Connectius: How to Reduce Fraud Level and Improve Transaction Quality
The Russian-Irish startup Connectius is a SaaS blockchain solution for the e-commerce market. The main task of the startup lies in reducing the number of fraudulent transactions without the presence of a card and the unfair abolition of card transactions by integrating a set of solutions based on smart contracts into the existing trading platforms.
By the end of 2017, the average transaction commission on the bitcoin blockchain was an uncompetitive ~ $20 with an average purchase (according to various experts) being $70-100 in the United States. And that is when the network overloaded with transactions takes several hours, if not days, to confirm payments. To give an example, as a result of this, the option of bitcoin payment became inaccessible on Steam (a popular game platform) from the 6th of December. Later, Microsoft and Visa did the same.
The second significant drawback of bitcoin is the lack of the possibility of applying smart contracts as part of the supplier-consumer relationship. The use of smart contracts in the maintenance of trade transactions broadens the possibilities of blockchain technologies and can guarantee the fulfillment of the terms of the trade agreement, ensuring the safe transfer of funds.
Reducing the number of fraudulent transactions in online trading will allow trading platforms to reduce the funds spent on combating it. According to independent experts, trading platforms spend up to 25% of operating expenses for the sake of that fight.
Connectius Token is the ERC20 token of the rapidly evolving Ethereum platform. The use of smart contracts based on Ethereum and the Connectius Token will significantly increase the speed and reliability of transactions and greatly reduce transaction costs. The project team has already released an alpha version of their own marketplace, Connectius.Experts, which is the equivalent of Task Rabbit in the US or YouDo in Russia.
Smart contracts will ensure the safe circulation of Connectius system’s own utility token. And the user will be given the opportunity to choose the method of payment. During the act of payment for goods or services with standard currencies, the system will use a widget to automatically convert funds into Connectius Token through a third-party exchange platform through.
At the moment, the final stage of the Connectius Token crowdsale is taking place, and will last until the 20th of January. At the final stage of the crowdsale, 31 million tokens are available for sale. For a more detailed introduction to the project, visit the Сonnectius website or ask your question at email@example.com