Innovation in BitBoost. What are we doing?

How is innovation unleashed in BitBoost?

BitBoost’s team is dedicated to making e-commerce more accessible and frictionless for everyone. We believe in Free Trade, and the BitBoost Marketplace is designed from the ground up to make it a reality for all. But achieving that isn’t just about our software. Our first product and resource is the company itself, and we aim to replicate many of the same values in BitBoost that we implement in the marketplace.

  • Diversity. We currently have 28 people (including contractors) from 16 different countries. Just over 30% of our team are women. We feel this diversity contributes to a more open-minded environment, resulting in products that are respectful of different ideas and requirements.
  • Dispersed. We are at the forefront of the Remote Team idea, and use technologies including Basecamp, Trello, Jira, Zoom and various social media to enable team members to participate from all over the world.
  • Flat. Our desire is to stay Lean as a company, efficient in our use of resources and trusting of our fellow team members. Everyone is free to share opinions and ideas, and to ask for help.
  • Community focus. We actively support and contribute to complimentary projects that further our aims through decentralisation and innovation. We also aim to engage the community in the development and use of the marketplace wherever possible. For example:
    • By design, members of the community will be able to participate as arbiters and shipping providers.
    • Our community-based filtering system allows anyone to create filters and make them more widely available.

Technology innovations

Conventional e-commerce tries to lock users into one platform, controlling them and their data to prevent them from taking this valuable resource elsewhere. In contrast, we have built a completely open marketplace. Our mission is not to silo customers off from other platforms, but to create unlimited network effect by enabling anyone to use the application. Ultimately, our aim is not to connect buyers and sellers with our platform: it’s to connect them directly to each other. A series of innovations are used to bring about this goal, and the values we believe support it:

  • End-to-end user privacy. From the encrypted chat feature we are building to the pseudonymous nature of blockchain addresses, the marketplace protects users’ privacy and gives them control over their personal data.
  • TrueUSD. BitBoost Marketplace is the first e-commerce platform to use the TrueUSD stable cryptocoin for transactions, avoiding the problems of crypto’s notorious volatility.
  • Pioneering use of IPFS. We will store listings on the Inter-Planetary File System, rather than on the Ethereum blockchain – maintaining the distributed nature of the platform without incurring high fees or leaving data publicly available forever.
  • Smart contracts for escrow and arbitration. We protect users by locking payments until items are received, and ensuring an effective but decentralised dispute resolution process.
  • Many more features are planned.

The goal of our innovations

Ultimately, we want to create a series of powerful tools that will facilitate decentralised commerce:

  • Open API for blockchain e-commerce. A well-documented and straightforward API will dramatically lower the barrier to blockchain entry, and enable many more developers to access the BitBoost Marketplace.
  • Customisable for any ERC20 token. We want our entire e-commerce infrastructure to be adaptable for third-party developers and applications. This will include businesses being able to use any ERC20 token for payments.
  • Fully open-sourced development. We will soon open source our code so that anyone can contribute to the project – giving greater control to those who use our products, and driving faster growth and more diverse innovation. At that point, BitBoost’s role will likely shift from production to support and providing technical services for the marketplace’s code.

Building a new kind of e-commerce community

Beyond providing additional tools to existing e-commerce users, we are actively trying to build the wider e-commerce community and offer totally new opportunities to sellers and entrepreneurs.

  • Creating content to inform and educate people about the problems surrounding traditional e-commerce, and some of the solutions BitBoost Marketplace and blockchain technology offer.
  • Including the unbanked, who number over 2 billion globally, thanks to the use of TrueUSD in our embedded wallet. By making e-commerce accessible to these people for the first time, we can improve the lives of millions.
  • Engaging the community in our growth and development, ultimately enabling people to contribute in whatever way they can by completely open-sourcing the platform.

We strongly believe we have not yet begun to realise the full potential of e-commerce, and expect to see entirely new paradigms arise as we throw the doors open and encourage the community to take the reins.