Since its birth, blockchain technology has been using its own distributed nodes, consensus mechanism, cryptography, time stamps and other technologies to network data storage, verification, transmission and communication, in order to achieve P2P transmission, non-tamperability and so on. It has changed from to nobody-cares to prevalent, bringing the dawn of great change to the digital economy. Also, the distributed economy has gradually become a new economic situation attracting much attention from all walks of life.
The process of commercial evolution is the process of the return of consumer sovereignty, and the distributed economy is in line with the human nature of profit-seeking and the pursuit of fairness. In the era of distributed business economy, information flows, capital flows, and logistics will belong to the community. The Customers First is no longer an empty word. BitCherry’s choice of e-commerce is the very area that desperately needs a distributed revolution.
BitCherry Business Philosophy: Distributed E-Commerce and Super Eco-Network
At present, the centralized e-commerce often enjoys the ecological value and profit, giant e-commerce platform monopolizes the flow entrance, constantly encroaching on the rights and interests of ecological participants, making manufacturers losing pricing power and users losing bargaining power. With the competition between platforms getting white-hot, the dilemma of more and more sellers and limited buyers gets more obvious, so the centralized e-commerce platforms have to strengthen marketing input; coupled with the single e-commerce incentive model, in the fierce industry competition they can only rely on point systems with restrictions and low prices to attract users, so that the cost of customers straight up. Highly monopolistic platforms directly or indirectly transfer increasing costs to participants, leading to the gradual marginalization of participants in the ecology.
In addition, due to the relatively closed form of the centralized e-commerce organizations, some point systems and reward systems are isolated from each other, which greatly discounts the effectiveness of user incentives. Each industry, platform and shop operate on their own, and users scatter, making it unable to open the whole ecology and give full play to the cluster effect. At the same time, centralized operation also brings the risk of insufficient supply chain supervision, as well as over-concentration of user information and data, leaving serious security risks to users.
BitCherry hopes to create a super eco-network that covers all aspects of living through distributed e-commerce. It will create community ecological roles such as users, merchants, super nodes, operating nodes, etc. With everyone participating and economic sharing token system, it will also open up O2O e-commerce system, making the whole ecology developing healthily, automatically and benignly. And it will use a variety of value circulation vouchers as a means of transaction payment, the underlying blockchain technology and smart contracts to ensure transaction stability, improve transaction efficiency, and accelerate the flow of value.
First of all, BitCherry distributed e-commerce network breaks the problems of the traditional e-commerce platform getting customers and low activity through the economic sharing system. BitCherry enables all participants in the platform to share ecological value through a wealth of incentives such as consumer token incentives, promoter incentives, exclusive membership, and distributed autonomous operations, which greatly enhance the activeness of the participation of various roles in the ecosystem. At the same time, through the token incentive distribution, the establishment of physical retailers sharing customers, and cross-draining consensus, merchants introduce consumers in the ecology, to provide sales profits, but also to obtain their own consumers in other business consumption share, further reducing the cost of access and eliminating the traffic monopoly between merchants.
Second, BitCherry distributed e-commerce network aims to achieve community consensus and community autonomy. Each participant can take part in the development of the community and contribute its efforts. For example, merchants can allocate advertising spaces through free transactions or through voting mechanisms, and distribution of streams within the community can be determined by discussion in the community.
The high communalization provides BitCherry distributed e-commerce network with strong community attributes that perfectly meet the social shopping needs of consumers as a result of the upgrading of their ideas. Consumers can share experience with others after shopping, show their own purchase of clothing or daily necessities, and, in the forms of likes and comments, provide recommendations for other consumers, and then obtain the corresponding benefits, promoting the circulation of goods and certificates within the platform. The social attributes greatly improve the value mobility, give full play to the fission effect of the user community, and bring positive publicity effect to the business, and promote the conversion rate of traffic on the platform.
In order to meet the consumer’s differentiated consumption habits, BitCherry distributed e-commerce network adopts the combination of platform token and traditional payment to settle, improving the flexibility of transactions. Pairing the platform token value and the fiat currency maintains the stability of its value and the security of assets to a certain extent. In addition, as a development e-commerce platform, BitCherry supports the exchange of other types of tokens and BitCherry Eco-Tokens, thereby promoting the ecological development of the entire e-commerce industry.
