Particl is launching its marketplace at 8 am EST on Monday, August 12, 2019. It is an entirely decentralized ecosystem built around a native privacy coin, PART. Particl wants to fix the biggest issues still plaguing crypto: the inability to effectively spend cryptocurrencies without friction and with the full guaranty of privacy.
Particl network enables users to buy and sell goods without submitting any personal information to the marketplace operator. This makes the system fully private because the only required data is the shipping address. Particl cannot lose your secrets if you never have to tell your secrets to Particl.
Because there is no central entity owning or controlling the Particl protocol, there are no commissions applied on top of sales. This is radically different from existing markets like Amazon where fees for sellers can be as high as 45% of the cost of items.
This allows vendors to dramatically increase their revenue, thus opening up the opportunity to reduce their listing prices to beat their competition, increasing their sales volume, while still making more profit for sale. The absence of any third-party from the platform, combined with the various privacy protocols put in place, ensures that absolutely no data or personal information can be collected by any party.
Amazon has had hacking incidents, and these privacy breaches have harmed buyers and sellers. Lack of privacy enables copycats to rip off the innovations and advantages of top sellers. Copycat sellers erode margins and discourage innovators.
Particl is a next-generation decentralized marketplace that goes beyond the pioneering work done by OpenBazaar. Indeed, unlike OpenBazaar, every single aspect of Particl’s marketplace is built with user privacy and data protection in mind, ensuring that absolutely no data is generated when using the platform and that no personal information can be collected by third-parties. Particl also approaches fraud protection and trade insurance differently by instead opting for a double deposit escrow system that requires no intermediary or arbitrator nor fees to be paid. As no single party owns or has any control over the Particl protocol, all of the listing fees generated by the marketplace protocol are redistributed, in full, to its global network of users.
OpenBazaar has had problems with scammers.
OpenBazaar uses bitcoin but people do not want to buy goods with bitcoin. Particl will use its own cryptocoin which is designed specifically for the purpose of shopping, although many more payment options will be integrated in the near-future.
Paul Schmitzer, Particl Project Marketing & Strategy said “Using a combination of P2P and blockchain technologies, Particl Open Marketplace is able to provide a verifiably private shopping experience that ensures no user data can be created or collected by any party other than the one you are transacting with. The Particl protocol also brings the cost of buying and selling online to the bare minimum as no central entity has the ability to charge fees.”
No one can rip you off on fees. No one can take data you never give out. You stay in control until you say the deal is good.
Particl is a privacy-focused ecosystem based on P2P/blockchain technologies. It is composed of three main components:
- a privacy coin capable of untraceable/unlinkable transactions,
- a private, decentralized online marketplace where anyone can buy and sell goods and services for cryptocurrencies without leaving a trace, and
- a platform on which various applications can be integrated and interacted with.
Particl uses a double deposit escrow system based on the MAD game-theory. Each party adds collateral (PART coins) into a smart-contract which is released back to both users, without any fee, once they both agree the transaction is complete. This is scalable, requires no staff and ensures a mutually satisfying transaction.