Ideum: Trading Tokens For The Sharing Economy

Ideum Tokens are a smart currency specially designed to work with online marketplaces.

LOS ANGELES, CA– Ideum Corp announced today the start of the pre-sale of its Ideum Tokens. Ideum ’s mission is to become the trading currency for the Sharing Economy and Online Marketplace trading. Ideum Tokens are Trading Tokens, a smart currency specially designed to work with online marketplaces providing a safer and decentralized platform where users on both sides of the transaction conduct business using Smart Contracts.

Ideum Tokens will be registered as securities.

“Ideum’s Blockchain technology and Smart Contracts solve one of the biggest problems that the current financial and credit card institutions have not been able to crack; solving discrepancies” said CEO Elias Chavando.“Ideum will become the leading solution for trading online by promoting the effective matchmaking, transparency, efficiency, contract security and trust standards.”

The Ideum Token initial distribution will be in the form of a presale. Accredited investors will be able to acquire Ideum Tokens at a reduced rate during the presale period via wire transfers or checks through the company’s website, Ideum.io. Subsequently, people and companies will be able to purchase Ideum Token during the Token Generating Event scheduled to start in May of 2018. The TGE will be conducted in the company’s website Ideum.io.

“We are implementing a new and revolutionary way to mine crypto currency: “Mining Through Sharing.”Ideum Tokens can be mined by listing items for rent, or sale, and participating in community forums. Users can mine or earn relatively larger amounts of tokens by successfully completing transactions like buying, selling, renting and sharing items. These earned tokens can them be used as trading currency in the participating marketplaces and ultimately trade in cryptocurrency exchanges. This unique feature of the Ideum Tokens increases interaction in online marketplaces,” said Chavando.

The Ideum token will be classified as a security or currency. Upon and after the TGE, the Ideum token will be a token that allows a holder to access and participate in the Ideum community. Any appreciation in value of the Ideum token is incidental. For more information, please review the Ideum White Paper and relevant documents available at the company’s website: Ideum.io

Happy Endings at Online Marketplaces

The challenge for online marketplaces and ecommerce sites is to give their users Happy Endings. The simple finding of a “great deal” is not enough to ensure that both the seller and buyer get a Happy Ending. Complete customer satisfaction is transitioning from just the plain matching of a seller with a buyer based on item, location and price to match making that creates relationships and pleasantly memorable experiences.

Is this new? No, it has always been this way, and that is why 92% of repeat users in marketplaces are on the supply side of the transaction. People would just not come back to the website after a bad experience no matter how good of a deal it was. The difference is that now with technology and review sites, a bad match will not go quietly and can negatively affect the rating and trust level of a website.

Personality and behavioral matchmaking is the next step and is now possible thanks to social media, on-demand technology and big data. Why is matching of personalities important? Think about it. In any person to person interaction, you may not remember what you bought or sold specifically, but you sure will remember how you felt during the transaction. Like that time when you got bad service at a restaurant. Or was it that the personality of the waiter was not compatible to yours? It is not uncommon for people to select or switch service providers based on the experience they got with the person they dealt with.

Happy Endings at RntusOnline commerce is not dating of course. People in general do not list an item on a website expecting to find prince charming, but they will buy again if they are pleased with the experience. Online commerce is about buying, selling, renting, sharing. It is making money at the end of the transaction. Technology and the smart use of data can turn a simple transaction into a great and memorable transaction.

Traditional classified websites and marketplaces have a long way to go. Let’s be clear. I am not talking about just traditional faceless transactions like those conducted on eBay or Amazon.com where the money is exchanged electronically and the items are shipped to an address. I am talking about person to person transactions where the actual delivery of the product and exchange of money require a personal meeting between the owner and the buyer or renter.

Marketplaces like Craigslist and the new buy-and-sell matching apps like Close5 and OfferUP keep their hands off the transaction and make matches in the simplest way, by product, price and geo-location. You may find a good deal but “happy endings” are not guaranteed.

Buyers and sellers are now verified by some websites, and that is minimizing fraud and making transactions safer in a one respect. Sharing sites like AirBnB and we at Rntus have a way to verify the identities of users with social media profiles and actual government issued identifications. Angie’s List claims to verify their vendors. UBer does background checks for their drivers. This is great, but what about personality matching? Remember that waiter at the restaurant you did not like? He may have the best ratings from people with similar personalities to him. You were just not compatible.

So, can online marketplaces create happy endings? Yes, but it would require a huge paradigm shift for most of them. The listings of thousands of items, Google ads flying all over the page and simple search results are not enough to continue growth. Marketplaces with personality and behavioral matching will conquer the online trading world.

At Rntus.com we are taking an extra step to get closer to the happy endings our owners and renters deserve. When someone searches for a product, our search results are ranked and delivered to our users by product, price, location and “Magic Dust”. Our Magic Dust is a highly sophisticated formula we call EC-Rank.  EC-Rank takes into account the personalities and profiles of our users. It took us more than 24 months to develop and test the formula. Today we are implementing it in live transactions in our first market, Los Angeles.

