Problem Description

Identification and Financial Inclusion

A predominant challenge posed by traditional online marketplaces (Web 2.0) is their dependence on national identification systems and KYC. Consequently, this excludes approximately 40% of the global population, especially those who are unbanked or lack proper identification, from participating in online economic activities. More than 31% of the global population is unbanked, lacking any form of national identity and therefore are unable to engage in online transactions, employment, or service provision. In developing nations, this figure rises to 65% of adults. The exclusion of such a vast number of potential consumers and service providers is not only an ethical concern but also represents a significant underutilization of global talent, which in turn impacts the economy.

Furthermore, there is a growing number of people being unbanked in Western societies on the basis of their political, religious or professional positions. Many countries have legislatively demonstrated clear intentions to move towards a 'Social Credit' score-like system whereby your ability to engage in global commerce is limited by a score which is determined on the basis of what the government concludes is beneficial behaviour.

Lack of Comprehensive AI Marketplace Implementation

Current platforms such as Fiver, Upwork, Ebay, Amazon, Autotrader, and Just Eat do not implement AI interaction directly with the user. This means that searching for products, services and real world assets can be an arduous task. For example, Amazon searchers can spend hours searching for an item due to the necessity of scrolling through reviews to find answers to specific questions that they have.

Users looking for jobs on Upwork, after uploading a CV, are required to manually search through job specifications to find those that match their experience, skills, location, working hours, and pursuits.

Cryptocurrency Utilization in Commerce to Avoid Tyrannical Legislation

Despite the rapidly increasing interest in cryptocurrencies, current online marketplaces fail to support decentralized cryptocurrency transactions. With an increasing number of nations adopting stringent financial systems, a significant portion of individuals, especially those who prefer to or must store wealth in cryptocurrencies due to local financial constraints, find themselves alienated from these commerce platforms.

With Tyrannical legislation being implemented by governments as it relates to CBDCs and tracing all fiat transaction there is a growing sector of people wanting to avoid having all of their spending being traced. Cryptocurrency holders represent a notable segment of the population, yet their ability to spend cryptocurrencies in commerce is limited. This is due to regulatory constraints and the high fees associated with crypto bank cards. With a global marketplace turnover exceeding $21 trillion annually and over half of young adults engaging in online purchases weekly, the potential for cryptocurrency as a medium of exchange is substantial.

Dispute Resolution Bias

The existing dispute resolution mechanisms within these platforms are often centralized and operated by entities that may possess inherent biases towards certain user demographics that they wish to attract. This bias can compromise the fairness and trustworthiness of dispute outcomes, potentially disadvantaging many users. For instance, platforms like eBay have been critiqued for forced refunds on sellers based on unfounded claims by buyers.

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