UQC is a decentralized virtual currency based on the ERC20 Token one of Ethereum Technological trends. The goal of this blockchain asset is to supplement the development of UQUID Ecosystem. In this virtual revolution, token holders will have the benefit of instantly and effortlessly cashing out their token.
Smart contracts, smarter shopping
Uquid is aiming to establish a bridge between DeFi and e-commerce through Defito, a new ecosystem featuring concepts that haven’t been seen in the retail sector before.
Shopping mining means that new tokens or coins are generated every time a customer buys an item and smart contracts are used to ensure that these assets can be put toward other purchases in the future. The process is automatic and immediate, delivering much-needed enhancements that eliminate some of the flaws associated with loyalty schemes right now.
There are also features inspired by automated market makers, the smart contracts that create liquidity pools of tokens. In this ecosystem, automated shopping making brings together pools of goods created by many suppliers. Customers can then connect directly to this pool and track the quantity of products available and their price, allowing them to get a better deal on items that they wish to purchase.
In time, it is hoped that these smart contracts will allow merchants and shoppers to connect without an intermediary — reducing costs for everyone. Uquid believes that DeFi can help e-commerce businesses grow quickly and reach a broader cross-section of customers around the world. The company is also confident that its approach could transform global trade.
One of the first places where people can shop using this ecosystem is Uquid’s digital shop, which is home to more than 40,000 digital products including video games, gift cards, subscriptions and mobile top-ups. The platform uses a Lightning Network node that helps to speed up transactions, all while making them cheaper. New products are added on a daily basis, and the e-commerce site is planning to add physical items in the near future.
Brick-and-mortar retail is on the decline, and retailers are getting innovative as they compete for attention in a crowded marketplace. Fresh from shaking up the financial sector, DeFi could be coming to a shopping basket near you.