"Qilin.Market — protocol for decentralized e-commerce enabling convenient exchange of goods for cryptocurrencies utilizing smart contracts on blockchain for transparent and bulletproof deal escrow. It introduces unique approach on shopping with cryptocurrencies on-line. Each shop in project ecosystem is in fact an independent blockchain node that earns Qilin Tokens for its owner. One can open a new shop just by making a clone of public repo on their server. Utilizing distributed ledger technology with smart contracts for exchanging goods with digital currencies, “Qilin.Market” creates a secure and transparent escrow for all parties assuring money–back guarantee for buyer and secure funds transfer for seller. Buyer transfers funds to smart contract that releases payment to seller only when product is successfully delivered and confirmed through independent oracle on blockchain. This model creates a constant circulation of Qilin Tokens to ensure settlements between all market participants: Sellers need Qt. to confirm new orders and reward Merchants, Delivery services need Qt. to deposit an escrow, Merchants receive Qt. as a reward from Sellers, Buyers receive discounts. Transactions take place directly between the buyer and seller, and there are no middlemen to put additional holds on funds. Due to its P2P (peer-to-peer) nature, goods can be traded directly, easily and what is more important, freely. That disrupts traditional e-commerce model making a direct connection from end-to-end in the global supply chain. Qilin Tokens closed preorder starts on December 1, 2017. Tokens would be distributed in batches with price rising on hyperbolic logarithmic progression for every next batch. That means every new issued token will cost a little bit more. Limited amount of Tokens would be minted with no new emissions ever to be made. That makes sure Qilin Token will never cost less."
Ethereum
