Web3-based P2P E-Commerce

In Person.

Shuhao Zheng, Junliang Luo, Erqun Dong, and Can Chen. All from McGill University.

shuhao.zheng@mail.mcgill.ca junliang.luo@mail.mcgill.ca erqun.dong@mail.mcgill.ca can.chen@mail.mcgill.ca

Inspiration

The problem with web2 e-commerce is, authority can censor buyers or sellers, monopoly can control the price, and one may suffer from price discrimination because of privacy being exposed to platforms.

What it does

We propose a web3 based P2P E-Commerce system for everyone to exchange goods with cryptos in a web3 perspective. Prices are decided by individuals. Since no need to provide much information, price discrimination is less likely to happen.

How we built it

In our system, sellers can post goods on the smart contract; buyers can stake coins; multiple shippers can make bids; selected shippers can send their public keys; sellers and buyers can upload their encrypted real-world addresses to the smart contract for shippers to decrypt and access. Buyers can confirm if the item is good, and then the staked coins for the computer will be sent to the seller, and the shipping fee will be sent to the shipper.

Challenges we ran into

Challenges we ran into include unfamiliarity about the Rust language and the CosmWasm API’s, as well as running the RSA encryption algorithm in the Cocker.

Accomplishments that we're proud of

We have also considered two cases of refunds and dispute solving. One case is that the buyer feels unsatisfied about the computer, another case is the item is breaking or missing.

What we learned

We learned why web3 apps are good for privacy and ensuring fairness.

What's next for Web3-based P2P E-Commerce

The future challenges will be how to deal with the conspiration of two parties against the other party. Also, building up the community is of importance for the system to thrive.