My understanding of this project is that it would be very easy now for someone to own cryptocurrency with this project's platform. If i want to sell my car in exchange for a cryptocurrency because i want to own one, is it possible? Would appreciate if someone would enlighten me.
Yes, It will be a marketplace where anyone can sell or buy real goods for cryptocurrency, Ubcoinmarket is a blockchain based smart ecosystem for exchanging real goods for cryptocurrency and vice versa. Basically, you will sign up for Ubcoinmarket and put you car for sell, if someone want to buy you car, you will both create contract on platform and meet in person after to give him the car and get money money on account. Having that said, selling a car is complicated comparing fo selling laptop or phone.
What a great explanation, ok, I fully understand the project right now. But, I didn't quite understand why do I have to make a contract instead just meet in person immediately after knowing the seller?
when you give the product to buyer after you meet each other, you will receive payment in your Ubcoinmarket's account that you both agree on it in smart contract. You may prefer to deal with him directly and forget about the platform, but if something goes wrong how you ( or buyer ) are going protect yourself! we need trust tool ( middleman ), because we can't trust each other.
Anyway, my explanation was just a general idea, we still don't know how the system work in details, maybe in practice they will not show buyer's address before you sign contract, you may have to ask this question to one of team member since they know details on their platform.
Smart contract requires both parties to sign off on settlement of the transaction. The platform holds buyer’s funds in escrow while goods are in transit. Once received, if the goods are not of described quality or condition, the buyer’s funds are not released to the seller. If parties fail to settle amicably on their own, then the platform provides a two-tier dispute arbitration service.
First tier of arbitration consists of two selected Ubcoin users with high enough rating and relevant to the geography, product, type of sale that is in dispute. If the dispute parties are not satisfied with the user arbitration, it goes to the second-tier — a Ubcoin arbiter who is a support staff member of Ubcoin. Funds/goods are released to the party found wronged by non-performance of the other party. Guilty party’s rating on the platform is decreased. Repeat offenders are suspended for a limited time. Worst offenders are banned from the platform. User of the platform are motivated to act as arbiters by a small fee reward and increased profile/user rating for quality arbitration. High user ratings qualify the user for preferential platform fee schedule and access to more premium features of the marketplace.