The 2020 edition of Ama series was held at the coinkeeper world with over 72,000 number of person and two representatives; M. Kennedy, Founder and C.E.O. of Trustmarkethub and Mr Daniel F., the CTO of Trust markethub.
The program was hosted by the CEO of coinkeeper, Saint Anthony De’Padua and lasted for one hour with additional time for users to interact with the C.E.O.
TrustmarketHub is aimed to be the First Blockchain-Based Markethub Designed with its own Dual-mode Ultra-Fast Business Management Software that helps Merchants manage their Businesses simultaneously and as well connect their local shops’ inventories direct to their online shops through a reliable p2p digital hub for Jobs, services and products backed with high end cryptographic multi-signature escrow and collateral security.
Challenges as the first blockchain-based market hub
The major challenge is Moving trade and logistics onto blockchain networks; it is difficult as there are gaps in the existing Cryptocurrency solutions and what they can offer.
Features of TrustmarketHub
The main features include; the Business Management System and TrustMarketHub Mobile Application, which will work in tandem. There will be significant cost savings as most products can be passed on to the customer faster and with transparency.
Client-side features will focus on the following:
- Trade escrow system
- TMH agents’ services
- Buyer & Seller protection through Stablecoin Collateral security
- Trust score ratings
- Community Forums
- Bulk order price reduction, User Affiliation and User Wishlists with target Purchase Price.
The development pattern of TrustmarketHub
The WhitePaper outlined the key development areas; identifying suitable software and marketing partners where appropriate.
During the phase of project development, they will put the frameworks in place to connect the web-platform with the mobile application.
They have high-quality content already and are collaborating with other firms to further their project design.
The uniqueness of Trust Market to other existing online shops
We are of the understanding that building an online store can be a terrifying thought for merchants especially when you are not techy. TMH is a global Market Hub for online shopping where Consumers can shop online with confidence and Merchants can advertise and market their products with ease. This is to promote easy and convenient access to top quality products across the globe.
This will facilitate growth among SMEs, reduce the costs of documentation, verification, marketing, building trust and so store or brand managers can conveniently manage sales through a highly secured Business management system.
The Business management system is also outstanding as merchants can manage their offline shop inventories and align them with their online shop for real-time quantity and price control.
They are targeting global markets and will aim to meet the regional demands for products and markets which are lacking.
Due to the diverse nature of existing market places and difficulty in accessing goods or customers, every seller can expand the virtual vendor space will there be unique markets for all requirements.
How Merchants can connect their local shops’ inventories directly to their online shops through TMH system
This is possible through TMH Business Management Software (BMS) which connects directly to TMH online stores, giving registered merchants direct access to adding products and managing their stores’ inventory. Synchronizing can be automated between their offline sales, prices and quantity with the online shop.
Strategy for maintaining token prices
Cryptocurrency volatility is among the biggest stumbling blocks preventing most people from using cryptocurrencies for everyday purchases. The simple way to circumvent this complication is to use Stable Coins for transactions and storing value on the network.
Although this may be contradictory to some of the HODL tactics for Crypto users, it allows trustless partners to maintain a better value guarantee of financial liquidity. As a result, MakerDAO’s StableCoin DAI now features in most DeFi platforms and dapps, but centralized stable coins exist with real USD as collateral.
Tokens are not a traditional Cryptocurrency; they are a sidechain on a smart-contract blockchain such as Ethereum. The smart contract allows the Tokens to be created, distributed and sent to other Ethereum addresses, enabling the Ethereum Virtual Machine (EVM) to process the side-chains transactions.
We can come to a simple conclusion, purely from a market perspective, that when other basic conditions (total number of coins and daily transaction volume) stay the same, the longer a token stay in user’s hands (H), the higher token price would rise.
On a high level, we all know that creating more token usage scenarios and increasing demand for tokens certainly help promote the rise of token price and finally we need to put that into context:
Evaluating from a token Engineering perspective, successful blockchain projects with good tokenomics design can be divided into three (3) categories:
- The First Category is Tokens with the Mining Logic such as BTC
- The Second Category is Tokens with Delegated Proof-of-Stake. eg, EOS’s
- The Third Category is Platform Tokens: This is where TMH Token belongs
We will be using 15% of the quarterly net profit of TMH for buyback, and tokens which got bought back are burned.
The feedback loop of token price growth is that the buyback action will directly raise the token price. Some people will buy tokens because they want to arbitrage, which will push up the price. So every time buyback happens, the price will be pushed up, which in turn will push up the cost of TrustMarketHub token (TMH). A buyback program with a token burn is synonymous to a dividend program.
Another hidden logic for platform token is that: If token holders are incentivized to take part in the storage or usage of the tokens on the platform, then they will be willing to hold it for a longer time, adding a greater store of value to the network. TrustMarketHub has a large ecosystem that offers services needed for every day (Buying and selling) and special occasions.
How trustmarkethub will tackle common problems
There are five common core issues in technology today: scalability, security, interoperability, speed and privacy.
Talking points included the need to curb fraudulent acts perpetrated through online stores, provide a system that could manage offline stores and online stores inventory simultaneously.
It’s hard to write much of detail as this is an unseen question, but we have already enhanced Privacy, Security and Interoperability using our BMS software. By adding KYC where necessary, encryption where needed and using the power of decentralised networks to reduce effective latency, we can improve on all major areas.
The importance of multiple signature escrow system for Trustmarkethub
Since Trustmarkethub involves P2p business model. To ensure buyer’s and seller’s protection, the Escrow service would enable confirmation of delivery before letting the funds into the seller’s wallet
This has to do with physical verification through our agents.
The buyer doesn’t have to worry over the safety of his funds before delivery.
Escrow management is something which has added strength to online p2p marketplaces and we hope to implement this tool to give users (both buyers and sellers) added protection and settlement options.
Plan to reduce risk as a result of volatility
We have plans to introduce different programs such as staking, locking and others to reduce sell-off in volatile markets. Adding atomic swap options to the wallet will ensure that users can exchange funds as necessary without paying extra withdrawal fees. The staking functions of other tokens and coins will also be something which we are looking to implement.
TrustMarketHub will work to have its high-value assets backed up in stable coin or fiat currencies, depending on market activity and trade volumes.
All trader-consumer market escrows will be held in a (non-DeFi) stable coin which is not vulnerable to market swings.
Already we are seeing corporate involvement with blockchain in China, USA, EU and all major economies. It is only a matter of time before it is available to use for all mainstream customers.