Back in 2019, Storex was founded when the preceding project’s focus switched to providing decentralised e-commerce via Web3 technology on Ethereum. As a result of the high Ethereum gas fees and the delays to the Eth 2.0 upgrade, Storex sought an alternative blockchain and migrated to the Proton blockchain in November 2021. All of the team members have experience using Web2 e-commerce platforms like eBay and Amazon. Both of which suffer from numerous problems such as fraud, high fees, and having too much control over the entire process. Storex firmly believes blockchain technology and Web3 can solve these problems and return control to everyday users.
The Storex vision is to create an e-commerce platform on the blockchain which is available for everyone to use. The current Web2 e-commerce model relies on centralised control over the entire process and high fees on every transaction. Not only does this subject merchant’s to the mercy of these centralised corporations, it also detracts from the competitive nature of commerce. Small merchants shouldn’t be expected to compete with large corporations when 10-15% of each sale is instantly lost to high fees.
Our platform is governed by the Storex Governance Council, which is a decentralised autonomous organisation (DAO). The council has exclusive power over the platform including the ability to change the transaction fee, add supported cryptocurrencies, remove listings from the blockchain, and manage the dispute arbitration process between buyers and sellers.
The project is currently entering the final stage of the development process, with the majority of smart contract and back-end code complete. We are currently improving the user-interface by fully redesigning it in preparation for our launch on Proton. Storex is expected to launch early Q3.
We will be releasing documentation for the smart contracts and the platform when the marketplace releases.