zBay - Democratizing Online Marketplaces
zBay is a project aimed at revolutionizing the online marketplace industry by decentralizing and democratizing the existing eBay platform. Our mission is to empower merchants and buyers by removing intermediaries and providing a secure, transparent, and efficient marketplace for everyone to participate in. Motivated by eBay's staggering $10 billion in fees earned in 2022, we believe it's time to reshape the landscape of online commerce. To achieve this, we have implemented three key components within the zBay platform:
Importing Data and Reputation: We recognize the value of established merchants on eBay and understand the importance of reputation in the online marketplace ecosystem. With our decentralized approach, we allow merchants to seamlessly import their existing data and reputation from eBay, ensuring a smooth transition for those who wish to leverage our decentralized marketplace. By preserving and transferring reputation, we aim to build trust among participants, enabling them to benefit from their established track records.
Escrow Mechanism: Trust is fundamental to any successful online marketplace. To enhance trust and security, we have implemented an innovative escrow mechanism within zBay. This mechanism acts as a safeguard, ensuring that funds are securely held until both buyers and sellers have fulfilled their obligations. By incorporating this layer of protection, we aim to mitigate fraudulent activities and instill confidence in the decentralized marketplace. To ensure smooth and secure communication between buyer and seller, we have implemented XMTP chat around the product.
Dispute Handling: Inevitably, disputes may arise during transactions. To address this challenge, we have integrated the Uma optimistic oracle framework into zBay’s infrastructure. This cutting-edge technology allows for efficient and fair dispute resolution by leveraging decentralized consensus and verifiable off-chain data. With Uma, we ensure that disputes are handled transparently and in a timely manner, promoting an equitable marketplace experience for all participants.
Our vision for zBay is to empower merchants and buyers by providing them with greater control, reduced costs, and improved transparency compared to traditional centralized marketplaces. By democratizing eBay, we aim to foster a thriving ecosystem where participants can interact in a secure and trustless manner.
The suite is deployed on Polygon Mumbai, Ethereum Goerli, and Gnosis Mainnet. Main contracts are verified.
Snap (not integrated, though implemented):