Verify

 Reputation Protocol for Ecommerce

Though ecommerce generates about $2 trillion in revenues each year, chargeback fraud is expected to reach over $30 billion in 2020. To combat this trend while offering protection for buyers, the Verify project has developed the Verify Reputation Protocol to continuously update the reputation of buyers and sellers to bring about greater market transparency. The platform will run on top of the Ethereum blockchain, which will provide an immutable record of transactions that can be viewed globally.

Verify sees traditional payment processors as anachronistic in the age of blockchain, when unnecessary middlemen will be removed from transactions. New cryptocurrencies are able to transact with very low fees, though the irreversible nature of blockchain technology has made consumers and businesses skittish about capitalizing on cryptocurrencies as a form of payment. By bridging trust between buyers and sellers, Verify can potentially stimulate greater use and acceptance of cryptocurrencies for ecommerce.

Verify will charge a one percent fee for insuring transactions, which is substantially less than fees charged to merchants by credit card companies. The insuring of transactions will be done with CRED tokens, which are tokens specifically designed for the Verify platform. Buyers will be protected from non-delivered items, items delivered to the wrong address, the wrong item delivered, and items delivered that are not as described by sellers. If buyers and sellers cannot resolve a dispute, the dispute can be escalated to Verify to arbitrate the case.

To bring convenience to buyers and sellers, Verify will allow for atomic swaps, so that buyers can use major cryptocurrencies of their choice. Verify will use a relatively stable cryptocurrency for making transactions as quick and frictionless as possible, and will decide on this cryptocurrency in the future. Verify will also ensure that its platform can easily be integrated by popular checkout software for ecommerce.

The Verify initial coin offering (ICO) is scheduled to take place from November 29, 2017 to December 29, 2017. The soft cap, as the CEO Yazin Alirhayim stated in the Bitcointalk ANN thread, is set at $1.5 million, and the hard cap is set at $2.5 million. Unlike other ICOs, the Verify project is not interested in collecting as much money as they possibly can — the project seeks to raise enough funds to operate for 18 months and then, once showing itself to put ideas into action, will raise additional funds at an increased rate for new investors. The project thus shows a level of integrity absent in ICOs that accept money far beyond what is needed to keep their projects running efficiently while safeguarding investor interests.

For more information about Verify:

Website: https://verify.as/

Bitcointalk ANN thread: https://bitcointalk.org/index.php?topic=2374729

Whitepaper: https://verify.as/files/whitepaper.pdf

By:

Wong linglong3

https://bitcointalk.org/index.php?action=profile;u=1229230