MAG UPDATE AUGUST 2019
August 12, 2019
August 12, 2019
It seems to be a good time for an update on Magnetwork developments lately. As most of the MAG users know by now – our main focus has been Magnet Marketplace to bring more utility and attention to our network.
Currently we are close to finishing the first version of front-end development which is the smaller portion of the whole work needed before we can open the marketplace. When front part of the site is finished, we will start with back-end service integration.
Now a bit more in detail what integrated services has been in the talks.
Essentially anyone will be able to sell their items on magnet.market. For example if you are a digital painter with a huge body of work over the years, you can list all your digital paintings for sale on the marketplace without a middleman. All the sales are going directly to your wallet that only seller has access to. You can also anytime delete the listings or change their price if you choose to do so.
At first we are going to open the marketplace up only for digital items, but in time we are looking to add physical item listings as well as the freelance service listings for creators. While smaller purchases do not have much risk involved for the buyer, that is not the case when dealing with real world items that cost a lot. We looking to make those purchases safer through MAG collateral seal/badge that is available for Magnet Merchants to add to their profile. For example if the merchant deposits 100 000 MAG for their seller collateral, a badge would be added to their listings for that amount. This means if the merchant fails to deliver their goods, magnet.market can resolve the issue for the buyer, using the MAG collateral that was set up by the seller. Same collateral system can be expanded upon to provide escrow service or to make your merchant profile more trustworthy when selling your skills as a freelancer.
Right now MAG can be used to make in-app purchases on Litemint ( by Litemint LLC ) and whenever a purchase is made using any currency listed on Stellar Network besides MAG to buy from a merchant who listed their items against MAG, Stellar Network path payment converts the asset into MAG so the merchant collects their pay in preferred asset. That particular path payment transaction can be seen on the Stellar Network for additional exposure for MAG. With magnet.market, lot more transactions related to MAG network will be happening to bring more attention to our network and services.
All the basic services and listings will be free for marketplace users, but in time we will add premium paid services to cover the marketplace upkeep costs. For example users could showcase their listed items on the marketplace landing page for extra fee and have more eyes on their item to make the sale faster.
Probably most burning question on everyone’s mind about the marketplace is WHEN? This is hard to tell right now. We have moved opening date to Q4 of 2019 in the Roadmap section and we are working hard to meet that deadline.
RUSSIAN COMMUNITY LEADERS.
Last week we appointed new community leaders for russian speaking part of our community in Discord. Their function is to bring news from us to the people in their community who do not speak english and also to ask their questions from us. Users appointed as moderators are – JAɎMƵ #8950 and Aleksander #5915. Always be supportive of others – we are monitoring the russian channel to add more moderators!