Bazista is a decentralized exchange platform for B2C and C2C that uses the blockchain to provide quick, effective, and secure global transactions between users.
The platform enables users to easily exchange necessary goods and services for cryptocurrency by interacting with other platform users seamlessly. Bazista takes the best features from platforms like eBay, Amazon and Alibaba and brings it all together in a user-friendly and intuitive platform while at the same time, solving the inherent problems of e-commerce.
What makes Bazista different is that the platform is incredibly smooth and easy to use interface-wise which makes it attractive to users who may not be very technologically-inclined.
We recently sat down with Vakhtang Abuladze, the CEO of Bazista to have a chat with him about the project as well as finding out his thoughts and insights.
Hi, Vakhtang. Thanks for joining us today. Can you tell us more about yourself and Bazista?
Thank you for you interest in Bazista. I was born in Russia in 1991. I have a degree in Accounting, analysis and audit at the Tver State University (Russia). In 2013 I moved to Georgia and entered to ESM Business School of Free University of Tbilisi. In 2015 I Obtained a master’s degree (MBA) in Operation Management. During the studies, I worked at the Financial Department in one of the largest retail chain of Georgia – Nugeshi. From September 2015, until 2017 I worked as an Audit consultant in PricewaterhouseCoopers (PwC) – Big Four Consulting firm at their Moscow office.
The moment when I really got into the whole blockchain and crypto thing was in early spring of 2017. Realizing that most cryptocurrencies were supported by speculative operations, I and the rest of the team have started thinking about an infrastructural solution which would bring real value for decentralized money. The concept of Bazista – a new type of e-commerce platform came soon after that. We decided to create a solution that is equally intuitive and efficient to use versus solutions that were available on the market at the moment.
Bazista – online B2C and C2C marketplace which aims to bring down e-commerce barriers through deep integration of decentralized money as a payment instrument. E-commerce democratization, which Bazista brings, stands for unlimited access to the global online trading for millions of small and micro businesses around the world.
First off, why did you decide to use the blockchain in building Bazista? What can the blockchain do that other technologies cannot?
At the concept stage of the project, we have focused on integrating decentralized currencies and digital assets as a payment instrument, which would enable users to save their time and money, which more broadly meant opening new borders and trading opportunities for people and businesses around the world. But at the project development moved on we have soon realized the potential of blockchain technology for other functions of our platform and we started looking for other blockchain solutions which enabled great additional services like product licensing, virtual showroom or secured users’ reviews.
Tell us about how you came up with the idea of Bazista. Did you face a problem within the e-commerce industry or do you think there is a gap in the market for Bazista to fill?
The idea of an online marketplace came way before Bazista with part of the team had been involved in the development and maintenance of a small local online marketplace in Russia. This accumulated experienced has enabled us to develop the beta version of the platform and design the financial model and consumer launch strategy in less than 12 months. Integration of cryptocurrencies has always seemed to be extremely relevant for the e-commerce, especially when there are obvious barriers that can be easily overcome thanks to decentralized money. I think we are hitting the spot with Bazista, as other e-com players now start considering the integration of cryptocurrencies as well.
Editors Pick: Bazista ICO
The cryptocurrency market experienced a rapid growth this year with the total market cap increasing by 10 fold in just under a year. With that being said, the rise is not always stable and mass adoption is not yet achieved to consider cryptocurrencies as an actual asset. At the moment,
What do you think is the biggest problem Bazista will solve and why is the problem important to solve?
Growing penetration of financial services around the globe, control over the financial streams is still concentrated in the hands of the few, while over 2,5 billion people globally are still unbanked and excluded from global financial processes. Decentralized money was created as an alternative to classic financial instruments and appeared to be a great answer to modern limitations. But the initial idea didn’t quite achieve it’s potential, becoming the object of extreme speculation instead. In fact, only 3 out of 500 top online retailers accept digital assets as a payment method, while exchange speculations still account for over 95% of all digital assets operations. Bazista will provide the channels to direct decentralized money into the real-economy sector. Interconnection of various blockchain solutions is the key to the real democratization of financial and commercial services. People who were excluded from traditional banking services will be part of a new global economy.
Growing penetration of smartphones, unlimited access to information means it is inevitable that decentralized money and other blockchain solutions will become new financial mainstream! Bazista will lead this revolution.
Amazon is becoming so popular that even retail stores are shutting down because of it. How confident are you in Bazista’s ability to penetrate the market in a way that can attract users and at the same time, sustain the growth of the business?
Our priority market for consumer launch and further expansion during the first years is India. India is an amazing market, it presents great e-commerce potential soon destined to become the 2nd largest online market in the world. But at the same time, India has the highest number of unbanked people in the world accounting for about 20% of India itself. These are hundreds of millions of Indian citizens and thousands of small and micro businesses, who can’t actually get online with and start trading without access to traditional banking services. Actually, this problem creates an additional potential for the growing penetration of cryptocurrencies, as people are searching for reliable financial alternatives. According to Nielsen, the registered number of cryptocurrency wallets in India is around 400 000 and is increasing by 30 000 each month. This means that Bazista is looking to utilize India’s growth potential and expand its business in line with the market dynamics.
What are promoters in Bazista? How different are they from affiliate networks in current marketplaces?