We understand that the owner of the item and the renter have to communicate, arrange to meet, and meet at least two times. Our job is to make these meetings as pleasant as we can. Why, because we want lots and lots of them. This is even more important for the Rntus.com model of sharing and renting where two or more meetings between the parties are meant to happen. Once we convert our visitors into registered users, we obtain relevant data fields that let us determine the user’s personality type and online behavior with a high degree of accuracy. We use this information to trigger a more personalized delivery of search results. Our renters will see items from owners that have compatible personalities with them first.

As we grow and our item catalogs and user base grows, our EC-Rank will become more and more accurate. For now, we can say that our “Magic Dust” will not match an introvert with an extrovert in the top search results.

A potential investor told me that what we were doing was “too much” and not necessary. That people were “only looking for convenience and a good deal.” However we think that delivering convenience, great deals and better experiences is of the utmost importance. We want people to keep coming back.

Imagine how much better your experience will be if the next time you take an uBer ride, you actually have something in common or compatible personalities with the driver.

Is personality matching technology perfect?  It is actually pretty accurate and will only develop to be better. Classified websites and online marketplaces will soon start adapting matching tools. We are now getting calls from marketplaces around the world interested in our EC-Rank technology. Although we created EC-Rank for Rntus.com, we may start considering licensing EC-Rank to other non-competing sharing and ecommerce sites. So, for now, be sure that more Happy Endings are coming.

 

 

Online marketplaces must get in the middle of the transaction to survive.

For years classified marketplaces have survived and grown by offering simple listings of products and services. Some free, some paid. This model will not survive very long.

Yes, some marketplaces have very sophisticated methods of tracking “leads” and traffic to their advertisers’ websites, emails and phone calls. Technology, new mobile applications and new marketplaces will change the landscape. Simple listings and matchmakings based on product, price and location are now being forced to evolve.

This presents a great threat to traditional marketplaces and at the same time a huge opportunity for innovative marketplaces to get in the middle of the transaction and monetize each and every listing on their website.

Here are some ways marketplaces can get involved in the transaction beyond the listing:

  1. Verification of users. Trust is a key factor in every transaction. When I was managing the West Region of Autotrader.com, I validated the fact that people in general would rather lose 30% to 40% of their car’s value by trading it in to a car dealer than taking the risk of selling it to a complete stranger. Marketplaces can now easily verify the identity, existence and ecommerce ratings of their users with the use of technology. They can also allow each member to rate each other. Airbnb and Rntus do a good job at verifying users and keeping ratings. Of course, Airbnb is a more matured system in part because they have been around 8 years longer than Rntus, but mostly because their transactions involve a higher degree of risk by having the renter entering, sharing and sleeping in the host’s home.
  1. Offering and selling ancillary products and services.com offers trip cancellation insurance, eBay offers sellers and buyers protection coverage and Rntus is offering damage waivers and liability protection in selected products. These are great additional trust incentives for the users, but most importantly, they are great moneymakers for the marketplaces.
  1. Acting as escrow agents. Now, this is a great moneymaker for marketplaces. Imagine taking a percentage of every transaction that happens in the marketplace. This can be achieved by implementing technology and a “vault” or escrow system. The marketplace takes the money for the transaction and releases it to the seller once the transaction is completed and verified by both parties. The buyer can use Paypal or a credit card. The marketplace keeps a nice percentage. Rntus has found a way to do this. They collect the rental fees when the rental is booked and at the same time place a temporary hold on the renter’s credit card to cover the security deposits. Once the rented item is returned to its owner, Rntus releases the payment to the owner (minus a commission).
  1. Providing a higher level of matching. The simple database query that matches a keyword with the item description will not be enough very soon. It does not matter how many different and sophisticated sorting ways marketplaces offer its users. At the end of the transaction, two people will meet to exchange money and goods. Are those two people compatible?

I recently saw a television ad from my old company Autotrader.com showing the many ways that people can search, sort and store their queries to find the perfect car. I really liked the ad, and it was very well done, but could not help to acknowledge that at one point a person will walk into a car dealership and deal with a salesman who’s personality may or may not be a match for the buyer. It will not bring the car dealer better, more fitted buyers and buyers will not walk into a car dealer that best fits their personality. So the cool sorting is just that, cool sorting after an insufficient and ineffective database query result.

These are some of the ways that marketplaces can get in the middle of the transaction. The shift in direction for many marketplaces will start at the top and in many cases, owners and executives will need to step out of their comfort zone and make tough decisions. Some decisions may involve reinforcing their technology development teams with fresh blood. Not acting fast could end their market dominance or existence.

Successful marketplaces are those that allow their users to make money. The supply side, specially those people we usually refer to as “P-1” (the frequent and most active) users, are our bread and butter; they pay the bills. So, the more money our users can make, the more money we will make, especially if we get in the middle of the transaction.

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