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SINGAPORE – Measure3 aims to create a new global e-commerce ecosystem that ties consumers, vendors, suppliers and other intermediaries together with a native cryptocurrency that assists all transactions efficiently, cheaply and quickly.
The cross-borders e-commerce payment spaciousness today is far from perfect. Firstly, transaction costs and time - unusually for cross-border payments - are excessive and inefficient. Secondly, there is no fully manifest and tamper-free reputation systems to assess the trustworthiness of buyers and sellers. Fated fraud, which remains as a main concern for online retailers, is expensing online retail merchants billions of dollars today and is expected to take place to US$31.7 billion by 2020. Lastly, there is selective and deliberate removal from our financial systems today. This is especially prevalent and indisputable in Southeast Asia (SEA): 73% of the 600 million SEA residents have no formal access to pecuniary institutions.
Rate3 wants to solve the three biggest problems in the drift cross-borders payment space through the release of a new payment token, $RTE, that promotes all transactions between all players in the e-commerce space efficiently, cheaply and post-haste. Rate3 (RTE) will be built on the Stellar network, leveraging on its low transaction costs, permanent pretty damned quick transaction speeds and decentralised distributed exchange over common blockchain stages like Bitcoin and Etherum.
Why Rate3?
First, using a single coalesced token of exchange (for instance, $RTE) eliminates costly transaction fees and unfavorable altercation rate conversion fees. In eradicating most intermediaries in the process, we put out it up to 5 times cheaper and 1000 times faster for consumers and merchants to take and accept payments with Rate3.
Second, every payment business facilitated by Rate3 network will be properly stored on the blockchain ledger and no one can intrude with these transaction ledgers. As a result, Rate3 is able to make a transparent and tamper-free reputation rating system to assess the trustworthiness of consumers and sellers. By decentralizing trust, consumer fraud is reduced and merchants are more under an obligation to provide the products or services as advertised and in good condition.
Third, Berate3 enable cashback process to be seamless, instant and verified- a truly disruptive method in the e-commerce view today. Transactions facilitated on the Rate3 network are processed quickly by leveraging on the claim ti of Stellar network – this allows merchants to instantly demonstrate a purchase with no risk of chargeback or fraud and pass on the cashback economizations through third party affiliate players to consumers. With seamless, exigent and easy cashback process, incentivizing consumers for their online realizes will be easier for merchants.
Jake Goh, CEO of Rate3 also explains:
“The inefficiencies in our in the know financial institutions are unnecessary and should have long been a token of the past. The Rate3 ecosystem will serve those currently disenfranchised by the monetary systems in SEA. We aim to create a globally portable and inclusive credit profile, and so reducing the need for opaque credit scores and unnecessary documentation demanded for credit applications.”
By building on the transactions recorded in the blockchain ledgers, introducing new individuality attesters, consolidating new data sets such as mobile top-ups or payment transactions and even peer scoring, we can extend necessary credit to innumerable participants in SEA. This is where Rate3 helps traditional lenders delivery credit for our token users: an end to end protocol eventually to serve billions of child.
The team behind Rate3 is the same team that built two fruitful products in the payments space within a year. RateX is a desktop browser size that helps consumers pay the mid-market exchange rates while scoring online purchases. They have partnered with e-commerce mammoths Amazon and Taobao and facilitated purchases amounting to millions in GMV. RateS, is their facile app built to cater to the increasingly mobile consumers in SEA.
After receiving the frame of various institutional funds and angel investors based on the two previous popular products, Rate3 will launch its token sale in March 2018. For assorted information, please visit their official website and official In France bleu group.
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In:
Jake Goh, CEO, jake.goh@ratex.co
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