❏ Technical Progress
1. Newmall 1.0 officially released.
2. New Merchants have been successively joining up and completed products stocking, adding items and categories.
1. The interface，and smart contract of red packet function debugging completed.
2. Development of NewCash transfer function based on NFC technology completed.
3. Various bugs fixed.
1. Known bugs in NewForceAPI fixed.
2. NewForce NF acceleration function based on item orders implemented.
Product UI design for NewPoA V0.1 completed.
❏ Team News
1. On April 22, Newton founder Xu Jizhe discussed project progress with senior managers in Huobi Group, and announced strategic cooperation with Huobi on the same day. Huobi will invest in 500 million NEW. This week, Huobi launched events including double NewForce for NewMall shopping, and giving out a million NEW for top-up.
2. On April 24, Newton co-founder and Okbuy co-founder Li Shubin, Newton cornerstone investor and co-founder of Lightinthebox Liu Jun appeared on the 15th CoinVoice business open class to discuss how NewMall will drive upgrade of E-commerce.
Li argued that rewards are not subsidies. Rather, they are blockchain-algorithms that gradually release tokens based on their initially-decided release plan to link users together with the platform, allowing users to become holders of the platform. As the Gross Merchandise Volume (GMV) increases, the value of the platform and users’ holdings also follows. Incentives are also not points, which do not manifest platform value. Points can only be used in a very limited space, and they do not circulate. Li also informed viewers that NewMall sales on the first day approached RMB 2 million, demonstrating the appeal of the community economy.
Liu explained that NewMall is not a company. Consumers earn NEW through their purchases, thereby becoming NewMall “shareholders.” Participants are both NewMall and its customers. The ultimate objective of the overseas version of NewMall is to provide global customers with quality products in the world and localized services. For example, providing Korean people with the world’s best products and services localized to Korea.
3. On April 22, Li, together with Newton cornerstone investor and founder of Kela Guo Feng, introduced NewMall’s progress and future plans in an interview on Qianba’s “frontline live broadcast
Li said that, regarding issues on how NewMall and traditional E-commerce acquire users, from the perspective of transaction costs, NewMall has transformed the value distribution model, building up a user base through incentives based on the community, reduce costs.
Guo explained that NewMall’s main source of value lies in being tied completely to its community from its inception. The traditional giants only use blockchain for technical functions, not value allocation. Consumers will not see any difference through shopping on such traditional E-commerce platforms. The giants can not reap their huge profit without sacrificing contributors’ benefit – whose genes are completely different.
❏ Community News
1. As of this week, there were 32 Newton community node candidates. WANQINEW ranked 1st with 505 votes; BE-NEW and BITETT ranked 2nd and 3rd with 185 and 85 votes respectively. MissileNewton, XS-newton, Woonew, and Newstars newly joined, locking a total of 1.9 billion NEW. Node votes exceeded 2,200.
2. On April 23, NewMall was officially launched. Nodes including Dream Community and Ji Xia Community now have stores in operation on NewMall. In the community economy, members are at once service providers, customers, and platform owners, creating value through multiple channels.
❏ In the Media
1. Reuters reported that “Newton Project Launches ‘Amazon on Blockchain’ NewMall,” highlighting the differences between NewMall and the traditional giants.
2. This week, multiple media including Qianba, Jinse.com, Mars Finance, Dianshi, LieyunCJ, and CoinVoice reported on the strategic cooperation between Newton and Huobi Group.
You can learn about the latest news of Newton project through the following links:
Newton official website：https://www.newtonproject.org