December Progress Update

December Progress Update

Last weeks before the public launch on 13th of January we’ve been focusing mostly on features that improve user experience. Lets dive into details about some of them.

Share offers in social media

We are glad to introduce a small new feature for seller’s zone. From now on you will be able to share your offers in social media and messengers: Facebook, Twitter, Telegram etc.

New share buttons are accessible via the Offers table – be it inside Seller’s Zone dashboard or Manage Offers tab.

The set of social medias available is the same that was used in the Invitation link section. We talked about it in one of the recent reports.

 

Additional languages support

Multi language support is now integrated into BCShop. On the launch date Russian will be supported additionally to the default English option. Afterwards we will track users’ interest by countries and add more languages accordingly.

Explainer videos

Don’t forget to visit How It Works section. We are going to add a few explainer videos to every major feature of BCShop. Those videos will tell about how to Become a Seller, Buyer, Arbiter or getting Passive Eth Income, Cashback or Fee discounts.

Videos are to be hidden under the Play button on corresponding pages.

 

Maker ETH/USD oracle

In the end we are going to get again under the hood of our smart contracts. Let’s talk about getting the current ETH/USD exchange rate. It is needed mainly to let users create offers nominated in USD instead of ETH.

So far we used our own kind of oracle (a smart contract that knows about the world outside of blockchain) that stored the current exchange rate. It is populated by a simple script that checks the price regularly and writes it to the smart contract.

Of course, this model is prone to several kinds of errors and introduces unnecessary complications. For example, we should spend additional ETH in order to send transaction that populate the oracle with exchange rate. The account that signs transactions can therefore ran out of ETH and would be unable to update the oracle. Needless to say, this model is super centralized and contradicts the blockchain nature.

At the same time this year numerous DeFi (Decentralized Finance) products gain lots of popularity. Some of them also designed to operate with the exact exchange rates. The amount of liquidity inside of these products make them quite reliable (with a bit of backing up from our side of course).

One of the most famous DeFi products – Maker DAO depends on a special smart contract that provides exchange rate value aggregated from several sources thus making it even more reliable and failure-proof. So what we needed was just a quite simple smart contract that connects our system to Maker’s data format and a small background check that the exchange rate is within certain limits of CoinMarketCap value.

That way we hope to reduce ETH costs on the one hand and to increase the overall system reliability on the other one.

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