SpecieCircle
{"type": "project", "title": "SpecieCircle", "logoImg": "bafkreihjo57ukeopeblh57z5ajdu2ahifq5nmwghhmfhwwlt56ttkwnd4e", "website": "https://SpecieCircle.com", "bannerImg": "bafkreiearvbgm5lj27nwvzxxsl6g5zhgmv5ih2f3orquczhgfvbjdydapy", "createdAt": 1689372740345, "userGithub": "beenonchain", "credentials": {}, "description": "SpecieCircle is a Web3 shopmaker with items only purchasable with ethereum based crypto-currency. Named after Andrew Jackson’s Specie Circular which encouraged banks to use Gold and Silver for purchases. Andrew Jackson did this to combat inflation caused by the overspending of Fiat money which can be printed for any reason.\n\nProblem\n\nGlobal online shops face multiple problems, including payment scams, supply transparency, suppliers handling demand, mobile friendliness impacting search engine visibility, customer conversion rates, cybersecurity, product return and refund policies, customer support, community engagement, and data privacy. Most consumers are concerned that the items they want to purchase will not be shipped to them. If a store's website is not optimized for mobile users, this can cause a 90% chance of customers not purchasing that item, while also preventing search engines from listing the website. Moreover, if customers are not satisfied with their products, many local online shops might not have refund policies in place, leading to poor business practices and customer neglect.\n\nSolution\n\nSpecieCircle can prevent payment scams and fraud through Smart Contracts on Ethereum-based blockchains. This can be achieved by implementing escrow accounts that retrieve off-chain data from shipping APIs. By utilizing Chainlink, SpecieCircle's smart contracts can receive off-chain notifications when an order has been shipped and delivered to the customer's address. Within 24 hours, customers can express their satisfaction, and funds can then be released to the supplier/merchant. Leveraging open-source platforms like Kleros.io, we can address disputes related to major orders that may involve high-value fraud cases. Through the escrow functionality of smart contracts and the off-chain integration of Chainlink, we can prevent a significant portion of fraud instances by deferring the release of funds until the customer's approval is obtained. SpecieCircle also provides suppliers with the ability to create bonding curve products. Through SpecieCircle's smart contracts, suppliers can automatically adjust prices based on demand. Additionally, mobile friendliness is an inherent aspect of SpecieCircle's design. Search engines index website pages based on keywords, and our experienced team can deliver excellent SEO results for merchants who build their shops on SpecieCircle. Furthermore, SpecieCircle leverages the technology of NFTs and Web3 tokens/coins to foster thriving community engagement and value circulation. Suppliers can utilize NFTs and Web3 tokens/coins to reward consumers with various perks within the community and for partnering with the community.\n\nCommunity members with businesses and their own skills can utilize their community access to offer services or products exclusively to the current community. Only members possessing the token or NFT of the community they are currently in can access these exclusive offerings. This creates a circulation of value within the community, and as the community expands, more value is introduced into circulation. This engagement model encourages community members to remain active and involved in their own community since their own value increases, and they gain access to more beneficial services tailored to their needs. Consequently, community members are less likely to leave the community as their needs and value accumulation are centered within their own community. SpecieCircle does not handle any user data except for shipping details, which are stored in the cloud via Google. We are actively exploring more secure solutions that enable data to be directly stored in a user's Ethereum wallet/account. The current infrastructure does not process credit card purchases, as SpecieCircle’s current Web3 transactions are as simple as a single click. Furthermore, major wallet providers like Metamask already have a built-in feature that allows users to purchase cryptocurrency using bank accounts or credit/debit cards. We are developing a product that incentivizes community value circulation, provides exceptional A1 product support, and enhances the overall customer shopping experience using Web3.\n\nBusiness Model\n\nSpecieCircle has two models for revenue the first is a paid and second is a free tier for using SpecieCircle shops. Paid tier allows custom DNS handling for shops, custom designs for webpage, Urgent customer support for debugging issues related to the code in a shop. Different paid tiers will allow lower or no selling fees.  SpecieCircle will also add a small fee to each order that’s sold using it’s smart contracts. Free Tiers will allow users to create items to sell however higher fees on items being sold will be applied.\n\n\nMarket Size\n\nHow many people have this problem?\n\n“The ecommerceDB database provides detailed information on more than 39,000 online stores, marketplaces and companies in over 50 countries and 5 categories, including detailed revenue analytics, competitor analysis, market development, marketing performance indicators, and further KPIs such as traffic, shipping providers, payment options, SEO/SEA information, and much more.” - Statista https://www.statista.com/study/134453/ecommerce-in-north-america/\nHow many people can this solution help?\n\nOut of 39,000 online companies,  $4.5 billion is currently flowing through these markets: Fashion, Electronics & Media, Food & Personal Care, Furniture & Appliances, Toys, Hobby & DIY. These are the target audiences for value that can easily circulated through a community. They target services and items everyday consumers need in their day to day lives.\n\n\n\nHow many people can you reasonably reach with this solution?\n\nAccording to bigcommerce data analytics the average conversion rate is 2-3%. Therefore, 2-3% of $4.5 billion is $90 million-$135 million. There’s no way to say how many people could be individually converted as some spend more than others. It can be more accurately stated of how much value could flow from conversions. Than how many individuals could use it.\n\nReference: BigCommerce - https://www.bigcommerce.com/articles/ecommerce/conversion-rate-optimization/\n\n\n\n\n\n\n\n\n\n", "logoImgData": {}, "bannerImgData": {}, "projectGithub": "SpecieCircle", "projectTwitter": "SpecieCircle"}