What is SavAct? (SAVACT) - A promising upcoming crypto project with a patented mechanism to revolutionize online commerce with crypto payments.

Hello Reddit!

I was asked to translate an article about a super interesting upcoming crypto project that was published on BTC Echo, the largest German crypto news platform, called SavAct (SAVACT).

This article explains one application area of the project:

Offering long-term solutions for online commerce problems in the crypto space.

There are further links to their website and telegram group in the article that you can use to get a lot more information about the project, the patent application and the team behind it.

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After more than 10 years of Bitcoin and many other cryptocurrencies, there will still be users who are losing their assets to fraud in 2022.

In addition, the use of cryptocurrencies is for many an unbridgeable hurdle and are often considered purely speculative objects.

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SavAct wants to change that. The organization is introducing a system that will provide serious competition to established payment service providers in online commerce. SavAct provides fraud protection that works with any cryptocurrency included in its system while retaining the benefits of the respective cryptocurrency.

The problem with buyer protection

Third parties are used to protect buyers and sellers from fraud in online commerce. In problem cases, these service providers decide who is in the right and gets to keep the funds. In order to make the fairest possible decision it is necessary that the personal information of the buyer and seller are disclosed. Furthermore, through the integration of a central service provider, there is the possibility to exclude individuals from the payment system. However, the aforementioned points contradict the basic principles of blockchain technology and thus marginalize the advantages over payments with fiat currencies.

The independent fraud protection

SavAct offers independent fraud protection for payments with cryptocurrencies that does not require a service provider, an intermediary, or an "oracle". Thus, for the first time, all the advantages of cryptocurrencies remain unrestricted and the use is as straightforward as a common payment method. Fraud is prevented by the fact that even the attempt to defraud is not profitable.

SavAct in everyday online commerce

This system is interesting for those who care about the advantages of cryptocurrencies or who want to pay less 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, the buyer seems not affected. In reality, the buyer pays for the fees because they are ultimately reflected in the selling price.

In contrast, SavAct can be used completely free of charge. It’s concept was compared with PayPal and Amazon Pay in a proof of concept.

The result was a cost saving of up to 78 percent. SavAct also enables fraud prevention for micro-payments by eliminating fixed fees. This is especially true for cheaper items. For example, an item that costs €0.75 and previously yielded 20 percent profit for the retailer would yield 67 percent profit with SavAct. In this scenario the profit would be more than tripled, which would be especially interesting for Asian traders who export to Western countries.

The cost savings can be used to lower the sales price and thus increase sales figures. On the other hand, cheaper item prices incentivizes groups of people to use cryptocurrencies, who might usually not be interested in this technology.

State of the art

The technology has been submitted for patent and will initially be implemented on EOSIO blockchains. This blockchain technology was chosen for the first implementation to offer a competitive and environmentally friendly payment method as soon as possible and without the need of transaction costs. The implementation of other blockchains will follow, including Ethereum, Cardano and Bitcoin. It will be up to the users which cryptocurrency they want to use with SavAct.

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The original article can be found here:

https://www.btc-echo.de/news/die-etablierung-von-kryptowaehrungen-im-online-handel-131986/

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