Introducing Pear, the first DAO governed marketplace -Built for Web3
On 21st December of 2021, Jack Dorsey tweeted a contestable statement indicating that
“You don’t own “web3.”… It’s ultimately a centralized entity with a different label.”
Elon Musk soon followed up with
“Has anyone seen web3? I can’t find it.”
So what is the issue with Web3 and what is Web3 all about? In layman’s terms, Web3’s goal is to create a totally decentralized, democratic internet that puts full control of the web content in the hands of people, rather than venture capital. This notion has been constantly contested by famous people like Jack and Elon mainly because of how far we are from Web3.
The present blockchain technologies and web structures will be extremely difficult to underpin the “Web3 Dream”, especially in the realms of blockchain transactions. The trading of digital assets is dominated by traditional Centralized Exchanges (CEX) and the seemingly more innovative Decentralized Exchanges (DEX). Apparently, both types of exchanges have made it easier for users to buy, sell and trade digital assets on the internet. They have their own unique benefits but also come with a few drawbacks.
Problem?
CEX works on a centralized governance system that retains full control of users’ assets, privacy information and is prone to cyber-attacks (Apologies for the PTSD if there’s any ex-Mt. Gox users reading this). In addition, you have to pay a certain amount of trading fees and deposit fees in exchange for their services.
DEX on the other hand is a lot cooler than CEX since it doesn’t require the user’s KYC information, thus skipping the long and tedious registration processes. However, it only allows the trading of tokenized assets and their native NFT series. Its slippage may be extremely high when liquidity is low, and there is a risk of permanent loss when users provide liquidity on DEX which relies on the Automated Market Making (AMM) algorithms.
Both kinds of exchanges have their unique advantages and disadvantages, however, they do not fully address the needs of the transaction in a Web3 environment.
Solution.
Peardao (PEX) is a platform that aims to redefine the CEX and DEX-driven cryptocurrency sphere by allowing the exchange of value for on-chain, off-chain and cross-chain ecosystems, all at once. The Pear marketplace is governed by DAO, and trades are protected by smart contract(s), encrypted chat tools as well as credit history that is based on the public ledger.
In the Web 3.0 environment, we believe users should decide on what they want to trade, and what to trade with. With PEX, we encourage trading based on the user’s mutual trade agreement. Anyone who intends to sell their digital assets can simply search for an existing buy advertisement (Ad) on the platform and establish a trade with the counterparty. If there is no suitable match, the user can post an Ad and wait for a counterparty to place a trade offer. This trading process works the same for users who want to buy digital assets online. Exchange of any assets can be completed by just searching or posting Ads on the Pear platform.
Trading between off-chain and on-chain assets has always been a hassle for CEX users. To resolve a trading dispute, users have to wait for the customer support team to step in, follow up with the matter and finally resolve the issue. The duration and quality of the intervention depend on how much, and what kinds of resources have been allocated to the customer support team. Eventually, there will be a scalability issue.
PEX will ensure a smooth trading experience without any centralized intervention. Any potential trading disputes that may arise will be resolved by randomly selected nodes with high public ledger trust scores. This is similar to the blockchain’s Proof-of-validation (PoV) mechanism that works to achieve consensus through staked validator nodes. Validator nodes are incentivized to resolve the disputes because they will be rewarded with PEX tokens. We believe when there are sufficient trades on the marketplace, the value of PEX token will rise accordingly (we will be covering more of PEX in future articles), which will invite more validators to be part of the process. This will speed up the whole trading process, leading to smoother and better trading experiences. Eventually, a virtuous circle will be established. The marketplace will be more transparent, secure and scalable than a centralized form of regulation on CEXs in which decisions are made by a single operator.
Cross-chain transactions (token to token, NFT to fungible token, metaverse assets to on-chain assets, etc…) will be much easier to be verified as compared to on-chain and off-chain transactions since all transaction details are being recorded on the public ledger. Blockchain metaverse will eventually become interoperable and Pear will facilitate trading even without the need for complex trading protocols or a universally accepted metaverse virtual currency. Trading of a non-fungible token in the metaverse for a fungible token in any other blockchain can be done seamlessly and instantly through the Pear marketplace.
Beyond that, if the interoperability of metaverse allows for future PEX integration, PEX will completely subvert people’s experience of trading in the metaverse. Imagine that in the metaverse era, everything is on-chain, people can freely set up shops in the PEX metaverse space, and various digital assets such as NFTs, artworks, game props, and digital land are displayed on the shelves. Buyers can view, touch and try them up close. People can also set up live rooms, where viewers can interact and shop with their favourite anchors. The organizer can hold various activities such as art exhibitions, product launches, auctions, etc., to attract people’s participation.
We are built for the people, and we are built for Web3. With an upgradeable token contract, PEX will be better suited for the future. Our marketplace will be compatible with any type of transaction and payment. Governed by DAO (we will be sharing more about Pear DAO in future articles), DAO members will make decisions to set rules for their ideal marketplace. All of the stated functions will allow PEX to set the foundations for Web3, and it will be the one and only marketplace that will become part of the future, superseding both CEX and DEX.
In summary, PEX is ready to become the leading marketplace to facilitate transactions and payments in the upcoming Web3 revolution. PEX’s vision, strategies, governance, and scalability will make it possible to achieve these. Years from now, we hope that this article will be the first message to let the universe know that
a legend is born.
Hope you like this short introduction of Pear, we hope to meet some fun, ambitious, innovative and loving Pears along the way 🍐
Twitter: OfficialPearDAO
Web: Peardao.io
Meet more Pears on Telegram
