Singapore, 16th June, 2020 – Global crypto trading platform BiKi.com has announced that Multicoin will be listed on the exchange soon. The ERC-20 compliant token is the sole medium of exchange on the Multiven Open Marketplace (MOM) and enables peer-to-peer e-commerce transactions with on-chain proof-of-ownership record on allegedly the world’s first and most advanced blockchain-based marketplace.
CEO of BiKi.com Southeast Asia, Ethan Ng says, “We are happy to be supporting a project that has shown lots of potential and already has a working PoC. Since coming out of beta in December 2019, the platform has successfully transacted for global consumers in Asia, Europe and Latin America, and continues to keep expanding its market.”
Founder and CEO of MOM and Multiven, Peter Alfred-Adekeye states, “As most of the goods on Amazon and AliExpress are made in China, we are partnering with BiKi.com, an exchange with a strong grassroot footprint in China, to market MOM to Chinese manufacturers and merchants who currently trade on Amazon; that there is a better, geo-politically neutral, way to trade online. It’s called MOM, powered by one single global currency, the Multicoin.”
Ushering in an Era of Trustless E-commerce
The MOM marketplace disrupts the existing e-commerce industry and operates as a blockchain-based Amazon or Alibaba, with no intermediaries between merchants and consumers. Using the Multicoin (MTCN) cryptocurrency, anyone can buy and sell computers, luxury goods, phones, cars and lots more, peer-to-peer.
Presently there are 1.7 billion unbanked consumers worldwide with no credit cards, who have been excluded from online commerce. By allowing anyone with a computer or smartphone browser crypto wallet extension to acquire Multicoin, MOM enables the unbanked to join the e-commerce revolution. This further expands the potential customer base for Chinese merchants by almost 2 billion people.
Utilizing smart contracts, MOM’s trustless peer-to-peer transactions are immutably recorded on the blockchain, acting as proof-of-asset ownership. MOM also hopes to serve as an outbound oracle for product manufacturers looking to validate product ownership rights for post-sales warranty service entitlement purposes. This is a service which is payable in MTCN.
For consumers, the absence of intermediaries like Alibaba, Amazon and legacy OEM sales distribution channels translates to unprecedented lower acquisition costs. Put simply, shopping on MOM incurs 0% commission. Whether you are buying a Nintendo switch for 100 MTCN or a telco company is buying a core router for 30 Million MTCN, the only cost they will incur each is the less than €0.50 fee to mine the transaction.
In addition, to safeguard buyers and sellers, both transacting parties need to stake refundable Multicoins amounting to double the value of the transacted products. If any party defaults on his obligations, his staked Multicoins will be burnt as a deterrent.
Trade Wars can Turn the Tide to Favor Politically-Neutral Platforms
MOM has set its sights on gaining market share in the global e-commerce space and hopes the ongoing trade wars between the US and China will work in its favor. This is a scenario that will cause Chinese merchants to prefer politically-neutral and decentralized platforms like MOM, who are immune to the fallout of the trade war, to sell their goods.
Furthermore, MOM does not collect or store personal information and browsing histories of consumers, unlike Amazon and many other platforms. This is a feature that works to MOM’s advantage with the increasing concerns over user privacy in the global datascape.
A very important value proposition that MOM offers is that it is likely the only online marketplace where all products are genuine since ownership histories are recorded immutably on the blockchain.
And what’s more, Peter Alfred-Adekeye reminds us that “like Bitcoin, no government can control or seize your Multicoins.”
Headquartered in Singapore, BiKi.com is a global cryptocurrency exchange ranked Top 20 on CoinMarketCap. BiKi.com provides a digital assets platform for trading more than 150 cryptocurrencies and 280 trading pairs. BiKi.com is focused on providing the safest, most stable and most effective cryptocurrency trading platform. 100% of the transaction fees are used in buyback and burning of platform token, BIKI. Since its official opening in August 2018, BiKi.com is considered one of the fastest-growing cryptocurrency exchanges in the world with an accumulated 3 million registered users, 50,000 daily active users, over 2,000 community partners and 200,000 community members. BiKi.com has received investments from Huobi co-founder Du Jun, Genesis Capital Zhu Huai Yang, FBG Capital, ChainUP and others totaling approximately 10 million USD.
The MOM is the world’s first and most advanced decentralised blockchain-based marketplace application that enables trustless peer-to-peer transactions. It is powered solely by smart contracts and one global medium-of-exchange, the Multicoin (MTCN). Buying and selling on MOM enhances product authenticity because all ownership history is recorded immutably on the Ethereum blockchain, while the absence of intermediaries translates to a lower cost of acquisition for consumers. To learn more about MOM, please visit www.mom.market