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Blockchain Platform to Challenge App Stores With ‘Borderless Payments’

A new platform is going to allow anyone to establish their own eCommerce content store and receive payments from anywhere in the world – reducing costs for their consumers and opening the door to fast-growing emerging markets. The platform would allow service providers and other entreprises to build up applications or services on it’s blockchain.

Bezant claims that many small businesses and individuals are missing out on opportunities to thrive because they cannot accept alternative payment methods. Credit cards and bank transfers are the most commonly used and accepted means of payment worldwide, but unbanked consumers without access to these services are left isolated. This means businesses are missing out on large numbers of potential clients who have money to spend.

The company says its “dynamic” blockchain-based system will help services with significant numbers of users and subscribers – such as social networks, game developers and video streaming sites – benefit from an “end-to-end distribution and payment platform” where transaction fees are greatly reduced.

According to Bezant’s white paper, major players in the global market such as Apple’s App Store are putting small providers at a disadvantage. Its research claims 94 percent of total revenues on the platform are dominated by just one percent of content developers. Many fledgling providers are left with less than 50 percent of their net revenues once marketing fees and Apple’s commissions have been deducted – and on top of this, “unfair policies” mean it can take weeks until this payment reaches their account.

The company cites research from Statista which values the digital payments industry at $3.6 trln this year – and projected to grow at a compound rate of 13.5 percent each year until 2022. The proportion of transactions completed on smartphones is also increasing, and Bezant intends to ensure all of these payments can be “borderless.”

“Instantaneous, exchangeable, global, convenient”

Bezant’s blockchain service platform will be made available to merchants and consumers worldwide through the Jehmi Payment Network – described as a network where “hundreds of payment methods” are aggregated in one place. It believes this solution will transcend limitations found in emerging markets and empower sellers with the tools they need to maximize revenues.

As well as cash payments, bank transfers, prepaid cards and billing through SMS, Jehmi will also accept Bezant tokens, the platform’s own cryptocurrency. The company believes its blockchain will be able to accommodate up to 1,000 transactions per second – more than double the number of all paid apps sold globally in 2017. Shoppers will not be charged transfer fees when they use Bezant tokens, a gesture which the company hopes will incentivize adoption.

The company says using Jehmi “enables local payments on a global scale,” as both digital and physical goods can be purchased using the fiat currencies of emerging markets. A hard wallet feature will also ensure that Bezant tokens can be stored safely offline.

Bezant also hopes to challenge major app stores through the Jehmi Content Platform, where content providers, end users and distribution partners will enjoy a “better ecosystem” for delivering digital content.

The year ahead

Most of the company’s staff are focused on development in its studio in Seoul, South Korea – a country which is a hotbed of activity for cryptocurrencies. Recent research reported by Cointelegraph shows 21.6 percent of respondents in the country are aware of digital currencies – and almost a quarter of survey participants in their twenties are eager to invest.

Bezant’s chief cryptocurrency officer is Dae-sik Kim, the founder and former CEO of Bithumb – one of the world’s largest exchanges in terms of daily trading volume.

Bezant’s token sale is now underway. The company said that it reached its pre-sale target of $16.8 mln an hour after the token sale opened and had received $126 mln by the time it concluded. A pre-sale bonus round of $4 mln was concluded in under five minutes.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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Blockstack Announces 'Universal' Dapp Store for the Decentralized Web

Decentralized web developer Blockstack is one step closer to its vision of web 3.0 with the introduction of app.co, a directory for decentralized applications or dapps.

Co-founder Ryan Shea said the company was launching the resource, which is aimed at bridging the gap between decentralized app developers and potential users. The open-source project will be free for developers, and Blockstack sees “this as a critical moment for decentralized application development and discovery,” Shea said.

He went on to explain:

“The goal here is to demonstrate, to really bring together app developers and users and provide value in connecting the two. We want to help users discover decentralized applications. We launched our browser last year which was a great success, and after that we started noticing people were building real apps on top of our platform, and this last year we were focused on learning from them.”

Indeed, it’s the first step toward what is intended to become a dedicated storefront for dapp developers, with the goal of allowing devs to charge for premium versions of their app as well as expand to a wider market.

“We’re looking to make this a comprehensive dapp store, and one component is an index and you can see the most popular applications, and another component is a feature list kind of like what you can find in the Apple app store,” he added.

Blockstack is moving out of the infrastructure phase and into supporting scalable dapps, he said, adding that “they’re getting real traction and real users.”

Stepping back, Shea told CoinDesk that his company will continue to encourage the development of a decentralized web, and encouraged developers to work together. He said:

“One of the things that we want to say to the community, there might be different platforms that compete with each other but we’re still very small and the real competition is with Facebook and [the like].”

Gumball machines image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Blockchain Bridges Gap Between App Developers and Users in a Trustworthy and Open Market

The aspect of Blockchain technology that eliminates the need for intermediaries is one of the most cherished characteristics by its followers.

Blockchain technology will bridge the gap between app developers and users and make app stores truly decentralized and transparent by removing the middlemen.

Closing the gap

Developers and users of mobile apps have been disadvantaged by middlemen that Blockchain technology could render unnecessary. Most of these intermediaries come in the form of advertisers, publishers and app store platforms that have been essential and important elements in the past.

With current developments in the industry, particularly with the emergence of Blockchain technology and decentralization, the gap between developers and app consumers is being narrowed down and many fees and costs are being eliminated.

AppCoins is a protocol that is designed with the goal of creating a transparent and trustworthy app economy where users can directly access the app stores without unnecessary middlemen.

A trustworthy and open economy

The two most popular platforms that users download apps from are Google’s Play Store and Apple’s App Store. Despite the solutions that these platforms have brought to the mobile app economy, as their weaknesses are obvious. Both developers and consumers are presented problems in the traditional platforms that include inaccessible in-app purchases and inefficient and expensive app discovery.

Traditional marketplaces involve app developers receiving their payments through app stores, which means the user pays to the store and the store pays to the developer. This flow is highly inefficient as it involves exchange rates and fees between user and store and store and developer. Bank transfers fees, risk of chargeback and credit card fraud exist as well and could be avoided.

Deficiencies of the past

AppCoins tokens will be used to get various types of services on any app store supporting AppCoins protocol, but also to reward users. Tokens can be used to advertise apps, developers can sell and users can buy digital goods using in-app billing and users can be rewarded with AppCoins for installing and using sponsored apps.

The processing of in-app purchases inside apps through Blockchain (with the AppCoins protocol) brings several important benefits to the developer:

Developers will receive money in real time directly from the user because the smart contract implements the revenue share between the developer and the app store. No exchange rates and fees, everything in real time and in the same currency. Also, the developer does not need to trust the store because it is powered by smart contracts on the Ethereum Blockchain that guarantee the transactions. The smart contract is open source and can be audited.

Improved efficiency, increased revenue

By the Blockchain being public and standardized, it means that the developer has to integrate the protocol API just once and it will work with all app stores that implement the protocol. The protocol is already adopted by Aptoide (one of the largest independent app stores with 200+ million users) and will be adopted by others soon.

All over, with the efficiencies as result of using the Blockchain, the revenue share can be much better for the developer: instead of 70 percent of Google’s Play Store or Apple’s App Store, the developer receives 85 percent with through AppCoins.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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Blockchain ‘E-Wallet’ App Stokes Bitcoin Industry China Confusion

The appearance of an updated Chinese ‘Blockchain e-Wallet’ on the App Store has added to confusion surrounding authorities’ stance of cryptocurrency.

Local news portal cnLedger reported Monday that the wallet from Beijing Arxanfintech “features Blockchain tech” and can be linked to a Bank of China debit card.

“As expected, we can’t find [Bitcoin] or other cryptocurrency support anywhere in this app,” it added.

The official description of the wallet confirms reference to being a “Blockchain-based” offering, with payments sent and received via a so-called “red envelope” function.

China is currently in the midst of fresh regulatory upheaval, having last week banned ICOs, which led some sources to believe Bitcoin-to-fiat trading may also soon end.

Local news outlet Caixin was first to report the rumors Friday, with the global cryptocurrency industry undecided over the authenticity of the information.

BTCChina, the second largest Chinese Bitcoin exchange, published a response to the Caixin piece and suggested it would “change its business model” should a ban come into force.

“If the [Caixin] report is accurate, BTCChina will stop all BTC/CNY trading, and change its business model to become an information service provider for private, one-on-one digital asset trading,” the exchange said in a statement quoted in Spidren.

Its international arm BTCC meanwhile tweeted Sept. 8 that BTCChina was operating as usual and “had not received any new directives.”

At the same time, CEO Bobby Lee sought to gauge user awareness by publishing a survey about whether the China announcements were or “fake news.”