For example, if now I need to by a power bank, I choose on AliExpress and buy. Which middlemen you will cut in this case?
Lewis:
Ecommerce goes through various cycles when a product is ordered to the delivery of product to user.
With the use of our own blockchain tech, we will optimize logistics and bring suppliers directly in touch with customer, like peer-to-peer transactions through retailers on our platform.
Eg: Amazon is a middle entity between retailers and end customers.
It might look like 2 to 4% difference in terms of transaction, but when these pile up and make up to seven million transactions, the difference is a lot and both retailers and end customers can benefit from this peer to peer transaction
Lewis:
It’s a path towards, business to customer (b2c) digital transformation
Mary | satoshi club:
Gotcha 👍
Mary | satoshi club:
Thank you for your answers! Ready to proceed?
D| satoshi club:
Q2 from telegram user @jonahapagu
One of the major problems with e-commerce and shopping platforms such as AliExpress, eBay, and Amazon is the huge amounts of user’s data that they consume and sell out to stores and merchants who use their platform. This is one of the issues that Shopkart intends to solve with it’s blockchain, so how will Shopkart blockchain ensure ownership of data strictly belongs to it’s users, and that the data they will be gathering from users who will use their platform to trade will be secured and not leaked out to other platforms without knowledge.
Lewis:
One of the features of our platform is data ownership. Our goal for Shopkart is to make it completely decentralized and governed by the community.
Users who will store information on our platform will retain access to it through encryption keys, independent of the service or application that generated it.
We will also make sure, that all the security protocols are implemented for data security
D| satoshi club:
You mentioned that the community will be decided, for what decisions token holders will be a vote?
Lewis:
There will be a lot of decisions, for eg :
– onboard of retailer on our platform, not every retailer can have access to Shopkart marketplace (in order to prevent scams)
– fees on different processes involved in eCommerce lifecycle
– partnerships
– development of the platform
– rewards mechanism
As the platform progresses, there will be a lot of decision, where the community will be involved, it can be as simple as that of design of the platform
D| satoshi club:
Thanks for the detailed answers! Ready for the next question?
Q3 from telegram user @highpee
Shopkart will run on the BSC network, but I read that by the first quarter of 2022, you will be launching and migrating to Shopkart blockchain. Why do you think the e-commerce sector need a dedicated blockchain? How will Shopkart blockchain utilize the decentralized tool of distributed ledger technology to solve the fundamental challenges facing e-commerce such as listing fees, traceability and authentication of genuine products from counterfeit? Under what infrastructure and technical framework will this blockchain be built on and how possible will it be for Shopkart blockchain to allow cross-chain integration with other popular blockchains?
Lewis:
Ecommerce is expected to grow to 5.4 trillion dollars by 2022 and 6.4 trillion dollars by 2024
There are still a lot of problems faced by industry
The problem of traditional payments.
– high fees
– chargeback
– slow
The problem of product traceability in shipping
A lot of middlemen and many more.
A dedicated blockchain can store immutable data on the blockchain, therefore making everything transparent for everyone involved. This will generate a lot of transactions and Ethereum is very slow and BSC to have faced outages recently. Ecommerce business has millions of transactions generating every month and when we want to bring multiple eCommerce businesses on our platform, the multitude of transactions are expected to be in billions, that is why we think, e-commerce focused blockchain will be needed to cater to the digital future.
How will Shopkart blockchain utilize the decentralized tool of distributed ledger technology to solve the fundamental challenges facing e-commerce such as listing fees, traceability and authentication of genuine products from counterfeit?
-data integrity at every step of lifecycle and data immutability on blockchain will solve this problem, also the listing fee will be very minimal, as we want both retailers and customers to benefit from the platform.
under what infrastructure and technical framework will this blockchain be built on and how possible will it be for Shopkart blockchain to allow cross-chain integration with other popular blockchains?
We will use dlt technology and will fork certain aspects of different blockchains and will improve on it.
There are a lot of cross-chain integration projects already in the market, which is under development, either we will have to build our own bridge, or we will partner with a business that offers cross-chain integration
This had to belong answer, lot of questions in one 😄
D| satoshi club:
Will you use a new programming language for your blockchain?
Larry:
Yes, we are right now experimenting with python, shell scripting and ruby on rails.
D| satoshi club:
Cool!
Mary | satoshi club:
Thank you for your answers, guys! Ready to jump to the next question?
D| satoshi club:
Q4 from telegram user @nataliyakil
Owning shop tokens provides users with certain advantages: free shipping, 50% profit sharing platform, up to 10% discounts and promotional, as well as cashback and earn. So, I would like to know how to take advantage of all the benefits, what is the minimum amount of shop token I should have, where to buy it and in which wallet to store it? Do free shipping, discounts and cashback amount depend on the amount of my order, how are discounts and cashback calculated? I love discounts and make a profit! What other advantages on your platform will own the shop token give me that we do not know about yet?
Lewis:
Rewards token mechanics are still yet to be out, we are crunching numbers and will release the token amount for various benefits by end of the month.
However, we are coming up with a staking program, where users will be able to acquire more shop tokens. The program starts on 12th June.
Shipping, discounts, depends on how many shop tokens you hold, and cashback works overtime, on your order value and customer lifetime value (this KPI in itself is a bit long and involve lot of variables, most important here is, order value over the period of weeks/months).
As of now — 50% profit sharing, discounts, cashback
We are also thinking of introducing, different gift cards like Netflix etc.
Mary | satoshi club:
Thank you! Clear answer!
D| satoshi club:
I love Netflix 😍
Mary | satoshi club:
Me as well😂 Guys, ready to go to the next question?
