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Making of Decentralized, Distributed, Open Multi-Tenant, Multi-sided Market Enablement PlatformBy: David Beberman, CTO
In an article posted by Tren Griffin on his blog 25iq, “A Dozen Things I’ve Learned about Multi-sided Markets (Platforms)”, he defines a multi-sided market as a platform where multiple participants interact directly with each other. He provides examples such as LinkedIn, Uber, eBay, Airbnb, and others. These are all examples of multi-sided markets, (“MSM”), but we would further distinguish them as multi-sided market centralized platform.
With the innovation of the Extensible Blockchain Object Modeltm (“XBOMtm”), and the Extensible Smart Object Assettm (“XSOAtm”), on the DataGrid Blockchaintm (“DGBtm”), a multi-sided market decentralized enablement platform can now be created.
The following provides an overview of a decentralized platform for a multi-sided market of generalized assets (e.g. physical things, financial instruments, etc.).
To give an idea of what a decentralized MSM might look like, lets use a fictious MSM company, its salient features, and how they operate on a decentralized enablement platform, the DGBtm. Let’s call this company DGB-AmazBay. DGB-AmazBay wants its multi-sided market to have the following features:
· Search for items offered for sale (physical products, digital products, services, etc.)
o Pricing for those things
· Purchasing — means for exchange of items for payment
· Regulations — means for adhering to laws, regulations and rules for conducting commerce in any and all jurisdictions that a seller and buyer may interact
· Ratings — means for rating the quality of the sellers and buyers
· Analytics — various statistics, algorithms, machine learning, etc. applied to “meta data” about the market place
· Individual Sovereignty — the market place does not control (i.e. take custody) of the items for sale, the payments, or seller’s “store”
· Scalability — the decentralized enablement platform must scale to support a global market place and community
Let’s take each one of these features separately.
Discovery of items for sale is a prerequisite for any instances of commerce. In a centralized online market, items for sale are uploaded and stored in a centralized database server. Discovery consists of database queries by clients of the centralized market server.
For the decentralized DGB-AmazBay, items for sale are added to the blockchain by seller accounts individually. However, our fictious DGB-AmazBay needs to provide a means for buyers to find the items for sale. To accomplish this, it continually scans the blockchain and provides a search tool that can be queried by clients.
In comparison to the centralized market, decentralized DGB-AmazBay’s search acts as a service for organizing such items, but doesn’t control any items or accounts.
A centralized online market acts as the go-between between the seller and the buyer of an item. It may have multiple means of payment for the buyer for example. It may also price items in multiple currencies, perhaps providing currency exchange internally. It also stores the information about payment information for the buyer which creates a privacy liability.
For our fictious decentralized DGB-AmazBay, all transactions of purchase and sale occur directly between the seller and the buyer of an item on the blockchain. Since all items are priced in the native cryptocoin of the blockchain, DGTtm, the means of payment is simplified to a transfer of coin from the buyer to the seller account. By eliminating the go-between, the decentralized DGB-AmazBay market has no liability of the transfer of either the items or the payment. That is, the DGB-AmazBay never takes custody of either the items or the payments.
A centralized online market must adhere to the laws, regulations and rules of the jurisdictions it operates in. To accomplish this, it must register all participants in its market, and manage all such, for each jurisdiction it operates in. All related information must be stored in its centralized database for use in all participant interactions.
Our fictious decentralized DGB-AmazBay also must adhere to the laws, regulations and rules of the jurisdictions. However, adherence is based on account authorization certifications, which are part of the seller and buyer accounts. For an instance of commerce, the DGB-AmazBay does not take on liability of the jurisdictions, the seller and buyer accounts and the associated Smart Object Assetstm manage that directly. However, the DGB-AmazBay may provide advisory information to sellers and buyers about the jurisdictions.
An MSM needs some means for evaluating the participants in the market, (i.e. sellers and buyers). This is accomplished through some form of a ratings system. From an abstract viewpoint, this might be an actual numeric rating, posted reviews, or some other means. A centralized online market offers a rating system, which may be for one or more types of participants in the market, (i.e. sellers, buyers, or both). The centralized market maintains its own centralized database with the ratings information, and can edit and censor it at its discretion.
