How does the ARAW token platform address the BIG3: Security, Speed (TPS), and Transparency?
The E-commerce and Payments industry is vulnerable to frauds and hacks, which puts customers and merchants at risk. However, this is not the only essential element that e-commerce solutions need to take into account. For users to have an excellent shopping experience and to trust the platform fully, security, speed, and transparency need to be considered. In this article, we will discuss how the ARAW Token platform addresses these three points.
Security
The first component of the big three that the ARAW Token Ecosystem addresses are security. Security issues are incredibly prominent and represent a big problem in the E-Commerce and Payments industry. Every year, customers and merchants all over the world lose funds, get their personal information stolen, and experience the troubles of identity theft. At ARAW, we believe in the necessity of establishing a secure and safe ecosystem for our users all over the world, whether they be merchants or customers. We can offer a high-security standard, thanks to the Blockchain technology and other innovations that exist in the cryptocurrency space.
The biggest strength, regarding security, of the ARAW Token platform, is the fact that it relies on the Ethereum Blockchain. The blockchain itself is the backbone of the ecosystem and is the one that provides a safe and secure environment for our merchants and customers.
First, it is immutable, meaning that the transactions are definitive and cannot be changed, updated or deleted. This means that merchants or customers won’t experience issues with existing or future purchases. The Ethereum Blockchain is also trustless, which is another advantage that the ARAW Token Platform can offer to its users. Transactions occur in a peer-to-peer fashion between two parties, without requiring a third-party intervention, such as banks. This eliminates fees and additional costs, and also adds security to the platform. Customers can confidently shop on the ARAW marketplace knowing that they can trust the platform and the merchants.
Secondly, by relying on the blockchain, the ARAW Token Ecosystem can rid itself of risks of hacking and fraud. On common e-commerce platforms, there is a constant risk of hacking, data stealing, and breaches affecting users and their accounts. As we mentioned in our previous article, thousands of users report having their identity is stolen, as well as their funds, every year. This is the case because e-commerce services are straightforward to penetrate, which hackers and fraudsters take advantage of. On the blockchain, there is less risk of hackers tampering with data and transactions. They are anonymous, untraceable and, therefore, less vulnerable to system breaches and attacks.
Thirdly, the ARAW platform is hosted using the Amazon’s AWS Virtual Private Cloud environment, which ensures that the whole ecosystem is secure and robust against security threats.
Speed (Transactions Per Second)
The goal of the ARAW Token Ecosystem is to keep transactions between customers and merchants are almost instant, which improves the shopping experience. ARAW is considering using the Raiden network to improve speed and increase the number of transactions per second (TPS). The Raiden Network is an off-chain scaling solution, enabling near-instant, low-fee and scalable payments. It’s complementary to the Ethereum blockchain and works with any ERC20 compatible token. This will allow for the scalability of the ecosystem, fast transfers, low fees and efficiency for payments. This approach will first be tested before a decision is made regarding the potential adoption of the Raiden Network for the ARAW ecosystem.
The Raiden project is work in progress. ARAW is also going to evaluate the upcoming version of the Ethereum Blockchain, Ethereum Casper which will increase number the of possible transactions per second and per block, as well as reduce cost. Vitalik Buterin, the founder of Ethereum said; Ethereum will eventually Achieve 1 Million transactions Per second — ARAW will be hugely benefited with this and will be the front runner for a mass adoption of Blockchain Technology in coming years.
Transparency
Similar to security, transparency within the ARAW Token Ecosystem is provided by the blockchain itself. The technology gives users privacy paired with transparency. Thanks to cryptography, users’ identities are hidden, as the only visible information is the public address and the amount of the transaction. Also, no names or emails are shared on the blockchain. Transparency allows everyone to view addresses, holdings, and transactions.
At ARAW, we will be able to show integrity and transparency to our customers, thanks to the blockchain. Our customers and merchants will be able to know every detail about each transaction, about how we operate, and about how the ecosystem works. Therefore, a trust can be created between our customers and us. Furthermore, with our unified reward system in place, we are looking to develop a sense of belonging and loyalty for our customers and store owners. With all the parts of the ecosystem interconnected (marketplace, unified rewards system, exchange, wallet and more) our users can enjoy a true shopping experience. Having a transparent ecosystem that can be used by regular customers across the world will increase the adoption rate of the ARAW Token, and the customer retention rate.
Conclusion
To conclude, the ARAW Token ecosystem offers a lot of different solutions to address the big three: security, speed, and transparency. The Ethereum Blockchain plays a big role in ensuring that merchants and customers are safe and that their information is secure and private. Thanks to the Ethereum blockchain, the ARAW platform can provide transparency, while maintaining privacy and efficiency.
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