SavAct wants to change that. The company introduces a system that offers established payment service providers in online commerce serious competition. It will allow protection against fraud that works with all cryptocurrencies integrated in the system, while maintaining the advantages of the respective cryptocurrency.
The problem with buyer protection
Payment services involving a third party are used to protect buyers and sellers from fraud in online commerce. In problematic cases, these service providers decide who is right and who can keep the funds. To make the fairest decision possible, the private data of the buyer and the seller must be known. Furthermore, by integrating a central service provider, it is possible to exclude individual participants from the payment system. However, the aforementioned points contradict the basic principles of blockchain technology and thus marginalize the advantages over fiat money payments.
Independent protection against fraud
SavAct offers independent fraud protection for cryptocurrency payments that do not require a service provider, middleman, or “oracle.” For the first time, all the advantages of cryptocurrencies remain unrestricted and use is as simple as a normal direct payment. Fraud is prevented in the sense that, in principle, trying to cheat is not profitable.
SavAct in daily online trading
This system is interesting for everyone who is concerned about the advantages of cryptocurrencies or wants to buy cheaper online. Established payment services like PayPal and Amazon Pay require a flat fee and a percentage on payments. Since the seller has to pay these fees, buyers don’t notice them. However, the buyer bears the costs because they are ultimately converted into the selling price.
On the contrary, SavAct can be used completely free of charge. In a proof of concept, the SavAct concept was compared to PayPal and Amazon Pay. This resulted in cost savings of up to 78 percent. By eliminating fixed fees, SavAct also helps prevent micro-payment fraud. This has a particular impact on articles with very low posts. For example, an item that costs $ 0.75 and previously made a 20 percent profit to the retailer would generate a 67 percent profit with SavAct. Therefore, the benefit would more than triple. This is of particular interest to Asian traders exporting to Western countries.
Cost savings can be used to lower the selling price and therefore increase sales. The lower prices of the items, on the other hand, encourage groups of people who are not normally interested in this technology to use cryptocurrencies.
A patent has been filed for the process and it will initially be implemented on EOSIO blockchains. This blockchain technology was selected for the first implementation in order to offer a competitive and environmentally friendly payment method that does not have transaction costs as quickly as possible. This is followed by other blockchains, including Ethereum, Cardano, and Bitcoin. Because it should be left to users which cryptocurrency they use with SavAct.
More information on fraud protection and the other SavAct application areas can be found on the website https://savact.com. If you want to be there at the beginning, the Telegram group https://t.me/SavActGroup will help you.