Author: Gan Jia Ci
Running on the Ethereum network, CleverPlace is a commercial platform that offers cashback against tokens for every purchase.
During the InnovFest Unbound 2018 event on 5 June, Block Asia had the opportunity of speaking to co-founder and CTO of CleverPlace, Irwin Favere.
Being the world’s first e-commerce profit-sharing solution, CleverPlace connects buyers and sellers, offering buyers cashbacks worth up to 70% of the margin per purchase made on the platform.
To qualify for the cashback, buyers only need to send tokens to CleverPlace. Afterwards, every token received by CleverPlace will be distributed back to all the community members through a smart contract.
“We do not keep the tokens. They are returned back to token holders,” Favere claimed. According to him, the connection between buyers and sellers help to strengthen and engage the community over at CleverPlace.
“We distribute the cashback in fiat. While more people are becoming more knowledgeable in the cryptocurrency realm, we are still in the early stages. There are people who don’t understand tokens. For those who aren’t as familiar, it is too soon to be providing tokens as cashback.”
When the tokens are redistributed back to the token community, it ensures that the people who receive them know how to work with them.
Meanwhile, the project has already been launched in France. While it is currently not in Singapore, Favere plans to expand the business over here in due time. “We started off in France, because that is a market that we have a sophisticated understanding of,” Favere stated. He added, “We do plan to set up in Singapore. We are currently doing showcases right now to explain the buying and selling process and how the margins work. In a way, we have to have a proof-of-work before launching.”
Other than InnovFest Unbound 2018, CleverPlace also set up a booth at the 3AM summit organised by World Blockchain Forum (WBF) on 8 and 9 June, the same event where the exclusive interviews with Blockcloud and Fonder were held at.
When asked about the obstacles faced in the real estate business, Favere simply responded, “There isn’t any. Currently, all the real estate businesses in blockchain are doing tokenising.”
According to him, the community-based platform ensures margin transparency for the clients with easily comparable prices on rival sites to allow buyers and sellers to make well-informed choices.
Comparing the markets in Singapore and Europe, Favere feels that the local blockchain industry is still far more advanced. “More people here are interested in the market. After all, it is still an emerging industry, and cryptocurrencies are still in their early stages” he explained.
While there is still a long way for cryptocurrencies to become a viable means of exchange, Favere feels that the holding and withholding behavior will subside as more people start to gain interest in cryptocurrencies. “I’m also holding coins on my own now,” he joked.