|ICO Timeframe:||12/12/17 – 02/12/18 (PreSale)|
|Token Supply:||10,000,000 QILIN (70% Crowdsale)|
Qilin.Market intends to be a protocol for decentralized e-commerce, enabling convenient exchange of goods for cryptocurrencies utilizing smart contracts on blockchain for transparent and bulletproof deal escrow. The project aims to introduce a unique approach to shopping with cryptocurrencies on-line. Each shop or storefront in the project ecosystem is in fact an independent blockchain node that earns Qilin Tokens for its owner. One can open a new shop just by making a clone of an existing e-commerce storefront on their server. Utilizing distributed ledger technology with smart contracts for exchanging goods with digital currencies, Qilin.Market intends to create a secure and transparent escrow for all parties, assuring money–back guarantees for buyer and secure transfer of funds for sellers. Buyers will transfer funds to a smart contract that releases payment to the seller only when the product is successfully delivered and confirmed through an independent oracle on the blockchain. The proposed model creates a constant circulation of QILIN Tokens to ensure settlement between all market participants: sellers need QILIN to confirm new orders and reward merchants, delivery services need QILIN to deposit an escrow, merchants receive QILIN as a reward from sellers and buyers can use QILIN to receive discounts.
PROS: Detailed and well-thought-out roadmap for the next two years of the project, platform will accept cryptocurrency as payments for online shops, leverages blockchain technology and use of smart contracts to release payment from escrow only when goods have been delivered, growth in global e-commerce has been and will continue to be robust for the foreseeable future.
CONS: Exponential increase in cost of token during ICO may result in “pump and dump” trading and volatility once token is listed on exhanges, 75% of management team lacks bios or links to Linked-in, Facebook, only pictures and titles provided, e-commerce is already a highly consolidated industry with massive players operating on a global scale (Alibaba, Amazon), will face “stiff competition” if project successfully launches, lack of advisory board.