THE eComX PROJECT

What is the eComX project all about?

Run by eComX.org, eComX is a unique blockchain protocol that uses eComX tokens to wrap, and transport centralize transactions from current ecommerce systems and other blockchains into the eComX infrastructure where competing geo-sensitive smart contracts, from local service providers of logistics, shipping, custom services, and others, are listening and ready to provide their respective services through the eComX parallel event firing mechanism creating highly efficient, decentralized, e-Commerce transactions without the stress and hassles of intermediaries and at a substantially reduced cost.

The creators of eComX believes that it has the ability to transform ecommerce by solving the following problems:

• Inter-operability between existing centralized ecommerce infrastructures and eComX and the inter-operability between other blockchains and eComX using its “Wrap & Transport” token technology.

• Scalability and speed of transaction processing using a new generation of consensus and reward system and a new optimized Virtual Machine for parallel computing.

• Making use of Dandelion to protect every user’s private details and information.

Since the creation of eComX, the organization has quietly been innovating and building its infrastructure. Regardless of the ongoing doubts about blockchain technology, they were able to release a real-world crypto-ecommerce marketplace www.eComX.world and a market for Decentralized Applications, referred to as the “Dapp Store Marketplace” which is now open to the public.

As indicated by the project development roadmap, eComX work on the eComX wrapper and transport mechanism to solve the inter-operability problem, the eComX blockchain, and parallel computing are expected to go into production by the end of 2019.

The work eComX is undertaking has a clear global impact, as such, eComX is always looking for R&D collaboration with EDU partners and independent Research Organizations. It is preparing to leverage the help of such institutions through eComX special grants and incentives starting early 2019 as strategy to accelerate its breakthroughs and successes.

As part of the decentralization effort of the project, eComX is now an international project with offices, agencies and ambassadors around the world. eComX USA – New York HQ, eComX Europe - Crypto-Valley, Switzerland, eComX ASIA - Shanghai, China, eComX Africa – Nairobi Kenya, and eComX Russia – Moscow, Russia Federation.

According to its creators, their aim is to be one of the first blockchain companies to transform online ecommerce into a true crypto-ecommerce economy. They intend to achieve this by allowing marketplaces and centralize ecommerce service providers to use the eComX blockchain infrastructure for decentralized transaction processing and by bringing the internet of values to people and businesses around the world through its blockchain.

FIRST STAGE OF THE PROJECT - COMPLETED

eComX has met its Soft Cap using earlier investments from founders, friends, and family and has completed the project structure, whitepaper, and released the first Fiat and Crypto cross-border marketplace, www.eComX.world, and the first “Dapp Store Marketplace”, www.eComX.org/DappStore.

The eComX World Marketplace

www.eComX.world. It is regarded as the first cross border marketplace in production with support for fiat and crypto currencies alike. Through this medium, sellers can open a store or bistro and sell in multiple marketplaces and online shopping galleries at once. The current version supports 11 national currencies and 4 crypto-currencies. eComX has indicated that there are working on releasing new interfaces to additional marketplaces and will add support for additional national currencies and crypto currencies in the near future.

The eComX Dapp Store

www.eComX.org/DappStore. It is a galley where eComX and its Partners can showcase specific decentralized ecommerce solutions for the blockchain. The eComX compliance committee intends to continue to add new dapps to the “eComX Dapp Store Marketplace”, thereby providing an ever-growing list of solution-specific decentralized applications for ecommerce on the blockchain.

SECOND STAGE OF THE PROJECT – UNDER DEVELOPMENT

The organization is currently working tirelessly to ensure that several problems that are presently facing the community such as the interoperability of centralized assets and blockchain, parallel enhanced event listening and firing mechanism to combine purchases with shipping, logistics, customer services, and other similar issues are resolved speedily. For the 2nd stage of its development roadmap, eComX has provided a list of advanced blockchain innovations to be solved. The solutions to these problems will highly be of benefit to the crypto-ecommerce community.

The solutions targeted for release on 2019 include:

The eComX Asset Dataset Wrapping and Transport – This token technology helps to solve the interoperability problem between centralized asset datasets and the blockchain.
A Parallel Listening and Firing Event Mechanism – This allows different events to be combined into complete transactions (e.g. logistics, shipping, purchase, customs, etc.) They are subsequently packaged into blocks for optimum parallel computing processing.
A new generation of hybrid consensus algorithms – This will help in carrying out maximum parallel transaction processing at any time. eComX plans to utilize a hybrid consensus mechanism that can allow both POW and POS blocks, on distributed network nodes, to compete for the rewards and thus achieve maximum performance through parallel computing.
An eComX Optimized Turin-Complete Virtual Machine (VM) - eComX is currently working to implement its own version of Turing-Complete Virtual Machine EVM, as opposed to using Ethereum’s VM for processing. The reason is that the Ethereum VM is quasi Turing-Complete due to the fact that execution is dependent on having enough gas reserved for nodes in the network. This is an inherent bottleneck that eComX is solving by having its own optimized VM.
An added security apparatus – The eComX Blockchain with built-in support for the Dandelion (de)anonymization protocol, will provide added protection to users’ private information.
The eComX Software Production and Testing Sandbox – A service to enable their partners to quickly create, test, and deploy smart contracts and services based on the eComX Protocol.

As part of the requirements for the second stage, eComX is targeting to have more than 2 billion USD in ecommerce related transactions running on the eComX blockchain network by the end of 2020. And by the end of 2021, eComX expects this estimate to increase by 10X as more marketplaces, logistics, shipping, custom-services, etc., around the world begin to use the eComX blockchain infrastructure as a practical option to decentralize their transactions and to reach new crypto-communities around the world.

To continue its development as reflected in the eComX roadmap, eComX is raising needed capital through a series of private and public “Token Generation Event” – TGE.

CONCLUSION

As a result of its ongoing innovations, achievements and success so far, the eComX project will certainly become a major disruptive force to current centralized ecommerce. Their ongoing work and advancements to the future of blockchain will bring e-commerce to the second wave of the internet, “The internet of values”.

They plan to achieve this through the following ways:

• By increasing the level of trust among investors, traders and businesses, more people will be interested in this innovation and the blockchain protocol in general.

• They have also completed the proof of concept, which includes the proof of concept for multiple events firing mechanisms for smart contracts.

• eComX wrapper and transport token technology for inter-operability across different blockchains and centralized objects, smart contracts as interfaces to global marketplaces, hybrid consensus and parallel computing.

• To continue to remain independent (no control by anyone or external bodies), the EComX.org DAO will be transitioned from a quasi-independent organization, to a fully autonomous one.

Since the Internet of values represents the next wave of the internet, having the ability to easily wrap and transport centralized datasets to the blockchain, and having ecommerce processes, systems, and services listening for new transaction events looking for such services, represents the fastest way to have current centralized ecommerce to move more and more of its transactions into the trustful, scalable and inter-operable blockchain infrastructure that the eComX project represents.