Our fictious decentralized DGB-AmazBay provides various forms of ratings using information directly from the blockchain. Such information may include the number of sales, the longevity of accounts, and other types of data that are useful evaluating seller and buyer accounts. Further, it can provide an independent service for participants to provide reviews and rating of accounts. In this case, the DGB-AmazBay acts as a mixed decentralized and centralized service.
A centralized online market creates all of its own analytics either directly, or by selling access to its data. The centralized market controls, edits, and censors at its discretion. By now this should sound familiar.
Meanwhile, our fictious decentralized DGB-AmazBay provides analytics as a service using information directly from the blockchain. It may offer its analytics as a service to blockchain account holders, or to other clients. Since it uses the decentralized blockchain, the accounts and other clients are not beholden to the DGB-AmazBay as the sole source of analytics.
In the context of the MSM, we mean by individual sovereignty that the account owner has control over their own assets and currency. A centralized online market does not offer individual sovereignty over the user accounts. The centralized online market may at anytime, terminate, censor, or otherwise affect a user’s account.
Our fictious decentralized DGB-AmazBay doesn’t take any ownership of any accounts. Therefore, it has no direct control of any related assets or currency. It promotes individual sovereignty for multi-sided markets on the blockchain.
A successful MSM expects an increasing number of users and an increasing number of transactions. If the enabling platform is unable to scale with users and transactions, the market may reach a failure point. A centralized market addresses this problem with centralized server solutions. This includes distributed database servers, loadbalancing and similar enabling platform solutions.
If our fictious decentralized DGB-AmazBay wants to be successful, its decentralized enabling platform must scale with accounts and transactions. As luck would have it, DGB-AmazBay happens to have picked the DGBtm as its enabling platform blockchain. As a result, transaction and account scalability is built in to the DGBtm and DGB-AmazBay can concern itself with its own operations without this concern.
Separability and Competitive Multi-sided Markets
The features we described for the fictious DGB-AmazBay have one more aspect, separability. Each one of the features: search, purchasing, ratings, analytics, and regulations are independent of each other. Building on a decentralized platform enables competition among market businesses. A competitive landscape fosters improvement. Each feature can be reimagined as entirely separate businesses in a competitive landscape.
Decentralized Enablement Platform Applied to Multi-sided Markets (“MSM”)
Putting it altogether, the following diagram depicts a block diagram of the various components involved. It also includes the concept of market makers. Depending on the MSM, there may be an opportunity for one or more market makers. That is, entities that facilitate efficient decentralized markets by being on the opposite side of transactions if and when needed.
Decentralized Multi-sided Market vs Fiat Multi-sided Market and Individual Sovereignty
Cryptocurrencies are thought of as an answer to fiat currencies. With the concerns about fiat currency described in this hacker noon article, “Bitcoin: The Living Room Revolution”, by Farbood Nivi, pointing out that monetary policy for fiat currency is under the control of the government (democracy, dictator, monarch, etc.).
We agree that cryptocurrency is an answer to fiat currency. But we believe that this is only part of a more general answer about individual sovereignty. In order for a currency to be accepted as a means of commerce, businesses and individuals must be willing to accept it. If the market places do not accept the currency as a means of commerce then the currency can’t be used in the society, regardless of whether it is crypto or fiat based.
We submit that all of the centralized multi-sided markets in existence form a sort of oligarchy. One can think of them as centralized fiat MSMs. In this case the term fiat means both that the MSM accepts fiat currency, but also that as a centralized market, it controls by its own internal fiat, what currencies are accepted.
Due to the massive dominance of only a handful of online commerce sites, a prohibition on acceptance of cryptocurrency can significantly limit it reaching widespread acceptance. Further note that governments by fiat can prohibit businesses within their jurisdiction from accepting cryptocurrency.
