Shopping.io: Whitepaper Released
Today marks the most significant milestone that shopping.io has ever reached as we will be introducing our new revamped ecosystem and future goals!
Shopping.io started as the bridge between cryptocurrencies and eCommerce by allowing customers to purchase real-life goods from major marketplaces. Over the past year, Shopping.io has evolved into one of the major players in the crypto eCommerce space. With 700K visitors and more than 40K unique accounts, Shopping.io offers its users more than 100M products to choose from while paying with any of the 200+ cryptocurrencies integrated on our platform! As these numbers continue to increase, we will continue to innovate and improve our ecosystem daily.
Up to now, our ecosystem consists of a website that enables its users to purchase products from Amazon, eBay, Walmart and HomeDepot. In addition, Shopping.io has its own tokens, $SPI & $GSPI, that offer unique benefits to the holders which include free international shipping, discounts and more.
This previous model did come with its flaws as our products did not contribute to unifying our platform under one ecosystem which resulted in the lack of representation of the platform’s success through our native tokens. The new shopping.io ecosystem configures for all the flaws we had with our previous platform as each product and new token fulfils a specific purpose in our new model.
Whether you are an individual who loves online shopping to businesses looking to be part of the crypto eCommerce space, Shopping.io is now an ecosystem that can do it all! The new ecosystem is built on 3 core products whose features aim to facilitate all aspects of eCommerce.
Shopping.io’s Browser Extension is a powerful tool that will streamline the shopping experience for all e-commerce consumers. Users will have the ability to shop from almost any online store that is approved by Shopping.io’s innovative extension. This means that shoppers will now be able to add items from different websites and checkout all in one order. Customers will also be receiving $SHOP, our native token, back for every purchase made through the extension.
Shopping Pay is Shopping.io’s own in-house payment processor and is a vital step of the company’s mission to create a streamlined crypto e-commerce experience.
Through Shopping Pay, businesses will have the ability to accept any crypto token that has integrated with Shopping.io as a form of payment. Businesses will also have the flexibility to have Shopping Pay configured to multiple e-commerce sites.
Shopverse is Shopping.io’s very first Metaverse shopping mall. The Shopping mall is giving birth to an innovative and immersive metaverse marketplace that offers companies, brands, and small businesses the opportunity to buy and sell their products.
Shopverse is built to be a virtual marketplace that allows shoppers and merchants to enjoy a unique Web3 eCommerce experience through the technology of the Metaverse. Businesses will be able to open their own stores and sell their products by holding Shopverse NFTs.
The $SHOP Token
Shopping.io’s native token, $SHOP (ERC-20), is built on the Ethereum blockchain and serves only as a utility token within the Shopping.io ecosystem. $SHOP provides numerous benefits which greatly encourage users to utilize the Shopping.io ecosystem.
The $SHOP token will serve as a reflection of the success that Shopping.io will bring forth as a company. The structure of the $SHOP token will consist of the following elements:
- The token will initially be hosted and launched on the Ethereum Network making it a ERC-20 token
- Upon launch, $SHOP will have a total Circulating Supply of 100 million tokens with an infinite token supply
- There will be a token burning and a token minting mechanism that will drive the economy of the token
Our vision is for $SHOP to be a mintable token that is obtainable through a newly implemented $SHOP back system that will work hand in hand with transactions/purchases users make through the Shopping.io’s ecosystem. This will ensure that customers not only become holders but are also incentivized to use Shopping.io’s platform. Therefore the minting mechanism will be instrumental in increasing the number of holders and also critical in uniting holders and customers.
In contrast, we will be creating a token burning mechanism where a portion of Shopping.io’s ecosystem (which also includes present and future Shopping.io products like Shopping Pay, Metaverse, etc.) revenue will be used to buy and burn $SHOP periodically. This will ultimately align the success of Shopping.io with its token, which was previously not the case.
Through revenue burning, we will now be able to correlate the success of our ecosystem with that of our new $SHOP token thanks to the new smart contract. As a result, there will be no maximum cap because we are confident in the revenue that Shopping.io can generate as an ecosystem.
The circulation supply will begin with 100 million tokens and will be calculated solely on the difference between minted and burned tokens. As Shopping.io continues to generate revenue, the $SHOP token will devolve into a deflationary token as it burns more tokens than it mints.
Memberships to the Shopping.io ecosystem come in 5 tiers, ranging from a free account to $300K account, as below:
Each of the tiers offers unique benefits from free shipping and airdrop rewards to additional discounts, priority access and of course rewards in $SHOP tokens! The rewards start from 1% $SHOP tokens cashback on every purchase and climb all the way up to a whopping 20% $SHOP tokens cashback.
As of today, Shopping.io has become more than just a bridge for crypto to eCommerce. It has now become an ecosystem that provides shoppers and merchants with a seamless and immersive crypto eCommerce experience!
For further information regarding the new ecosystem of Shopping.io and to read the full version of the Whitepaper, please click here. Also tune in to the AMA on Tuesday April 19th, 10 AM EST, hosted on our Twitter!