Finally, BitCherry distributed e-commerce network based on blockchain technology has non-tamperable and traceable properties. Through a unified, fair and effective consensus mechanism and the use of intelligent contract architecture, the platform transaction data is recorded in the chain to ensure the uniqueness of transactions, effectively eliminating the centralization platforms’ unilateral data fraud, tampering, information leakage and the cheating accounts by merchants to obtain platform resources undermining the whole ecological fair competition and other issues in pursuit for maximum benefit. What’s more, the logistics and transportation information of goods can also be recorded in the chain, so that the quality problems of goods can be quickly traced. All transactions are automated under the guarantee of smart contracts, improving trading efficiency while ensuring the smooth trading system.
BitCherry Technology Concept: Breaking the “Impossible Triangle” with Layering Technology
“Impossible Triangle” refers that in a blockchain public chain, it is difficult to simultaneously achieve good “de-centralization”, good system “security”, and high “transaction processing performance.” Strictly speaking, this is not a proven conclusion, but an industry summary of the reality of public chains.
Any economic system has extremely demanding requirements for performance and security, and the distributed economy has to meet the attributes of decentralization. Faced with the “Impossible Triangle” problem of blockchain, BitCherry has taken a different approach to technological innovation and carried out its own layering technology.
The layering approach has several characteristics. One is to focus on safety, fairness rather than total de-centralization; and the other is to liberalize the current seemingly unrealistic idea of “one chain eating”, while advocating vertical public chains. Specifically, the entire technical architecture is divided into the common chain foundation layer and protocol layer. The contents of chain data structure, consensus mechanism, P2P network protocol, smart contract virtual machine, cryptography algorithm and so on are placed in the basic layer of the public chain; and the functions of side chain and under-chain calculation are placed in the protocol layer.
Guided by a layered approach, BitCherry will technically adopt the ultimate goal of a two-stage vertical industrial public chain.
In the first phase, BitCherry will provide an asset chain that enables the safe and efficient flow of digital assets in the electronic commercial state. In this phase, the BitCherry chain will provide a public chain of high TPS compatible with Ethereum smart contracts. The public chain will seamlessly dock to support Ethereum’s wallets and exchanges, providing e-commerce with a credible platform for carrying digital assets.
In the second phase, BitCherry will provide a public chain environment to support the e-commerce ecosystem, the e-commerce vertical blockchain chain network platform. The public chain (main chain) environment will support the entire e-commerce ecosystem, enabling e-commerce operators to rapidly transform their digital operations in the digital economy, and use the credible environment provided by BitCherry chain to allocate interests fairly and instantly to its e-commerce ecosystem’s participants, including consumers, stores, operating platforms, digital rights owners, and referrers. At the same time, there will be a number of e-commerce operators issuing their digital assets in the public chain, and the public chain will have a number of exchanges, so that the digital assets of each e-commerce platform can be exchanged according to the market mechanism, finally achieving mutual flow in the e-commerce ecology.
So how does BitCherry’s layering technology solve the blockchain “Impossible Triangle” problem?
BitCherry separates the protocol layer from the basic public chain, uses the protocol layer to provide a variety of functions, allows the protocol layer to combine deeply with the e-commerce industry, optimizes in distributed e-commerce application scenarios, and enhances the flexibility of the platform, making it easy to upgrade and expand, also guaranteeing a highly scalable platform.
BitCherry uses the PoS/PoW dual consensus mechanism to maximize the security of the main chain, protecting against double-flower attacks, and uses the main chain security to ensure the security of the DAG sub-chain, which supports smart contracts. And the Smart Contract Engine will be a Turing-Complete Engine that supports multiple languages. BitCherry’s large public chain uses BCHC as the charge unit of “Gas” to prevent security problems arising from Turing-Complete, thereby improving the security of the entire system.
BitCherry public chain will combine blockchain and DAG technology to provide a chain network ingress. E-commerce operators can establish their own e-commerce system in the area of the BitCherry public chain, with each sub-chain supporting a specific application scenario and independently issuing digital assets. Sub-chains are primarily designed basing on DAG to increase the concurrency of transactions, so the number of TPS on each sub-chain can reach 10,000+. And by replacing the single chain with a chain network, the entire BitCherry public chain will likely achieve mega TPS to meet the high performance required by the distributed economy.
The distributed economy form has turned the single circulation of the original value into the multiple circulation of value and the radiation flow network. When choice is to be made along technological innovation, BitCherry chose to start with business needs. With its own technology concepts to constantly balance the “Impossible Triangle” relationship, BitCherry build a distributed e-commerce infrastructure, improve the distributed e-commerce ecosystem, and gradually construct a super eco-network under distributed economy. We hope that BitCherry will keep moving forward, achieve the ambitious goals of the electrical business supercomputer, lead a revolution in the distributed economy, and bring the super ecological network that everyone can participate in to the world.