NeoPlace Development update #2: NeoPlace protocol built on the top of IPFS and Ethereum

In this second post, we are sharing with our community our progress and vision for the next steps.

NeoPlace protocol is built on the top of Ethereum and IPFS and provide tools for facilitating cross-border e-commerce with the creation of e-shops and marketplaces with a cryptocurrency wallet and global inventory.

Global overview of NeoPlace protocol

NeoPlace Market has been released on Smartphones, on iOS and Android. Built on the top of NeoPlace protocol, NeoPlace Market provides a user-friendly interface allowing a smooth experience without having to manage the technical part like IPFS and Ethereum. Currently running on the Ethereum testnet, release on the Ethereum mainnet is ongoing and will take place in the next steps.

What is IPFS and why IPFS on NeoPlace ?

InterPlanetary File System (IPFS) is a protocol and network designed to create a content-addressable, peer-to-peermethod of storing and sharing hypermedia in a distributed file system. Considered to replace the HTTP protocol in the future, IPFS is a fully distributed model with no central authority.

NeoPlace uses IPFS as a way to store rich and heavy content data like pictures, video. Indeed, storage on the Ethereum Blockchain is costly. As NeoPlace Proof of State tracks each phase of the transaction on the Blockchain, the storage should be efficient.

Why Ethereum ?

Ethereum is used by more than 94% of Blockchain projects. With a huge community dedicated to the developement of Ethereum and a strong ecosystem around it, Ethereum is also the choice by excellence for Smart contracts, which are intensively used on NeoPlace.

The Smart contracts are used in NeoPlace to store critical data, such as id, transactions, state of the transactions, and mostly as an escrow account.

On each NeoPlace transaction, amount sent by the client is automatically locked on the Ethereum Smart contract between clients and sellers. This amount us is released when the client confirms the reception and conformity of the item.

NeoPlace Market mobile application

As described in the previous article (developement Update #1) the current first NeoPlace decentralized application will be divided into two main parts: NeoPlace Market and NeoPlace Wallet.

Market: sell & buy physical good. NeoPlace Market is the heart of the app for physical goods with a listing of all goods, a search engine, and the map indicating the location of seller’s goods around a user.

The NeoPlace Wallet: built-in wallet to receive and pay in cryptocurrency

Since we started the NeoPlace adventure, we’ve realized that our app has the potential to be used as a real wallet in everyday life. Selling and buying goods are the most common thing in daily life.

As a built-in cryptocurrency wallet, NeoPlace wallet is a convenient way to allow anyone to transfer, pay and receive cryptocurrency such as Bitcoin and Ethereum.

We plan to integrate ERC20 tokens on NeoPlace wallet and the most used cryptocurrencies, so that NeoPlace wallet would be a convenient way to spend and exchange cryptocurrencies between parties;

All these aspects bring together a real added value to the ecosystem. With NeoPlace, we want to become the reference app for everyday transaction in cryptocurrency.

The NeoPlace protocol that will eventually serve to a gateway for any third party merchant will be a totally decentralized system, bringing all aspects of a e-commerce business combined with cryptocurrency and Blockchain in an easy way.

How to test the NeoPlace application and get Ethers ?

NeoPlace is running on Ethereum rinkeby network. Once you create your account on NeoPlace app, you can request some ETH testnet in https://faucet.rinkeby.io/ and for BTC in https://testnet.coinfaucet.eu/en

As an inclusive solution, NeoPlace allows us to create a synergy between multiple aspects of our daily lives: payment with cryptocurrency with a built-in crypto wallet and selling and buying goods with an all in one ecosystem.

To summarize, our release in the coming weeks will be the release of a fully web version of NeoPlace to enable anyone to connect through a smartphone or computer.

Then, the next few weeks will be the release of the app in the Ethereum mainnet.

We are all very excited to see the project take its first steps in the coming weeks!

We are looking for talented people passionate about Blockchain and NeoPlace mass adoption to join NeoPlace dev team!

Contact us at contact@neoplace.io