Solomon is a blockchain platform that assists in online payments through cryptocurrencies. According to the whitepaper, Solomon aims to implement the benefits of decentralization to the operations and security of traditional e-commerce services. The Solomon Project aims to create this combination of DeFi with the security of traditional e-commerce services by introducing Decentralized e-Commerce (DeCom). The platform seeks to make use of Solomon Plugin to allow receiving of payments through cryptocurrencies. By doing so, Solomon looks to generate confidence among users.
Despite various features of cryptocurrencies such as low cost, accessibility, and security being common knowledge, the use of these currencies is still not widespread. For consumers, payments for online products cannot be reversed in case the promised product is not delivered. On the other hand, centralized financial institutions prevent sellers from generating speculated profits. To address these issues faced by the consumers and sellers involving cryptocurrency payments, Solomon proposes to use the Solomon Plugin. The Solomon Plugin allows entrepreneurs to receive payments through cryptocurrency while protecting consumers and merchants equally. Additionally, a decentralized community governs the Solomon network. This nature of governance allows every seller to participate in the network functionalities and simultaneously generates trust and security.
The Solomon Token (SLM) is the native ERC-20 token of the Solomon Project. SLM holders may purchase online products through the Solomon Plugin. SLM is further necessary to allow decentralized ownership of the platform. SLM facilitates incentivizing the community that governs and maintains the network. SLM holders stake their tokens to become custodians of the platform. These custodians, in turn, elect random jurors who obtain SLM by arbitrating payment disputes. Jurors are gig workers who receive SLM for mediating chargeback disputes in a decentralized manner. Custodians are SLM stakeholders who receive the platform's revenues.
The Solomon Platform assists online payments by connecting consumers and entrepreneurs through their cryptocurrency wallets and smart contracts. The decentralized and simple nature of the network also benefits security and protection for consumers and merchants alike.
