Building a Decentralized Marketplace with GoChain

Building a Decentralized Marketplace with GoChain

in Tutorial

What is an online marketplace?

An online marketplace is typically a type of e-commerce site where product or service information is provided by multiple third parties, whereas transactions are processed by the marketplace operator. Marketplace operators typically charge third parties transaction fees for products sold on their site. This fee is either passed on to the consumer or absorbed by the third party seller.

These marketplaces are often governed by the marketplace operator who then determines who is allowed to sell and who is not. The marketplace operator also has exclusive access to information such as the top-performing products on their marketplace, and control over product exposure. This power has often been abused by marketplace operators who might look to create copy cat products based on the best performing products in their marketplace and delist the original competitors. 

What does it gain from being decentralized?

In a decentralized marketplace, there is no longer a need for a marketplace operator. That means more profit for sellers, and in the case of a public blockchain, more transparency for buyers. 

What is GoChain

GoChain is a fork of Ethereum that has been optimized for faster transaction speeds and larger throughput. GoChain has a network speed of 1,300 transactions per second, and lower transaction costs. GoChain is also intended to be more eco-friendly by reducing the maximum number of operating signers to 50.

GoChain has a growing ecosystem of tools that make working with GoChain much easier; this includes off-the-shelf support for stablecoins, a dedicated GoChain file system (GOFS), and more. 

Why GoChain is a great option for a decentralized marketplace

GoChain is a great option for developers building a decentralized marketplace who are looking for a lite, fast, and secure blockchain solution. By utilizing GoChain’s built-in capabilities for off-the-shelf stablecoins, a developer can easily provide a reliable means to transfer funds from a customer buying a product to a producer selling a product (which is essential to an online marketplace).

There are lots of options to consider when selecting a blockchain solution for your next project and you will have to determine which will work best for you. If you want to read more on GoChain you can check out their website at https://gochain.io/

Finished product

Build your decentralized marketplace

Building a decentralized marketplace is a great way to take advantage of blockchain technology, but if you have never worked with blockchain before it can sound daunting. That’s where Blockmason Link comes in. Link is a powerful yet lite blockchain development tool that allows any developer to build applications that interact with blockchains through simple web-based APIs. Sound interesting? You can use Link for free to build your decentralized marketplace through this online workshop. https://github.com/blockmason/ecommerce-workshop

In this comprehensive workshop, you will build a functional e-commerce marketplace web application using blockchain-powered microservices.

This workshop is intended for developers who have little or no prior blockchain experience. It is recommended that you have some familiarity with JavaScript, Node, and NPM. Experience with Solidity, the language used to write smart contracts, will be helpful.