Lewis:
Ha-ha, me as well.
D| satoshi club:
Next question 😉
Q5 from telegram user @ruttiee
Shopkart plans to implement NFT as a service for original sellers in its marketplace and as well include limited edition NFTs in its fashion category and apparel. Can you briefly discuss how the NFT’s will be minted? What factors will determine the value of the NFTs? What requirements or conditions will users/sellers need to become original sellers?
Lewis:
NFTs will be minted on our Shopkart DAPp, it will be easy to use UI for users, to mint NFTs on our DAPp.
The value of NFTs will be decided by the seller and then the buyer will have the option to bid on NFTs, according to the realized value.
The first requirement is to verify themselves as the creator of NFT through KYC
D| satoshi club:
A nice system I like it! Thanks! Ready for the last question from part 1?
Q6 from telegram user @victorogb
Kudos to Shopkart, for taking that bold step and providing it’s unique service, while offering premium shopping experiences to both wholesalers, retailers and customers alike. Nevertheless, Shopkart is in a market that is highly competitive and at same time hugely scalable. However, taking a study of the tokenomics, out of the 21 million available shop tokens, only 1 million of these (4.76%) are reserved for marketing related activities. With this meager number, how does Shopkart aim to make a mark for itself in this market considering the type, number and share volume of daily trades performed by companies and competitors all around the world?
Lewis:
We are doing presale today, we will be using some of the presale funds and also, token value is poised to grow so, 1 % is also a good amount for marketing services. If that is not enough then we will use some of the team tokens for marketing.
We can move ahead with the round
D| satoshi club:
Awesome! Thank you, guys, for the answers in this part!
Mary | satoshi club:
Let’s go 🚀
PART 2.Questions about the ShopKart project from the live chat of the telegram community.
In this part, we open a chat for the crypto community for 120 seconds. Then the guests from the ShopKart crypto project choose the top 10 questions. The 10 crypto enthusiasts have earned cryptocurrency in the sum of 100$.
Q – 1 from a telegram user @Arisabela
Transactions on pages such as Amazon, e-bay and Ali-express merit a credit or debit card, is the idea of ShopKart to provide a card that can be operated with cryptocurrencies on these sites? Or will it be P2P transactions? Can you explain more about the payment methods and how will be integrated into these shopping sites?
Lewis:
It will be a multipayment system, however, if you will use crypto for payments, you will get rewards as SHOP tokens and giftcards.
Q – 2 from a telegram user @mrjrns6
Can you share about your token utility? What is the use of your token in your ecosystem?
Do you have a farm or stake feature?
Lewis:
The token can be used to
– Make a Purchase
– Reward mechanism
– Governance
– Staking/Farming rewards will be live on 12th June
Q – 3 from a telegram user @Karoceh
My email is often spammed with offers from strangers after I join an e-commerce platform. Is ShopKart really trustworthy in protecting users’ personal data? how do you make sure the user’s personal data is safe?
Larry:
Your data is encrypted. One of the features of our platform is data ownership. Our goal for Shopkart is to make it completely decentralized and governed by the community.
Q – 4 from a telegram user @highpee
50% of the PROFIT GENERATED by ShopKart will be SHARED by holders of $SHOP. How much should a user hold in order to receive this 50% of platform-generated profit and how will it be shared? For how long can a user receive these shared profits and how will it be claimed?
Lewis:
This feature will be available from Q4 and will be forever for SHOP token holders. The rest of the 50% will be used for the development of the ecosystem
Q – 5 from a telegram user @serkan44757
Can you list 1-3 killer features of Your Project that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?
Lewis:
– 50% profit sharing
– Our own discounted Marketplace for Retailers and end customers
– eCommerce focused blockchain
Q – 6 from a telegram user @MCBTrade
In which regions or countries can stores be operated primarily on the Shopkart platform? Which regions will you focus primarily on for your platform’s expansion strategy?
Larry:
First Europe , we are starting from Estonia then further covering Northern and Western Europe.As we progress we’ll be targeting Asia and America.
Q – 7 from a telegram user @Wong2008
Cashback and earn is one of your features…can you explain to me briefly your plans about that?
Lewis:
Cashback and earn are calculated based on KPI customer lifetime value, which is based on order volume over a period of time by the user. The longer you are associated and keep shopping, the more rewards you will get
Q – 8 from a telegram user @mrjrns6
Why you build your token on the Ethereum blockchain? As we all know Ethereum has scalability issues? Any plan to move on another blockchain or mainnet?
Lewis:
We are on BSC till Q1 2022
Q – 9 from a telegram user @Jemtran
Trust and security are very important in any business, what makes investors, customers, and users safe secure when working with your project?
Lewis:
Our audit will release soon, we will also go through multiple audits to ensure, our platform is safe and secure.
Q -10 from a telegram user @cryptonation2
Are there any tokenomics available for SHOP? How much will be the total supply?
Larry:
We have a total supply of 21M
-Presale (7,500,000)
-Marketing (1,000,000)
-Team (1,000,000)
-Rewards (7,500,000)
-Liquidity (4,000,000)
80% of marketing tokens and 100% team tokens are locked for three months, which will be released monthly.
Part 3 – Quiz about project
In the final part, we tested the knowledge in terms of the ShopKart project. They’ve prepared 4 questions for this part, so everyone could be a part and answer. Participants had 10 minutes to answer. 300$ was distributed between the winners.
Our contacts for more details:
English Telegram group | Russian Telegram group | Spanish Telegram group | Telegram Channel | Twitter | Website
Our Crypto Partner by this AMA: ShopKart
Telegram group |Medium | Tweeter | Website
