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Zenland Launches Word's First P2P Marketplace on Smart Contracts
News provided byEIN Presswire
Mar 14, 2023, 11:18 AM ET
Zenland launches the first P2P marketplace on smart contracts for trustless trade of products, services, and assets with cryptocurrency.
Zenland marketplace is a web3 solution for direct online trade (P2P, C2C) and the first P2P marketplace with products, services, and assets traded through non-custodial escrow smart contracts.”GLOBAL, March 14, 2023 /EINPresswire.com/ -- This week Zenland, a smart contract platform with an escrow focus, launches the first global P2P marketplace on smart contracts. As stated in the official announcement, Zenland marketplace is developed as an alternative solution to the existing "P2P platforms that lack security and infrastructure for a new generation of users in crypto commerce". Indeed, the official release of a P2P marketplace further contributes to its mission to bring non-custodial smart contracts to the global online trade of digital products, assets, and services.
— Dior Khasanov, Founder and CEO
Celebrating the new milestone reached in production, the founder and CEO of Zenland, Dior Khasanov noted that with community tests the release of the marketplace has been completed after 3 months of public beta and well ahead of schedule. As the project roadmap suggests, the initial release of the marketplace has been scheduled for Q2.
Smart contracts for merchants
The new software-as-a-service (SaaS) marketplace serves as a gateway to the type of smart contracts tailored for one-off and repeat sales. By definition, smart contracts are specific programs run on the blockchain according to set conditions and are immune to external influence. For their security and accuracy, smart contracts are often used by companies to manage supply chain, logistics, payroll, and other business operations run on a day-to-day basis. Yet building and launching smart contracts require programming knowledge and thus, smart contracts have not been readily available to individual merchants, solopreneurs, independent service providers, and small business owners until now.
The new marketplace provides no-code smart contracts that can be launched on 6 leading blockchains, including Ethereum 2.0, Binance Smart Chain, Gnosis, Polygon, Avalanche, and Fantom. Through the built-in interface merchants and service providers can create, launch, and manage the purchasing process through smart contracts on the blockchain. Every step from initiating a contract to getting paid is confirmed through the blockchain. This allows transparency and verification on both ends (merchant/client) before proceeding to the next step.
Features & Use Cases
Among the other features of the first smart-contract-powered marketplace for crypto commerce are user-friendly UI, direct wallet payouts, and dedicated Live Chat support. Besides the panel for creating and managing contracts, the interface hosts a simple encrypted chat for the two parties to trace back their transactions and safely exchange messages with each other. Unlike the regular chat feature common on P2P marketplaces, this chat is contract-specific and will save the details of the specific order. For its "old-school" UI, contract options are kept on the left panel, while the network and profile settings are located on the top panel.
Also, unlike most existing P2P platforms where the payout is added to a merchant account, Zenland marketplace does not hold merchant payouts. The only function of the internal wallet associated with a specific merchant account is to credit and debit the service fee for launching a new contract to the blockchain. A client sends the payment inside a smart contract on the blockchain and releases it directly to a merchant's cryptocurrency wallet (Metamask). For this reason, there are no withdrawal fees common to traditional marketplace platforms. In addition, to ensure a fair trade with crypto known for its volatility, payments are done in stablecoins.
As noted in the Marketplace release announcement, the P2P marketplace on smart contracts is a new way of trading that merchants and their clients are yet to get used to. As such, Zenland is offering Live Chat support for all marketplace users to ensure smooth onboarding. This Live Chat feature is built into the interface and assigns a dedicated team member to guide the user through the process. Following the instructions, merchants can easily set up a custom name for their profile marketplace, add or edit their items, and check how their stores look like.
While said to be suited for the peer-to-peer exchange of any value, it is evident that the new marketplace is geared towards the "digital side" of P2P commerce. The most common use cases involve domain names and website flipping, freelance gig services, coaching, and video courses. OTC crypto, NFT, and video game collectibles are also among the tradable items for the Zenland marketplace.
Fees & Regulation
As listed in the official documentation, the service fee is set between 1.75% to 0.1% of the payment amount. It is paid by the merchant for each successful launch of the contract to the blockchain. There are no other fees paid to the platform directly, such as listing fees, payout withdrawal fees, or premium plan upgrades. That said, as with all blockchain transactions, users on both sides pay gas fees to the blockchain network. Dispute agent assistance for unsettled cases is available per request and the case resolution commission is paid directly to the assisting agent.
Although KYC is not required at this point all items undergo manual moderation by the Zenland Team. During this moderation time (6-24 hours) added items are screened for safety and validity and do not appear on merchant profiles. Once approved, merchants can share their profiles, invite clients, complete orders, and get paid.
For more information visit https://app.zen.land
Zenland is a smart contract platform for safe and trustless P2P trade with any user on the Internet. Its mission is to protect the integrity of value exchange through the power of blockchain and smart contract technology and make sure buyers receive their orders, and sellers get paid.
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Video Guide to Zenland Escrow Smart Contracts
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