Community Crowdfunding System

Funding Required

Seeding Items to the Marketplace

Seeding Items to the Marketplace

Ludx and Cryptoguard

December 3, 2020

38 contributors

Raised 14286.73 of 20000 PART

Summary

Fund the development, maintenance, and management of an automated system to seed Particl Marketplace with thousands of products (and their reviews) and various storefronts. The initiative aims at adding 5,000+ products to the Particl Marketplace to kickstart V3 adoption and provide users with a vast selection of items at all times. However, this figure may vary depending on various factors such as stability of the SMSG network, actual listing fees in a live environment, user experience, quality of content, etc. Additional listings (other than the initial 5,000+ listings) may be made available sometime after deployment if the automated system handles the throughput well.

The added products will be listed 24/7, their retail prices will be updated every day to account for the PART price volatility, and orders will be processed instantly and automatically via the system suggested in this proposal for the best user experience possible. Most products will be listed along with their (real) reviews taken from outside sources (i.e., straight from the supplier) and imported into Particl Desktop. The added storefronts will be automatically promoted for this proposal's entire duration to ensure they show on everybody's desktop application.

Rationale

Particl V3 is a massive technical milestone for the project. Its release brings on a much better desktop application with better performance, many more features, and a refreshed UI/UX. This proposed initiative is meant to support its release, kickstart its adoption, and complement future marketing and outreach efforts to make V3 much more impactful.

This proposal suggests community funding for the development, deployment, and management of an automated system to seed Particl Marketplace (v3) with thousands of products both horizontally (meaning from a lot of different categories) and vertically (meaning a lot of options in each selected category).

Taking care of both the "verticality" and "horizontality" of products is very important for the user experience of any "marketplace for everything". Typically, when an online buyer shops on a marketplace for a specific type of product, they want to see as many options as possible. If you're looking for a USB key, for example, then you'd like to see many different brands with different amounts of storage capacity. If you're shopping for a camera, then you'd also want to see different types of cameras, brands, options, and so on. Of course, verticality and horizontality get better as more and more sellers start selling on the marketplace. Still, this initiative is meant to kickstart this dynamic, make it more appealing to start selling, make the marketplace more lively, and provide a good starting point in solving the chicken and egg problem.

Key Points

Here are a few key points that provide more information about this initiative.

  • Add roughly 5,000 products and various storefronts to the marketplace

  • Automated and speedy processing of orders on Particl Desktop for the best user experience (few seconds between placing a bid and locking up escrow amount)

  • Products are relisted every day to keep their prices in line with the ever-fluctuating PART price

  • Products ship from different places (mostly USA, Europe, Russia, and China)

  • Products are displayed along with their (real) reviews extracted directly from the supplier's store. Reviews will show up in the Question & Answer section of listing pages.

  • Storefronts are always promoted within the Market Browser.

  • The products are going to be dynamically managed to support and complement any marketing and outreach efforts. When the team or community targets a specific niche of users, products on the marketplace will be adjusted accordingly to reflect that.

  • Any news and update (i.e., a change of strategy in the total number of listings) related to this initiative will be promptly communicated to the community.

Benefits

This proposal is intended to enhance the user experience of Particl Marketplace, provide a part of the solution to fix the chicken and egg problem, and improve the success of any outreach and onboarding campaign. Here are, in more detail, some of the main benefits this proposal seeks to provide to the Particl ecosystem and community.

  • Better first impression

You only get one shot at making a good first impression. A vibrant marketplace with thousands of items spread across many categories creates a much better first impression for anyone trying out Particl Marketplace for the first time. It also makes it much more likely that they will come back and use it again.

  • Showcasing Storefronts

This initiative will also lead to creating various storefronts that will be promoted in the Market Browser of Particl Marketplace. This will serve as a great showcase of the new functionality and will kickstart its usage. Various storefronts will be created, each with their unique theme and category of items, and will be promoted to the Market Browser for this proposal's entire duration. Every user can easily access them without having to look for their Market IDs manually.

  • Support user outreach

Targeting vendors of specific niches is tricky when no other product within that niche already exists in the marketplace. That's because you're asking vendors to be first to list products within a specific category without guaranteeing a considerable number of buyers that come with it. Targeting buyers of specific niches is also tricky without a vast number of products within that category, for obvious reasons.

