Many businesses and industries are embracing the application of blockchain technology in today’s world. Spacelens decentralized e-commerce platform is leveraging the blockchain in e-commerce. With the rising growth rate of the e-commerce industry, it was only a matter of time before it embraces blockchain.
Spacelens appears to have taken the bull by the horn by integrating blockchain into its platform. The recent DeFi and NFT boom is making even growing companies to jump right into the market.
What is Spacelens?
Spacelens is an e-commerce platform that is leveraging the power of blockchain technology to offer new shopping experiences to customers. The company has been in business since 2016. Last month, the company decided to issue a utility token known as $Space into its shopping platform.
Users can easily download the app on the Google AppStore, where they find products and offers in different categories. Users can find categories on fashion, electronics, video games, sports, books, house furniture, accessories, etc. Another interesting thing about the Spacelens blockchain-based e-commerce platform is that it employs geolocation metrics. It means that buyers and sellers can trade locally in a very efficient manner.
On the Spacelens platform, users can do the following:
- Create, list and sell products to their local community.
- They can also find, search and reach out to counterparties using chats and messages.
- Users can study what other sellers around their location are selling.
- They can buy and sell physical and digital products of their choice.
- Manage their funds, transactions and stores.
The team also plans to integrate Spacelens smart wallets in both the mobile and desktop platforms. Spacelens also have decentralized store, management and listing creation that is executed on the Ethereum blockchain. Also, users can trade non-fungible tokens (NFTs) and other digital products. Sellers can also use the $Space token to execute transactions.
The $Space Token
The $space token is an ERC-20 utility token that is usable within the Spacelens e-commerce platform. Spacelens is introducing the token and smart contract within its platform to offer its users a cryptocurrency-backed tool to buy and sell products within their platform. By integrating the $space utility token, Spacelens is helping buyers, sellers, content creators, developersand online communities to increase their engagements on the platform.
The token was first listed on the Tokpie exchange. Spacelens chose to list on the Tokpie exchange because Tokpie’s team offers the full range of services needed to launch blockchain-based startups successfully. For Spacelens, it is not just about issuing the $space token. It is about adding it to the most popular trackers and being able to attract thousands of advocates and supporters through crypto bounty campaigns. The token has a total supply of 1,000,000,000.
Advantages of Blockchain-based E-commerce Platforms
The integration of blockchain in retail and e-commerce helps to lower transaction costs and empower platform users. Public blockchain charges an average of 1 cent per transaction, and private blockchains even charge lower. Due to the immutable nature of the blockchain system, it offers better data security.
Blockchain technology also allows e-commerce businesses like Spacelens to efficiently combine inventory management, payment processing and product description with other numerous business activities.
With blockchain, consumer privacy is protected, unlike what is obtainable in traditional e-commerce platforms. In e-commerce, the supply chain is essential, and blockchain helps enhance traceability along the supply chain lifecycle. Blockchain also helps to simplify transaction processes single everything happens on a single network.
With the increasing adoption of blockchain in many business processes, we will see more e-commerce platforms following the path of Spacelens. Although it will take a while for decentralized e-commerce to become mainstream; it is undoubtedly the future of e-commerce.