The decentralized multi-sided market concept described above, can help increase the acceptance of cryptocurrency in two ways: if the centralized multi-sided market oligarchs essentially boycott crypto, the enablement of decentralized solutions will help break the control by the seeming oligarchs; and if government prohibits crypto MSMs by fiat, individual sovereignty over assets enables the continuation of private asset transactions.
We do not propose or expect that jurisdictional regulations should be eliminated or bypassed. We see instead that the decentralized MSM is one more aspect that can promote individual sovereignty, and a fairer, more inclusive society.
DataGrid Blockchaintm, DGBtm, DataGrid Tokentm, DGTtm, Extensible Blockchain Object Modeltm, XBOMtm, Extensible Smart Object Assettm, XSOAtm, Smart Objecttm, Extensible Signature Objecttm, XSIGtm are trademarks of Prasaga, LLC. All rights reserved. www.prasaga.com [email protected]
We have intelligence services growing into a technological capacity that eclipse their very governments.* We have been waging war on drugs for nearly 30 years spanning nearly 15 countries with 120,000+ people killed and countless more missing or injured.* We worry about 'terrorists' some 3000 miles away, while cartels behead people with chainsaws right across our very own borders.* We see near autonomous vehicles scan the skies 24 hours a day in third world countries where children dream of drones and mothers sew blankets with images of them on it.* We've seen our commander in chief redefine the definition of what it means to be a soldier so we can blow up a wedding or birthday party in order to kill a single individual who will easily and willingly be replaced by 12 others.* We enjoy the miracle of flight, by forcing ourselves to stand prone and scanned from head to toe to view our naked bodies, before we have one of our many national identification cards stamped and logged of our travel plans.*Thread here
We have corporations that have completely bridled the elective process with money literally being defined as speech, including witness the American tax-payer hand over nearly a trillion dollars.* These are dystopian dictatorships that have more power and wealth than any king or monarch could even fathom. We have a tax system so convoluted, so massively complicated that these very corporations can get away with the government paying them taxes* , a system where the rich pay to find and exploit the loopholes. We live in a world where the top 1% controls more wealth than the lower 50% combined.* We have black sites being operated and maintained on American soil where citizens are no longer read their Miranda rights and not a single major media outlet batted an eye.* Every phone call, every email, every text message sent, every keystroke made is logged and an army of tech savvy mathematicians and scientists combs over them to take the pulse of civil disobedience in the nation.* We've seen a single family fund, organize, and execute 2000 Americans by flying our own planes into the symbol of our financial center without a single iota of justice served, yet a plethora of atrocities in its place all while they are embraced in our bosom as faithful allies.* We've seen a nation wide movement against the banks and income inequality turn up in dozens of major US cities, only to have it violently crushed under the guise of sanitation and 'not being able to get to work'.*
We spend nearly half of our entire budget on military defense to fight enemies who use cell-phone detonation, 50 year old rifles and crock-pots to fight us* ,while our roads, bridges, electric grid, ports and communication networks are rotting and amassing an aging problem so monumental it will take centuries to repair.* We've seen an entire generation of children shackled to the banks through an education system forced upon them under the threat of being successful* with little promises and scant results all while being forced to pay into a safety net of social security that they will never see.* We have seen the size of the government grow every year for decades with no end in sight* while our 'elected' leaders are hand picked by elites of business to have their makeup perfected and suits ironed to speak to us about fringe off topic emotional issues that distract us from the fucking circus that is this country.*
Crypto also trades 24/7 and can get 20% swings within a few hours.
2017 was the year for massive gains for Cryptocurrency
only for crypto
Trade crypto ,its 24/7 and super violate where one coin can swing 20% within few hours.
If you feel strongly about this then why dont you share your apartment with homeless instead of blaming on the landlord.
nothing is free in life, kid.
What problem is Tron trying to solve? Why the hell would a average Joe move to a decentralized Internet ? Also there are other better dapps projects out there.
He could put that 1 mil into EAD stock that pays 11% dividends and be set for life.
I cant wait for FairX
why use LN if XRB exist ?
Rai is really popular in Venezuela
XRB just finished distribution few months ago.
Probably Hundreds of thousands . I don't think they're going to risk millions
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