A fully decentralized marketplace
A fully decentralized marketplace
Greetings,
Lately, I’ve been contemplating the feasibility of a fully decentralized marketplace. This marketplace would primarily operate through
smart contracts, ensuring decentralization and seizure resistance.
Indeed, all that would be needed to sell and buy on the contract would be the contract’ address.
From that anyone could open its custom frontend access, like an access point.
So even an ‘access point’ being taken down, the core of the marketplace would still live somewhere in the wild on the blockchain.
In the case of physical goods transactions, the contract would encrypt the buyer’s home address with the seller’s key,
ensuring that only the buyer and seller could access it.
To address concerns about scams, sellers could be rated through an upvoting system, and feedback mechanisms could be implemented.
However, there is one challenge to consider: fees. Any action that involves writing data, such as posting a product for sale or upvoting a seller,
would incur gas fees. Nevertheless, on blockchains with very low fees, such a decentralized marketplace could still offer significant benefits, in my opinion.
So i’d like to get your thought and feedbacks of such a market, solely based on smart contracts.
Like opensea? While it is a marketplace for NFTs, the fee is certainly a big concern but it seems that most of the networks for altcoins aren’t that expensive at all. But a time when the demand gets higher especially in the ERC20, the fees are also going to increase together with the demand.
Whilst there are other networks that are being supported for each coin, you can consider that as well that your marketplace is open for different networks and wherever is the customer is confident without having interruption and problems with the fees.