“We are happy to be supporting a project that has shown lots of potential and already has a working PoC (Proof-of-Concept),” says Ethan Ng, CEO of BiKi.com Southeast Asia. “Since coming out of beta in December 2019, the platform has successfully transacted for global consumers from Asia, Europe and Latin America and continues to keep expanding its market.”
“As most of the goods on Amazon and AliExpress are made in China, we are partnering with BiKi, an exchange with strong grassroot footprint in China, to market MOM to Chinese manufacturers and merchants who currently trade on Amazon, that there is a better, geo-politically neutral, way to trade online. It’s called MOM, powered by one single global currency, the Multicoin,” states Peter Alfred-Adekeye, Founder and CEO of MOM and Multiven.
Ushering in an Era of Trustless E-commerce
Disrupting the existing e-commerce industry, the MOM marketplace operates essentially as a blockchain-based Amazon or Alibaba, with the key advantage that there are no intermediaries between merchants and consumers. Using the Multicoin (MTCN) cryptocurrency, anyone can buy and sell computers, phones, luxury goods, cars and more, peer-to-peer.
Since anyone with a computer or smartphone browser crypto wallet extension can acquire Multicoin, MOM is also enabling the 1.7 billion unbanked consumers worldwide with no credit cards, that have been excluded from online commerce, to join the e-commerce revolution. Thus, MOM further expands the potential customer base for Chinese merchants by almost 2 billion people.
Deploying smart contracts, MOM’s trustless P2P transactions are recorded immutably on the blockchain as proof-of-asset-ownership. The company also hopes to have MOM serve as an outbound oracle (a service also payable in MTCN) for product manufacturers seeking to validate product ownership rights for post-sales warranty service entitlement purposes.
The absence of intermediaries like Amazon, Alibaba and legacy OEM sales distribution channels means that shopping on MOM translates to unprecedented lower acquisition costs for consumers. Simply put, shopping on MOM incurs 0% commission. Hence, whether one is buying a Nintendo switch for 100 MTCN or a telco company is buying a core router for 30 Million MTCN, the only cost they will both incur is the less than €1 fee to mine the transaction.
Furthermore, to ensure that transacting parties are honest, both buyers and sellers need to stake refundable Multicoins which amount to twice the value of the transacted products. Should either party default in their obligations, their staked Multicoins are burnt as a deterrent.
Trade Wars can Turn the Tide to Favor Politically-Neutral Platforms
Setting its sights on gaining global market share in the online e-commerce space, MOM is of the opinion that the ongoing economic trade wars between the US and China could work in its favor. This scenario would likely cause Chinese merchants to seek out politically-neutral and decentralized platforms like MOM, that are immune to the fallout of the trade war, to sell their goods.
In addition, unlike Amazon and many other platforms, MOM does not collect or store personal information or browsing histories of consumers. This is yet another feature that will work to MOM’s advantage amid the growing concerns over user privacy in the global data landscape.
One of MOM’s most important value propositions to the world is that it is probably the only online marketplace where all products are genuine because ownership history Is recorded immutably on the blockchain. As Peter Alfred-Adekeye states, “Like Bitcoin, no government can control or seize your Multicoins.”
Headquartered in Singapore, BiKi.com is a global cryptocurrency exchange ranked Top 20 on CoinMarketCap. BiKi.com provides a digital assets platform for trading more than 150 cryptocurrencies and 280 trading pairs. BiKi.com is focused on providing the safest, most stable and most effective cryptocurrency trading platform. 100% of the transaction fees are used in buyback and burning of platform token, BIKI. Since its official opening in August 2018, BiKi.com is considered one of the fastest-growing cryptocurrency exchanges in the world with an accumulated 3 million registered users, 50,000 daily active users, over 2,000 community partners and 200,000 community members. BiKi.com has received investments from Huobi co-founder Du Jun, Genesis Capital Zhu Huai Yang, FBG Capital, ChainUP and others totaling approximately 10 million USD.
The MOM is the world’s first and most advanced decentralised blockchain-based marketplace application that enables trustless peer-to-peer transactions. It is powered solely by smart contracts and one global medium-of-exchange, the Multicoin (MTCN). Buying and selling on MOM enhances product authenticity because all ownership history is recorded immutably on the Ethereum blockchain, while the absence of intermediaries translates to a lower cost of acquisition for consumers. To learn more about MOM, please visit www.mom.market