From the initial whitepaper release on it’s official website, the token is described as having an ecosystem and a partner network, which will utilize not only the official marketplace itself but also other connected websites, in similar fashion to Google’s Display Network. The initial whitepaper can be viewed here.
Online Shop was launched in April of 2021 by Terry McGinnis as a new form of marketplace, backed by some of UK’s and Hollywood’s top tier financiers and business talent, first aiming to allow anyone and everyone to create an easy to use shopping website within few clicks, in similar fashion to Shopify before pivoting towards a marketplace model.
Terry McGinnis made the following comment to Cointrust:
We had a lot of users on-board and saw that they also needed help in gaining traffic to their websites, this is why we decided to pivot to a marketplace model, the functionality of the old platform is there and we have the social functions to support it still, however all products are now aggregated into one easy to use platform.
Our commitment to decentralization and blockchain technology is also there, we want to embrace the future, we’re futuristic, our team is proud of this fact. So are all of our stakeholders but instead of going the traditional route of having everything be crypto we are slowly introducing payouts to our sellers in Bitcoin and are also looking at taking up partnerships with crypto processing firms to integrate the ability to buy products with crypto.
We’re also working on a way to stabilize this due to volatile nature of crypto currency for those sellers who are looking to get pay-outs in fiat currency.
This is why our SHOP utility token will be a nice addition, and we’re very proud of our utilization of Binance and seeing where that relationship with them takes us.
Online Shop is one of the first traditional marketplace platforms to embrace decentralisation and crypto currency by partnering with Binance to lead the way in the crypto revolution.