This proposal suggests pre-seeding the marketplace with a vast number of items related to any niche targeted by the Particl team or community. This will strengthen any outreach effort, help keep more users around, and give them a better reason to contribute with their own products.

  • Increase the number of on-chain transactions

Listing thousands of items on the marketplace, and doing so every day, will increase the number of on-chain transactions due to listing fees being paid as well as whenever an item gets purchased. For example, 5,000 daily listings create, at a minimum, 5,000 transactions on the blockchain every day.

  • Improve the level of privacy on the network

Any listing that gets bought creates a few RingCT transactions on the network, which increases the network's level of privacy. That's because it increases the total number of coins held in anon balances and generates more outputs (decoys) for private transactions. Adding 5,000+ products to the marketplace is highly likely to lead to an increase in the number of purchases, leading to a more robust and more private blockchain network.

To learn more about how the level of privacy can be enhanced through an increase in marketplace transactions, refer to the Particl Explained - Private Transactions article.

  • Increase staking rewards

Any product that gets listed on Particl Marketplace costs a small listing fee that is then redistributed to stakers. Listing thousands of items on the marketplace will directly lead to an increase in these staking rewards.

  • Create promotions

Getting control of thousands of products on the marketplace opens up the door for many promotions, deals, specials, giveaways, and discounts. This can be used to promote the Particl Marketplace and platform on social media, when releasing news/features, and when targeting specific niches.

There are many ways promotions can be run and attract new users that will, in turn, generate more organic activity on the marketplace. This system can also be used to help out any independent, community-based initiative. Simply contact Cryptoguard if you have an idea of how a particular promotion may help your project.

  • Speedy completion of orders

As the entire buy flow and order processing system will be automated, any order the system receives will be processed very rapidly on Particl Marketplace and without requiring human intervention. This will significantly improve the user experience of the marketplace and lead to more people staying around after trying it for the first time.

No more waiting hours or even days for the person you're transacting with to move and update an order. You'll be able to process through the entire initial phase of the buy flow (up until the seller ships the item) in just a few seconds.

Timeframe

It's estimated that this initiative's development and deployment will take roughly four (4) weeks after this proposal moves to the Funding Required step of the CCS. If the system isn't ready by this time, an update will be communicated to the community.

Note

This estimate does not constitute a deadline. Actual development time may be shorter or longer depending on various unpredictable factors. Some items (i.e., storefronts) may be delivered after the system's initial deployment so that it can go live more quickly with its basic functionality (seed listings and process orders).

Duration of the Proposal

This proposal suggests deploying and then actively managing the initiative for six (6) months, after which the proposal may be renewed if deemed necessary.

Note

The product content strategy will actively be adapted throughout the duration of the initiative depending on the different marketing, outreach, and onboarding strategies adopted and the different types of niches joining the marketplace. This is an ever-evolving and proactive initiative.

Donation Target

Donation target: 20,000 PART

Includes:

  • The full development of the system, its infrastructure, and its deployment.

  • The funds required to pay for and host the infrastructure for six (6) months, which includes various servers.

  • The automation of the system and its integration on Particl Desktop.

  • The setup and management of all required accounts and payment processing solutions. This includes a merchant account, corporate filings, business bank account, eCommerce tool monthly subscriptions, etc.

  • The active management and curating of marketplace content (i.e., products).

  • The funds required for six (6) months of product listing (target: 5,000 listings per day).

  • The funds required to support BTC, PART, and fiat buffer reserves to ensure the stability, rapidity, and well-functioning of the system without human intervention.

  • Donations for time compensation for all involved parties.

Note

  • The development of this initiative is already underway.

  • If the donation target isn’t reached, the initiative may be reduced in scope (i.e. number of items, smaller buffer reserves, less automation, etc) so that it can still be deployed using less resources.

Parties Involved

  • Juha Kovanen (Ludx) - Development, integration, and maintenance.

  • Cryptoguard - Management of content, accounts, and filings.

Note

The development and maintenance process of what's being proposed here is provided as an entirely independent initiative. It is not related to any official Particl or Particl Foundation contribution.

Immediate release for account registrations and services subscription

To be paid: 20% (4000 PART)

Completion date:

Release of funds for buffer reserves during testing phase

To be paid: 37.5% (7500 PART)

Completion date:

Final release of funds to fully fund buffer reserves + post-release time-compensation

To be paid: 42.5% (8500 PART)

Completion date: