Decentralized marketplace and escrow platform for Web3 applications, Smartlink, has launched its flagship product, a decentralized facebook-like marketplace for crypto users. The web3 solutions provider has made significant progress throughout the year, releasing two products in as many quarters.
With a decentralized marketplace for Web3 users, Smartlink addresses the problems of trust deficiency and transactional risk in online marketplaces.
Most digital marketplaces, like Facebook Marketplace, provide sellers with a platform to list and sell their products, acting as a technology enabler. However, when it comes to handling transactional disputes or fraudulent transactions, these platforms offer limited to no protection.
Smartlink Marketplace utilizes a decentralized escrow protocol to safeguard funds throughout the transaction.
How Smartlink Decentralized Marketplace Works
- Sellers can list their products through a simple web-based interface.
- Interested buyers can contact the seller to get more information and confirm the item is still available.
- The buyer can secure the item using any of the supported cryptocurrencies. The buyer must send sufficient funds to cover the platform fees (1% of the transaction amount or 0.5% using SMAK token, the native token of the Smartlink platform), blockchain fees, and the cost of the product. These funds are deposited in the escrow smart contract.
- The buyer can then go pick up the item, inspect the product, and approve the transaction if the item suits their expectations.
- Once the buyer approves the transaction, the smart contract automatically transfers escrow payment to the seller’s wallet.
The initial release of Smartlink Marketplace provides complete support for physical products. Smartlink will introduce third-party tracking and logistics abilities in its future releases.
Olivier Audino, co-founder of Smartlink said:
“We are really excited to go live with the first Web3 facebook-like marketplace for people to use their digital assets in the real world. We’re also confident that the product will make the blockchain space more intelligible to regular users and help foster its adoption.”
