SavAct & Online Commerce

After more than 10 years of Bitcoin and many other cryptocurrencies, users still lose their cryptocurrencies to fraud. In addition, for many, the use of cryptocurrencies is a hurdle, and for a large proportion of people, cryptocurrencies are considered purely objects of speculation.

SavAct wants to change this perception. The company is introducing a system that offers serious competition to established payment service providers in online commerce. It enables fraud protection that works with most cryptocurrency projects that use the system.

For buyers and sellers to be protected from fraud in online commerce, payment services involving a third party are mainly used. In problematic cases, these service providers decide who is right and gets to keep the funds. Service providers have to know the private data of the buyer and seller to ensure a decision is as fair as possible. Furthermore, the integration of a central service provider makes it possible to exclude individual participants from the payment system. However, the points above contradict the basic principles of blockchain technology and thus marginalize the advantages over payments with fiat money.

SavAct offers independent fraud protection for payments with cryptocurrencies that do not require a service provider, an intermediary, or an "oracle." Fraud is prevented because attempting to defraud alone is not profitable in principle. Thus, for the first time, all the benefits of cryptocurrencies remain unrestricted, and their use is as straightforward as regular direct payment.

This system is attractive to those who care about cryptocurrencies' advantages or want to buy more cheaply in online commerce. Established payment services like PayPal and Amazon Pay require a fixed fee and a percentage fee on payments. Since the seller has to pay these fees, buyers don't notice. Still, the buyer bears the cost because it is ultimately implemented on the sale price.

In contrast, SavAct is entirely free. In a proof of concept, SavAct's concept was compared to PayPal and Amazon Pay. The result was a cost saving of up to 78 percent. By eliminating fixed fees, SavAct also makes it possible to avoid fraud in micro-payments. This has a particular impact on items with minimal contributions. For example, an item that costs €0.75 and previously brought the merchant 20 percent profit would get 67 percent profit with SavAct. The profit would therefore be more than tripled. This is especially interesting for Asian merchants who export to Western countries.

The cost savings can be used to lower the selling price and thus increase sales. Lower item prices, conversely, bring groups of people who are generally not interested in this technology to use cryptocurrencies.

This blockchain technology was chosen for the first implementation to offer a competitive and environmentally friendly payment method as quickly as possible, with no transaction costs. The process has been submitted for patent and will initially be implemented on AntelopeIO blockchains. Other blockchains will follow this, including Ethereum, Cardano, and Bitcoin.

In the future, influencers can increase their income by engaging their users. SavAct introduces content funding 3.0, where influencers are financially tied to the will of their audience. Be it on YouTube, Instagram, or the Meta-verse.

Until now, influencers have relied on placing ads or getting donations to fund their channel. However, too much advertising distracts viewers, which is why donations have become more prevalent in recent years. The major social media platforms have recognized this trend but charge quite a bit. For example, an influencer is often left with only €0.65 from every euro donated. With SavAct, the total amount benefits the influencer.

In addition, the project presents a new way to finance content by enabling blockchain-based voting.

The voting system offers viewers some say in the content presented. A small donation backs each vote cast. With thousands of viewers, this can add up to considerable sums to make the decision for the influencer easier. To what extent the influencer ultimately acts on the voting result is up to them.

However, the crazier or more interesting the votes are, the more donations a content creator can expect.

SavAct's fraud protection also secured the votes with the associated donations. If the influencer does not comply with the voting result, the influencer will likely be punished by the voting participants by "burning" a large part of the donations received.

The system can be used on established platforms immediately after its release. These are overlaid with the voting options when using the SavAct app.

Furthermore, SavAct enables cross-platform chat if a streamer is simultaneously streaming on Twitch and YouTube, for example. Three-quarters of the streamers surveyed find the system exciting and want to try it out.

The blockchain technology used enables voting in live streams within seconds. The votes can also be viewed transparently on the blockchain, and by eliminating fees, it is possible to participate with minimal payments. No registration is required to vote, protecting participants' privacy.

The possible use case is unlimited, including influencing content direction on YouTube, Twitch, TikTok, or erotic platforms. For example, in the image above, the viewer could help decide whether the influencer should rather eat the worm or the piece of cake. This is reminiscent of the movie Nerve, wherein Emma Roberts performs dares in exchange for payment, or the movie Gamer, wherein Gerard Butler is controlled like a personal Sim. Like the Metaverse, streamers could similarly lend by themselves in virtual reality. But even with blockchain technology, influencers are still bound by the respective platforms' adherence to moral principles, so certain limits remain.

Ultimately, almost any content can be funded via voting. This new type of crowdfunding also makes it possible, for example, to vote on the development of additional content for a computer game or on the next research topic for a news platform.

By "burning," as described above, the voting system does without a central decision maker and prevents manipulation. In this case, the donations are distributed to token owners, an independent group.

More information about fraud protection and SavAct's other areas of use can be found on their website.

🌉 A bridge connecting EOS and Ethereum-based blockchains. Token projects no longer need to wait for activation or pay exorbitant fees. Based on Alienteleport, this bridge offers significant advantages in terms of security, reliability, costs, and standardization. GitHub Repository, Pomelo Grant.

🏥 A recording system designed to store network traffic between medical devices during hospital operations. The data is encrypted and stored on an Antelope chain and can be easily visualized in a human-readable format. This project is divided into three repositories: Github SDC Sniffer, Github SDC Log Explorer, Github SDC Data Safe.

👮 P2P fraud protection that eliminates the need for third parties. This system requires no user verification and has no fees, ensuring the privacy of your data and securing even low micropayments. That results in lower product prices and increased sales, particularly for Asian merchants selling worldwide. Github Contract.

🗳 A voting system that allows viewers to influence influencers' content, such as live streamers or reporters. The influencer receives financial support by sticking to the voting result. It utilizes the same contract as SavAct Payments.

💲 A token sale contract and interface for investing in EOS projects without an EOS account, directly from almost any central exchange. This allows new projects on EOS to conduct independent token sales.

🖥 A browser that enables storing and retrieving data, websites, and dApps entirely on the EOS chain. By paying the EOS NET resource fee once, users can ensure their data remains accessible and online forever. Example Pages, Guide on functionality and usage, Pomelo Grant.

🛒 An online store built on EOS, incorporating fraud protection and immortal websites. It allows any EOS token, including stablecoins and privacy tokens, to be used as a payment method. Finally, the entire cycle of online commerce is fully decentralized and user-friendly, addressing one of the significant challenges of cryptocurrencies for everyday use. Pomelo Grant.

(This last project requires further development before it reaches a usable state, currently at approximately 50% completion. Contributions in coding or considering a contribution on Pomelo to finalize this project are very welcome)

White Paper Savact

Author: Sebastian Beyer

Editor: Cristhian Rincon, Dario Cesaro, Randall Roland

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