It’s a new year, it’s a new day, and we’re feeling good!
Today (that’s 1st Jan) marks the official launch of QuuBe, Asia’s first online marketplace built on the blockchain. Launch festivities will last through the whole month of January, so download the app today (iOS / Android) to stay in touch with the latest promotions.
Read on for more details!
But first, for those who aren’t familiar, what is blockchain?
In short, “it is a digital ledger technology that creates permanent and unchangeable records”. This new form of accounting uses advanced forms of information distribution and consensus mechanisms. In other words, that means that 1) it is virtually impossible to change or delete recorded transactions, and 2) multiple verifications are made to confirm that the transaction is valid and legit.
Check out this video for a more detailed explanation on the basics of blockchain technology.
With that out of the way, we get to what QuuBe is: an online marketplace built with blockchain as its core. What does that mean for users, and why should you check it out?
Buyers and sellers on QuuBe will transact via the platform’s own token, the Q*coin. Built on the Ethereum blockchain standard, your Q*coins are stored in a digital wallet built into the QuuBe app, and can only be accessed by you. Literally. You’ll see that our set up process recommends for you to back up your Q*coin wallet password, because if you lose that password, it will be pretty much impossible for our support colleagues to unlock the wallet for you. It’s that secure.
The Q*coin is also pegged to the value of the US Dollar, which ensures that a stable value is maintained, and makes an easy point of reference. Right now, the conversion rate for 1 Q*coin is 1 USD, with plans to appreciate the token’s value by increasing the conversion rate, as more Q*coins go into circulation.
As a buyer, you can purchase Q*coins with no extra conversion fees, although prevailing currency exchange rates will apply. For the month of January, you will also enjoy a 10% introductory discount with every 100 Q*coins purchased (ie. you only pay 90 USD)!
As a seller on the QuuBe platform, you will be able to list your items and sell them for no platform or service costs at all. You will also get to convert your earned Q*coins back to currency for no additional fees.
How are all of these cost removals possible? The amount of administrative manpower required on conventional e-commerce websites, including Qoo10, means that charging platform fees and sales commissions are unavoidable if the business intends to survive in the longer term.
A blockchain-based platform, on the other hand, is able to utilise smart contracts to digitally manage many of these administrations. Think of a smart contract as a will or rule book that automatically governs and executes a certain set of transactions and processes. Putting this automation in place greatly reduces the administrative manpower required, and consequently, its associated costs.
When does the party start?
QuuBe is open and ready to welcome you today! Through the month of January 2019 (ie. 1 – 31 Jan), QuuBe will be running various events and non-stop promotions to welcome new users to the platform. As part of this event, the team will be giving away a whopping total of 100,000 Q*coins (that’s worth USD 100,000!). Don’t miss out on your chance to score insane deals with QuuBe’s various auction types, spin our roulette wheel to win daily, and spend big to win even bigger prizes for being our top spenders!
OK, where do I sign up?
All you need to know about QuuBe can be found at its official website, QuuBe.xyz. You’ll find guides there to sign up for a new account, and/or conveniently link with your existing Qoo10 account! For the most optimal shopping experience, remember to download the QuuBe app on iOS or Android.
On the website or in-app, you will also find instructions on how you can purchase Q*coins. Payment methods are supported at launch are credit/debit cards, PayLah!, eNets, bank transfer, AXS machines, and 7-Eleven branches. More convenient methods will be added in time, so if you have any suggestions, we’d love to hear from you!
The QuuBe team has been and still is working hard to bring your favourite products to the platform. Expect to shop from all of Asia’s most competitively priced gaming consoles, digital electronics & mobile accessories, home & living appliances, beauty bestsellers, and more.
Check out the QuuBe launch event page on Qoo10 for more details on the latest giveaways, contests and promotions, and see you on the new side of e-commerce!