Bazista promoters are one of the key types of users, that can operate within the platform. Basically, we are going to create our own CPA model, which allow users to capitalize their social recourse and earn money. Anyone who has an active social media account or website can start using them to promote other users deals and in case their publications will result in a close deal – the promoter gets his reward. The reward may come in different currencies – this is actually up to the seller, who selects the desired currency for his deal – the same will apply to the promoter’s reward. We believe that this is a completely new way to get into the crypto game, which may attract a new younger audience, that is currently held back by high prices of entry tickers to mining and crypto investing.
A big problem with digital assets is that many businesses (especially small ones) are not convinced about cryptocurrencies. They are so used to cash that even changing to a cashless society is hard for them to accept. How will Bazista attract smaller businesses to the platform?
We have selected India as our priority market for the consumer launch after the funds have been raised. India has the highest number of unbanked people in the world, which basically means that those people ability to participate in various e-commerce processes is limited to cash money options, which usually goes down to local trading. Add millions of small and micro businesses around India and you will end up with enormous potential waiting to be unleashed. Bazista will allow those businesses to get online, scale and save some money versus traditional marketplaces which indirectly charge up to 54% within the Indian market. Compare it to a maximum commission of 4%, which can go even lower than that.
In your whitepaper, you mentioned that token holders may receive discounts on good and services on the platform. How does this work and how will it affect sellers?
Let’s discuss our operational commissions in more detail – 10% of each commission payment will be stored in our reserve fund – money collected there will be used to implemented discounted sales of the most popular products during significant dates, like New Year sales or St. Valentin’s day. During those sales, Bazista will offer to purchase products and services with discounts raising up to 70%. Only registered users will be able to participate in those sales and the products will be available for Bazista tokens only. This mechanism means that we will be collecting our own tokens back from our users in order to further use them to reward most loyal users of the platform.
What has been your happiest moment so far working on Bazista? On the flipside, what has been the most painful, or perhaps the most regretful decision you’ve made with Bazista?
Each of working on Bazista brings me tons of emotions and feelings which you can’t compare to anything else. I believe that finding a team of professionals who share your personal views and who are ready to work hard daily no matter what ups and downs we come across makes a great part of the project’s success. Starting from the first version of our whitepaper and all the way to the platform’s MVP – we have already had numerous victories and losses on our way, but the experience is incomparably valuable and we have learned much thanks to our own mistakes. Finally our project is supported by some of the most influential blockchain experts, which has really inspired us to move forward and finalize Bazista, creating one of the most advanced online marketplaces available on the market.
Is the Bazista platform already working with notable businesses or firms? Are there any future partnerships in process? If yes, can you explain briefly about it?
Bazista MVP was launched this week right in the middle of our ICO campaign. The early version of the platform will allow first users to register their accounts and start buying and selling goods for Bitcoin and Ether. This will show the community that unlike most ICO projects we are working on our solution with or without funds and our prototype has all essential features that we have announced in our whitepaper. Besides trading, we have already implemented the promoters feature and we started attracting first sellers and manufacturers, who are looking for new way to expand their businesses. Anyone in the world can join and start trading now, but the funds that we are looking to attract will help us to boost the finalization process and attract a broader customer base.
Tell us more about BZS. What was the process like in designing the BZS token to fit your ecosystem? Did it add new dimensions for you to explore?
The BZS token is a utility token, which will be actively used by real buyers and sellers of Bazista. Developers, founders of and participants in the Bounty program will get fees in BZS tokens. Getting tokens in exchange for participation in the referral program. Getting access to additional platform sections, participating in special promotion campaigns, and earning the premium status in exchange for tokens. Exchanging tokens for a different kind of automation, and fine adjustment of accounts for sellers. Discounts on all platform services when using tokens. We are sure that those additional services will be in great value among our users, which will result in a constantly growing price, that is why I would hurry to invest in Bazista tokens if I were you!
What do you think is the biggest challenge or obstacle Bazista will face? How do you plan to tackle that challenge?
We think that the biggest risks may come from e-com giants like Amazon, eBay or Alibaba, who are definitely considering the integration of cryptocurrencies as a payment instrument, which will make them direct competitors for Bazista. However, giving the fact that current law base around cryptocurrency is far from being finalized and differs from country to country, we understand that our key advantage will be flexibility and while the industry leaders are only looking into Bitcoin opportunities, we will integrate at least 5 different currencies during the first operational year.
Moving on to more personal stuff, what does a typical day in your life look like?
I have been working on Bazista 24/7 for the last few month. Each day starts and ends with a team status, where we identify our current priorities, understand how far did we move forward towards our strategic goals and assign short-term and long-term roles for each member. The large share of my personal time at the moment is being occupied by daily communication with potential partners, private investors, and funds.
Can you express one personal opinion of yours about the blockchain? It doesn’t matter if it’s negative or positive, we just want to hear your thoughts on it.
I will keep it short here – I am sure that blockchain and cryptocurrencies are here to stay. Whether you like it or not the potential of the technology to create decentralized systems of value exchange is enormous. I am sure that decentralization will soon penetrate various spheres of human’s professional, social or personal activity – the financial sphere is just the beginning.
Finally, what other personal goals (besides your career) do you have in life? Is there anything else in life you want to achieve?
Everybody has a dream and I am no different here. Besides creating a really cool technological solution with global potential, we see Bazista as being both commerce and humanitarian project. Decentralized money can become a real solution for over 2 billion unbanked people around the world, but giving the fact that crypto industry itself is at its early stages of development, we should start thinking about infrastructural solutions like banks or marketplaces today! By utilizing the power of blockchain we will provide unlimited access to e-commerce for any person in the world!
That concludes our Interview with Vakhtang Abuladze
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