Mission and Vision
The rise of the ecommerce industry in the last 2 decades has led to the emergence of giant online shopping companies such as Amazon, eBay and Alibaba. However, the centralized nature of this industry has created issues of unfair pricing, hidden costs, data abuse and more.The problems that the e-commerce industry is facing are based on their centralized model.
ApolloX solves the above problems with a blockchain-based protocol that empowers decentralization in the e-commerce industry. ApolloX is to disrupt today’s e-commerce marketplace industry and provide everyone all the benefits of trading through a marketplace like Amazon without the unnecessary costs that come from monopolistic intermediaries.
ApolloX uses tokenization and decentralization to replace today’s rent-seeking enterprise with a new model of complete shopping protection, data security and minimal commission. ApolloX believes that with the implementation of their model, ecommerce costs can be reduced by up to 40%. Their goal also is to create an ecosystem that thrives on community.
ApolloX Solution - Decentralized Trust
Instead of relying on an entire company to maintain trust between buyers and sellers, the execution and utilization of ApolloX protocols means trust will be provided by community consensus.F or example, if a buyer runs into problems with a fraudulent seller, they know their case will be reviewed by a group of their peers. Their centralized equivalent would profit from the success of the transaction, regardless of the damage done to the buyer.
ApolloX Solution - Lower Prices
With the current ecommerce model, we pay up to 5 times the amount an item costs to manufacture for convenience. Every link in the supply chain is taking a profit. By implementing blockchain technology to the platform, we’re closer to conducting business peer-to-peer. The ApolloX team anticipates a reduction of 40% for consumers by eliminating middlemen with the blockchain.
ApolloX Solution - Data Control
Inherent in blockchain technology is the ability to encrypt sensitive information and store it on an immutable ledger. If the information needs to be accessed, a user is able to do so with their private key. ApolloX only allows buyers to access their browsing and purchasing activity. Buyers can even choose not to leave any activity history. By having access to this valuable information, users can voluntarily share their data with service providers on the network to earn rebates or personalized services.
Over 200 global brands and online shops have become members of the ApolloX decentralized marketplace within 2 months since the announcement of the ApolloX platform. Many brands and seller communities positively responded to the new blockchain based marketplace model that ApolloX is building. Based off these reviews, the ApolloX team aims to partner with 1000 stores before the platform’s official launch.
ApolloX will launch with 1 million users and 15 million annual revenue thanks to its strategic partner ApolloBox, a fast growing vertical marketplace in the US. ApolloX users will be able to use both APXT(ApolloX’s native token) and fiat currency to make purchases from ApolloBox and earn rewards.
ApolloX founding team are from top university and companies including MIT, Stanford, Tsinghua, and Google. ApolloX is also backed by reputable ventures in both US and China: Amino Capital, Redmoon Capital, and Hofan Capital.
ApolloX team has successful track record in building e-commerce marketplace. They founded ApolloBox in 2016 and now has 1 million active users, over 800 global brands, and $15 million annual run rate.