Decentralized Ledger does a great job of persistent of trustless & valid data.
What if this was used to store what users have to sell and which users are willing to buy.
I used “Craigslist” as an example, and this is because it is the most basic level of online-market that is functional (and very popular at that). If the base level is secured, further functionality can be built on top of it.
I had played with this concept in my head for some months now, but I wanted to share this with the community. I was hoping to build this project, but the security & legal aspects were concerning.
This is more of an idea I would like to spread with the community.
With the certainty of blockchain and the fair & equal nature of decentralized ledgers, I believe this project would not only allow Cardano to shine, I believe it would change the world.
I have come across several layers of concern…
- If users want to only use Fiat, how can we handle this? (Possible temporary currency exchange to ADA and back?)
- Legally, how would we handle frauds, scams, or god forbid, a trap
- Legally, would we need admins to oversee transactions to be valid?
- Would admins also need to oversee the legal-validity of the items being sold?
- How would different jurisdictional laws apply & how can we enforce?
- While the protocol is trustless, if we use Admins, how do we trust the admins?
- How would we handle future development? (0.5% tax on all transaction for a project fund?)
- How would this handle City, County, State/Province, Country level tax? (or not)
- For illicit activities, how to ensure that the scammers can be found and be avoided for everyone’s safety when they can make new accounts? Would this require address-to-address tracking to flag? What if a group of malicious people decided to flag an innocent person’s address?
If all things go as planned, can this project be expanded upon, where the underlying function of ‘someone providing a good/service’ and ‘someone purchasing the said good’ is taken to the less formal level…
- Uber Eats, except without the middle man taking 30% percent of profits
- Temp 1-action jobs hirable by businesses (aka Restaurants can “Rent” a currier for a single meal delivery + tip)
- Tinder… for business, offer goods and services and then swiping right matches buyers and sellers
I hope such project takes on traction. I would love to be a part of a world changing technology.