Smart Contract-Based MLM’s are Decentralized MLM that is deployed on the Ethereum blockchain. Since Ethereum is open source it gives open access for developers to leverage its smart contract technology and customize it for developing custom dApps. The Ethereum smart contracts deployed for dApp to create an MLM network will carry out all the processes of an MLM Platform from registration, rewards, matrix table execution to the payment process.
Decentralization means simply to take away the power from the central authority. Bitcoin, the first cryptocurrency was designed as an independent alternative and a form of currency exchange making its usage more efficient and democratic in nature. The underlying technology behind it, the blockchain is the reason for its decentralized usage since it offers its users an opportunity to become the network’s payment processor.
A smart contract is a transactional protocol in the computer program which automatically executes, controls, and documents legally relevant actions according to the terms of the contract. By excluding the involvement of a third party it helps with lowering the transaction prices. Smart contracts are implemented in most of the cryptocurrencies to control the transfers of digital currency and establish governance.
Multi-Level Marketing (MLM) is a unique method of selling a product or service for everyone who is interested in joining the network. With this technique, one can easily tip the sales and expand the workforce simultaneously for earning profits.
90% of consumers trust in brands recommended by their near and dear ones. Refer-a-friend campaigns help brand’s gain trust since the referrers have already tested the product or service before referring them to their friends within the network. Increase the opportunity to reduce costs and create efficiency by creating a win-win situation for the business and the customers where there is infinite earning potential.
Multi-Level Marketing (MLM) is a unique method of selling a product or service for everyone who is interested in joining the network. With this technique, one can easily tip the sales and expand the workforce simultaneously for earning profits.
Ethereum is an advanced blockchain which allows its users to create decentralized applications (dApps) using smart contracts. This gives Ethereum flexibility and ingenuity to solve complex problems.
Blockchain is an independent solution that is easily blended with different technologies. Its combination with MLM is reaching different token users and MLM aficionados. The onset of the Ethereum-based Dapps is an idea that is in its incipient phase and it is gradually gaining momentum among entrepreneurs who seek innovative and unique ideas to establish their brand. This winning combination of cutting-edge technology and progressive marketing is the key to making a highly profitable business.
The innovation in blockchain technologies opens the doors to new futuristic opportunities. It’s decentralized and trustless nature offers transparency, enhanced security, and traceability which is the icing on the cake.
Use blockchain to power up your business since they are not only limited to the exchange of cryptocurrencies, but there are numerous benefits that this technology can present to businesses because of its distributed and decentralized nature
The Ethereum network is one of the largest and most used blockchain networks. Transforming MLM business into a decentralized ecosystem, using smart contracts on Ethereum will help with greater efficiency among complex business statuses and interactions.
MLM projects are built on trust and usually face challenges and usually rejections to build their teams.
Conventional MLM model fails to provide transparency on multiple factors i.e. detailed information and transactions between the users.
The Conventional MLM business fails majorly due to the possibilities of inconsistent and alterable business logic due to the control over the source code which usually leads to losing the earning potential for the users.
Transactions, when compared to the human-driven system or settlements based on real-time creates a lag in the execution of the compensation for the users.
Blockchain lends trust to MLM companies’ offerings and gives users the confidence to invest in an MLM project
Blockchain’s greatest characteristic stems from the fact that its transaction ledger is accessible to everyone on the network.
Blockchain is formed by a very complicated string of mathematical numbers which cannot be altered. This immutable and incorruptible nature of blockchain makes it completely hackfree which gives it a unique quality of being ‘trustless’.
The peer to peer nature of blockchain eliminates human-driven operations resulting in an efficient real-time transaction with instant settlements.
Our user-friendly interface helps you to create a unique identity for your dApp application providing ease of access for your users.
Smart contract auditing allows analysis of dApp applications’ to correct design issues, errors in the code, or security vulnerabilities providing testing and quality assurance.
The transaction speed is adequate for most of the dApps to perform efficiently with 6 min per transaction whereas transactions per second are 25 trx/sec.
Ethereum protocols in the Ethereum dApps application offer high scalability and allow customers to fulfill the growth of their business.
The smart contract for dApp is optimized with gas-saving patterns, explicit function visibility, proper data types, and security enhancement for prime level security.
Smart Contract used for developing dApp gain the ability to connect tokens or any API by integrating with Chainlink oracles.
Smart contracts eliminate the need of a broker, lawyer or other intermediaries which eradicates the manipulation or err by a third party.
Blockchain builds trust through cryptography, consensus, and ownership right is stored in the distributed network to the participating parties’ real-time.
Automated contracts can be pre-programmed with utmost accuracy for a faultless delivery, while simultaneously saving time and money.
