{"id":5593,"date":"2022-03-05T22:55:09","date_gmt":"2022-03-05T22:55:09","guid":{"rendered":"http:\/\/smart.onlinesarafi.com\/index.php\/2022\/03\/05\/verify-whitepaper\/"},"modified":"2022-03-05T22:55:10","modified_gmt":"2022-03-05T22:55:10","slug":"verify-whitepaper","status":"publish","type":"post","link":"https:\/\/smart.onlinesarafi.com\/index.php\/2022\/03\/05\/verify-whitepaper\/","title":{"rendered":"Verify Whitepaper"},"content":{"rendered":"<div readability=\"79.505736981465\">\n<p>Abstract<\/p>\n<p>The global retail market is $22T a year, and eCommerce represents $1.9T [1], just over 8.5% of all<br \/>yearly global retail. Blockchain commerce, on the other hand, represents under $50M in total volume,<br \/>the sum of all products purchased using cryptocurrencies [2]. This volume is incredibly small;<br \/>for every $440,000 of commerce conducted, just $1 is paid for using cryptocurrencies.<\/p>\n<p>In this paper, we offer a vision for a solution that addresses the key challenges standing in the way<br \/>of mainstream blockchain commerce.<\/p>\n<p>This comprises a technology stack that solves 3 basic problems:<br \/>1. Lack of consumer protection for buyers that purchase items using cryptocurrencies;<\/p>\n<p>2. Lack of a transparent reputation platform that verifies the reliability and trustworthiness of sellers;<\/p>\n<p>3. eCommerce sellers across the world suffer from a high incidence rate of fraud; chargeback<br \/>losses are projected to hit $31B by 2020 [3], over 1.5% of all transaction volume [4].<br \/>We propose Verify, a distributed reputation protocol deployed on the Ethereum blockchain that<br \/>monitors and continually updates the reputation of the various parties involved in a transaction.<br \/>This results in a public, provably valid reputation record for buyers and sellers as rated by their<br \/>counterparties. Finally, this reputation data is used in various ways to incentivize reputed sellers<br \/>and buyers to continue using the Verify protocol.<\/p>\n<p>A reputation protocol without data is futile; we, therefore, propose a novel solution built on the<br \/>Verify reputation platform that simultaneously addresses the key consumer protection issues that<br \/>blockchain buyers face today and collects the requisite data necessary to bootstrap the reputation<br \/>protocol (i.e. to solve the \u201ccoldstart\u201d problem).<\/p>\n<p>By building this infrastructure layer for blockchain commerce, we foresee exponential growth in<br \/>blockchain commerce in the years to come, as more buyers and sellers opt to use Verify for the<br \/>protection, speed and convenience that it offers relative to traditional alternatives. Verify is built by<br \/>veterans of the financial industry, having previously onboarded thousands of sellers on traditional<br \/>credit card gateways, before acquisition of their company by Amazon in 2017 [5].<\/p>\n<p> <a href=\"https:\/\/verify.as\/\" target='_blank\"' rel=\"noopener noreferrer\"> Verify Website<\/a> <br \/>Verify Whitepaper <strong><\/strong><\/p>\n<p>Social<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Abstract The global retail market is $22T a year, and eCommerce represents $1.9T [1], just over 8.5% of allyearly global retail. Blockchain commerce, on the other hand, represents under $50M in total volume,the sum of all products purchased using cryptocurrencies [2]. This volume is incredibly small;for every $440,000 of commerce conducted, just $1 is paid [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5593","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/smart.onlinesarafi.com\/index.php\/wp-json\/wp\/v2\/posts\/5593","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/smart.onlinesarafi.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/smart.onlinesarafi.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/smart.onlinesarafi.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/smart.onlinesarafi.com\/index.php\/wp-json\/wp\/v2\/comments?post=5593"}],"version-history":[{"count":1,"href":"https:\/\/smart.onlinesarafi.com\/index.php\/wp-json\/wp\/v2\/posts\/5593\/revisions"}],"predecessor-version":[{"id":5594,"href":"https:\/\/smart.onlinesarafi.com\/index.php\/wp-json\/wp\/v2\/posts\/5593\/revisions\/5594"}],"wp:attachment":[{"href":"https:\/\/smart.onlinesarafi.com\/index.php\/wp-json\/wp\/v2\/media?parent=5593"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/smart.onlinesarafi.com\/index.php\/wp-json\/wp\/v2\/categories?post=5593"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/smart.onlinesarafi.com\/index.php\/wp-json\/wp\/v2\/tags?post=5593"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}