NewMall: A Pioneer in the Community Economy based on Blockchain

By Wentian

NewMall, a blockchain online retail mall developed by Newton team, will be released soon.

Newton is positioned as “infrastructure for the community economy.” The difference between the community economy and the traditional corporate economy lies in incentive models. In the latter, many participants add value to the corporation or platform, but only a few shareholders share its benefits. The incentive model of the community economy is “everyone contributes, and everyone benefits.” Every participant is a contributor, and the blockchain foundation and the authentication of token ensure that each contributor can receive corresponding rewards. NewMall represents this community economy. Purchasing on NewMall is rewarded by NEW tokens. As gross merchandise volume (GMV) increases, the economic value corresponding to the tokens increases, and NEW appreciates. The incentive model where “everyone contributes and everyone benefits” is about to be realized with NewMall.

New Opportunities in the “Internet of Value” Era

From the perspective of commercial evolution, retailers and wholesalers appeared first. With the development of the Internet, E-commerce appeared, eliminating the information asymmetry reducing transaction costs and increasing efficiency, but also creating monopolies.

The Internet of Value, i.e. blockchain, represents further evolution on the basis of the Internet. On the blockchain, data and tokens are certified to individuals. Chain commerce (commerce based on blockchain) is a solution for our times. It prevents large-scale monopolies by reducing costs and increasing efficiency, realizing the economic model in which everyone contributes and everyone benefits. The combination between the retail industry and blockchain is quite natural.

Reducing Merchant Costs

Fees on traditional E-commerce platforms can reach 20%-25% of turnover. In the early stages of NewMall, there will be no platform fees for merchants. Later, the platform fees will half of those of traditional platforms, reducing costs for merchants and manufacturers, and naturally making products more competitive.

The Upgrade of Social E-commerce

Social E-commerce is poised at a threshold. The pattern of traditional E-commerce are already set, and the profits from Internet traffic are almost coming to an end. With the mobile Internet explosion, thanks to social media, anyone can become a spreading center, supporting the rapid rise of social E-commerce. E-commerce giants have an antagonistic relationship with retailers, while social E-commerce empowers millions of retailers to connect to the mobile Internet. Furthermore, social commerce still relies upon corporatization.

On NewMall, on-chain orders and on-chain recommendations technologically ensure that recommendations receive corresponding long-term token incentives.

Protecting Consumer Data

Every day, large amounts of information on customers and purchases are stored and transmitted at each link. In the Newton ecosystem, NewIDs mark identity. Users use NewIDs on NewPay to log into various DApps including NewMall. Purchase data is protected via asymmetric encryption. Without user authorization, no third party can access it. Traditional E-commerce depends on centralized data storage, exposing information to administrators and even hackers, raising both ethical and technological concerns.

Eliminating Fraudulent Advertising

Without blockchain, it is difficult to accurately evaluate the effectiveness of advertisements. Using tools like NewPay, users can decide whether or not to accept advertising, as well as the types of information they need and price range, etc. Advertisers set up marketing plans through various built-in smart contracts, including target audience, incentive models, settlement methods, and dynamic pricing. They can place precise targeted ads for P2P settlement with users, eliminating advertising fraud.

A Rising Star for DApps

The number of DApps on public chains has reached the thousands – mainly for gambling and gaming. Participants all have experience in blockchain. Similar but not identical entertainment projects are consuming users’ enthusiasm – this is an unsustainable model. Old users are calling for new DApps which can serve real-life. NewMall products cover a wide variety of all of life’s necessities. Online shopping has a much larger consumer base and demand than gaming. NewMall’s transaction volume will be orders of magnitude higher than for other DApps.

Anti- counterfeiting and Traceability

According to the Newton Project, the Internet infrastructure NewIoT and trusted logistics channel products have already been completed. After the specially-packaged goods leave the factory, the NFC mobile app developed by Newton is used to identify whether the packaging has been opened or altered during shipping, realizing traceability and preventing counterfeiting.