FreeMarketOne – A Novel Marketplace Delivering Goods and Services with Secure Transactions Between Users
AMSTERDAM, NETHERLANDS / April 2, 2021 / As a decentralized public marketplace, FreeMarketOne (FM1) is an open-source peer-to-peer trading platform. It allows traders to buy and sell goods and services against cryptocurrency across the globe without any territorial restrictions. The FM1 development team has recently released the first public testnet and its source code.
Release of the Public Testnet and Source Code
After one year of development, the development team was able to share the progress with the community. The initial testnet platform is available on Windows OS and the source code for the same has been shared on GitHub. After one year of development, the team has been able to share the progress with the community.
Understanding the Basics of FreeMarketOne
The customer sentiment towards trading goods and services online has seen an overarching growth. Along with that growth, however, certain risk factors have emerged that can deter individuals from engaging. FM1 is a novel marketplace helping buyers and sellers connect directly without a middleman, reducing number of transaction costs otherwise present.
On FM1, any information personally provided by a user during a transaction is not shared with anyone but the other transaction party (buyer/seller). Additional security layer is delivered by TOR integration, which provides the so-called onion services preventing the platform from leaking IP address of its users.
This two-level security architecture prevents users’ information from falling into the wrong hands and IP addresses from being disclosed to both buyers and sellers throughout the whole transaction sequence. To further enhance both the platform security and user experience, FM1 uses a double-blockchain solution and a unique transaction rating system.
Features of FreeMarketOne
The two individual blockchains, called Base blockchain and Market Blockchain, separate the information about a trader from the transaction records removing any possibility for another user to view the transaction history.
The Base blockchain contains encrypted record of user details, ratings, and reviews from other traders. The ratings and reviews are based on the performance and volume of transactions, which are recorded permanently on the blockchain.
The Market blockchain harnesses the capability of a floating genesis block to store information on offers and the trading history. Because the trading history is present in the public domain, the Market blockchain removes data from the same floating genesis block, thus removing the need to create new blocks. This enhances the transaction speed and makes the system more secure.
The messaging history between buyers and sellers is encrypted via a Private Chat function. FM1 does not have any equivalent of a shopping cart. Upon clicking on “Buy” , users are automatically redirected to an encrypted Private Chat page with the seller. Besides any other information, the seller is able to share a wallet address with the buyers, who can in turn provide the seller with a shipping address.
No information is shared with the platform itself apart from ratings, reviews, and user profile information. FM1 is a simple, yet extremely powerful solution that satisfies the most critical needs of modern-day traders.
xRhodium for All Transactions
The entire transaction sequence on FreeMarketOne will be powered by XRC coin. XRC leverages its own blockchain and has a limited supply of 2.1 million coins. To enhance the user experience, sellers can list goods and services for sale on the platform against any cryptocurrency, however, transactions will be always settled in the native currency, XRC.
This means that if a product is put on sale, it can be purchased by converting the preferred cryptocurrency to XRC via an integrated solution based on Changelly. The same approach is foreseen for the so-called FreeMarketOneX (FM1X), which is currently under development. The FM1X will allow traders to build their decentralized marketplaces focusing on specific products and/or regions for free.
Under FM1X, traders will be also able to customize their stores to improve the UI and harness the power of branding. Such FM1X specialized marketplaces will also have the option to promote their services on FreeMarketOne or via xRhodium.
Final thoughts on FreeMarketOne
FreeMarketOne has been created as an open community that brings together buyers and sellers to help them capitalize on the benefits of blockchain technology. The privacy and security measures in place, it is traders who decide what information is shared publicly, with the rest being held on a private blockchain secured with TOR integration. As a complete solution, FM1 (and FM1X) is well-positioned to disrupt the online trading experience.
Media Contact
Thomas Hansen
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