Connecting Web3 with One Decentralized Marketplace - Built by the Community

The concept of currency has been developed thousands of years ago. There are different types of currencies including exchanges of Cowry shells, Cows, rare earth elements such as Gold and Silver, as well as the local fiats we are seeing today.

Recent developments in the blockchain have enabled a new type of digital currency — Cryptocurrencies. When bitcoin was first being introduced to the world, it tries to deliver a new status quo in the financial services ecosystem: the ability to send money without the use of a bank as a middleman which suggests that the billions of unbanked individuals could seek an alternative payment method in exchange of goods and services, gift exchanges and debt repayments.

A decade later, various multinational corporation has gradually adopted cryptocurrencies as a mode of payment. One could get a cup of coffee in Starbucks with their Bitcoin or Ethereum balance, pay for their hotel fees with ADA on Travala, or purchase Tesla merchandise with Dogecoin.

There are of course certain drawbacks to the stated transaction processes.

Only a limited number of cryptocurrencies are available;

• High price;
• Limited selections of products;
• Lack of cross-chain support, which means users would need to convert their digital assets to cryptocurrencies that are being supported by the commodities providers;
• Purchase of goods and services using cryptocurrencies is only limited to large business entities;
• Poor customer experience.

Due to various factors such as environmental concerns, regulatory pressure, volatility and tax concerns, the adoption rate for purchasing goods and services using cryptocurrencies has not been satisfactory.

‍Decentralized Autonomous Organization And Its Application to PearDAO‍

PearDAO is a non-custodial decentralized marketplace that will be regulated by DAO. Pear DAO members holding the Pear DAO (PEX) tokens can act as arbitration nodes or dispute handling nodes to prevent fraudulent or scamming activities from occurring. Transactional disputes will first be resolved through arbitration (Single-Sig). If the result is unsatisfactory to the users, they can submit an appeal to allow multiple dispute handling nodes (Multi-Sig) to resolve the case. The dispute will only be finalized when the majority of the Pear DAO members have voted in favour of one outcome. Through a dual-layer security mechanism, users’ interests are being prioritized.

With PEX, we encourage trading based on the user’s mutual trade agreement. Anyone who intends to sell their digital assets can simply search for an existing buy advertisement (Ad) on the platform and establish a trade with the counterparty. If there is no suitable match, the user can post an Ad and wait for a counterparty to place a trade offer. This trading process works the same for users who want to buy digital assets online. Exchange of any assets can be completed by just searching or posting Ads on the Pear platform.

PearDAO has released the first mainnet version of a decentralized P2P marketplace that provides users with fiat on and off-ramp services. Unlike buying or selling with credit cards, users can skip the card processing fee by the vendors. Without a middleman, users can buy or sell their crypto assets at a much cheaper rate. 

With the establishement of DAO dispute handling system, future marketplaces set up by Pear will allow trading with fiat/crypto/service options. This opens up a whole new trading enviroment for users. In a WEB3 enviroment, it provides much more opportunities and possibilities for traders from all over the world. 

Bitcoin was developed to allow “payments to be sent directly from one party to another without going through a financial institution.”. Ironically, the “electronic cash” that would be used to purchase goods and services will eventually go through the financial institutions that have a central point of failure (centralized server). They collect users’ privacy information, maintain full control of the marketplace, and are usually backed by VCs.

In a truly decentralized marketplace, all data should be managed by a scalable blockchain database, users should be able to upload their product information to a peer-to-peer data storing network like IPFS, publish their product listings or offers on the marketplace, and establish trade with anyone that thinks their products are valuable to them.

All trades are being processed by smart contract(s) and monitored by the community. They can agree on any type of payment methods such as off-chain assets (through banking systems), on-chain assets (cryptocurrency wallet), or goods and services (NFTs/ metaverse elements/or any services being provided in metaverse ecosystems). Lastly, both short-term and long-term development of the marketplace will be governed by the marketplace’s participants, no centralized entity should decide its future. Meanwhile, everyone earns throughout the process.

Pear’s long-term roadmap is planned to be able to support all of the trading procedures that are being mentioned. Allocation of resources, adoption of blockchain infrastructure, and PEX tokenomics will all be targeted at reaching the goal to an ideal marketplace for the people.

Pear’s vision is to become part of the infrastructure for the Web3 ecosystem that enables the freedom of exchange.

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