An Overview of the BH Network Goals

An Overview of the BH Network Goals

1. Lower Marketplace Fees

As the team comprises freelancers and business owners, we all understand the challenges people face daily with FIAT marketplaces. Using the Elrond blockchain, we can reduce fees by up to 18 times in comparison. In particular circumstances, we can waive those and have almost zero fees through the Elrond Network gas fees alone.

2. A Fairer Marketplace for Everyone

While the face of marketplaces may seem fair, the truth is far from it. Established sellers with hundreds or thousands of successful transactions and/or reviews are always shown to buyers before anyone else as that increases conversions and revenue for the platform.

3. No Fraudulent Chargebacks

FIAT marketplaces all use traditional banking and payment processing methods, all of which have one major flaw. That issue is the ability to create fraudulent chargebacks, and buyers get their money refunded even after product delivery.

4. Lifetime Footprint on Blockchain

Selling goods requires traceability, especially if you want to resell an item, product, or service. For example, if you buy a domain for a price, carry out a lot of work on the site, and want to resell it, you can prove the price you paid, even after many years, using transaction hashes from the blockchain.

5. Interoperability

The interoperability of Elrond’s blockchain allows you to use your hard-earned money as soon as you earn it. Only seconds after the buyer sends your funds, you have complete control allowing you to hold, exchange, stake, or spend your money without waiting for banks and losing massive commissions.

6. Adoption — Bringing Crypto to the Mainstream and Vice-Versa

For many years, freelancers and agencies have looked for a method the reduce or even remove unnecessary fees.

  • You, as seller, will also be charged up to 20%
  • When you cash out via a third-party payment processor (as no platform has an all-in-one service at the time of writing this statement), they will also charge you 2–6% for transferring funds into your FIAT bank account.
  • Making matters worse, you will need to pay taxes; there will also be accounting fees if you own a small company.

7. Easier Global Adaptation

As this platform will be one of the first blockchain marketplaces available, we predict that most users will already have relatively good backgrounds in computer science and the internet as a whole. That will create a simple, easy change from FIAT to cryptocurrency, making the experience easy for everyone.

8. Stablecoins for Buyers and Sellers Who do not Like Volatility

Our goal is not only to make the world a little better but to take it to the future, too.

9. Friendly UX/UI

The interaction of the platform will be as “simple” as possible from the user’s point of view. We will try our best to bring it to the masses and avoid complicated UI/UX (User Interface/User Experience). All of the “magic” and disruptive technologies will be handled on the shoulders of the platform, allowing easy adaptation on a global scale.

  • Buy service
  • Wait for delivery
  • Approve through Maiar
  • Money released
  • Invoice received

10. Avoiding Marketplace Manipulation Through Fake Reviews

A beautiful thing about web 3.0 and blockchain technology is that similar or complementary projects do not see each other as competitors, but they work together to reach end goals.

Conclusion

This article was a brief overview of the goals of BH Network and its visions for a marketplace with a footprint in the blockchain.

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