Truedeal is a killer app that improves the efficiency and circulation of second-hand luxury goods transactions based on the blockchain credit system.

We firmly believe that blockchain technology is a new revolution in productivity and production relations. Many industries are deploying blockchain, and eventually there will be leaders who will become examples of blockchain changing the world, such as Truedeal.

Truedeal is committed to solving the trust and efficiency issues in the commodity trading and circulation system. It was the first to introduce blockchain technology in the field of luxury goods authenticity and traceability, using the principle of decentralization and the characteristics of non-tamperability to build a second-hand luxury goods credit system, and continuously improve and perfect the blockchain community operation capabilities to increase the liquidity of second-hand luxury goods and other high-end commodities.

The backward circulation management mechanism has seriously hindered the development of the second-hand luxury goods ecosystem, and the trust issue has become a shackle for both buyers and sellers.

Although the second-hand luxury goods market has great prospects, there are various problems in the second-hand luxury goods trading and circulation ecology, such as: the authenticity of goods cannot be identified, traceability is difficult, the circulation environment cannot be controlled, there is no way to complain after buying fake goods, there is no way to protect rights, reviews are faked, etc., which leads to the inability to protect the rights of buyers and reduce the profits of sellers.

The lack of reasonable control over the intermediate links has seriously hindered the development of the industry, and the trust issue has become an insurmountable gap between buyers and sellers.

Based on the decentralized principle and tamper-proof characteristics of blockchain, Truedeal has built a strict credit system for second-hand luxury goods

At the data and behavior level, Truedeal puts the behavior of every participant in the circulation of second-hand luxury goods on the chain, making it tamper-proof.

In the ecosystem envisioned by Truedeal, there are three types of organizations: trading parties, arbitrators, and miners.

The transaction parties include buyers, sellers and service providers. Buyers: including merchants and individuals who complete transactions on Truedeal and may also be the sellers of the goods in the next circulation. Sellers: including B-end merchants (such as: Fat Tiger, Zhenzhen, Youmiao, Jiuai, Brandear, pawnshops, qualified idle goods recycling shops, etc.) and individuals. Service providers: including organizational, team-based and individual service providers. Service providers can provide second-hand luxury goods authenticity identification; valuables maintenance, care, cleaning; payment services such as cross-border payment; logistics warehousing and other services.

The arbitration parties include the real-name registered arbitration standing committee and the arbitration jury composed of qualified community members holding TDT. When a dispute occurs between the buyer and the seller, effective and fair arbitration of the dispute will be achieved based on the entire community.

Miners are the computing power providers of the blockchain and need to provide computing power support such as verification, sorting, and packaging for the operation of smart contracts. The computing power servers provided by the service provider and the user devices equipped with mining DApp can all become miners.

Truedeal uses the "unalterable" nature of data on the blockchain to establish a credit system based on user behavior. The user's credit status is broadcast to the entire network, thereby increasing the cost of committing evil.

Truedeal's credit system is multi-dimensional, including transaction behavior, community behavior, etc. Through the establishment of a credit system, the user's reputation becomes an important asset. Through the creation of a credit system, a trustless blockchain network is established to improve transaction decision-making efficiency and commodity circulation efficiency.

Truedeal provides core services developed based on blockchain technology to protect the rights and interests of all parties

Establish a credit system for trading parties, and use traceable anti-counterfeiting services to ensure that " goods match the description " . Trading parties who pass off counterfeit products as genuine ones or sell inferior products as good ones will suffer credit losses.

Truedeal uses identification technology that combines artificial intelligence and image processing to collect and record information, store data, call data, and verify information on products. It collects, extracts, and compares the texture features of products at the micro level to fully realize the collection and identification of product identity information. Through the initial filing of products and multiple verifications in the later stages, each product has its own unique, non-replicable, and stable micro-texture, just like a person's fingerprint. In addition, Truedeal will also cooperate with Realchain, a professional traceability service company, to provide a distributed traceability mechanism to realize the traceability function of products.

Appraisal Service Credit System

Truedeal cooperates with different professional art appraisal companies and appraisers. The Truedeal Foundation will conduct preliminary certification of the appraiser's information and evaluate the professional ability, appraisal scope, etc. to form an initial credit value. The appraisal service provider increases the credit value or has its credit value reduced by providing appraisal services. The Truedeal Foundation will also collect a deposit from the appraiser to prevent the appraiser from doing evil. If the result of an appraisal is contrary to the arbitration, Truedeal will deduct part of the deposit as a penalty. In addition, the alliance of multiple appraisers can effectively prevent a single appraiser from doing evil. Once an appraiser violates the rules or commits fraud, the deposit will be directly confiscated and kicked out of the entire network.

The appealable arbitration credit system safeguards transactions

In order to resolve disputes in transactions, Truedeal provides a complete arbitration system, which consists of two parts: the real-name arbitration standing committee and the arbitration jury.

Arbitration Standing Committee: Applicants are required to submit applications with real names and deposits. The community will vote for the Arbitration Committee Oracle based on the applicant’s credit, deposit, and TDT rights. The committee will be re-elected every two months.

Arbitration Panel: The Arbitration Panel is the executive organization of the first arbitration. It is randomly selected by the Standing Committee to avoid human interference and the possibility of repeated appearance of individuals.

Arbitration jury: The arbitration review is carried out by the jury. Users who apply for a second trial must submit new evidence and pay a second arbitration fee. The number of people is uniformly 2n+1, and any qualified user holding TDT is randomly selected. The selected user agrees to participate in the jury and needs to pay a deposit to prevent malicious behavior.

When the buyer and seller pay the arbitration fee to initiate arbitration, the data and information required for arbitration will be determined by the Standing Arbitration Committee, and the members of the arbitration panel will vote independently based on the materials provided by the buyer and seller. The buyer or seller who receives the majority vote will win the arbitration. At the same time, Truedeal provides a second-instance mechanism, that is, when the transaction parties have objections to the arbitration results, they can submit new evidence and arbitration fees to appeal for arbitration review. The second arbitration result will be decided by the majority of supporters of the arbitration jury and will serve as the final arbitration result. In order to motivate members participating in the arbitration, members who vote in line with the final result will receive the arbitration fees of the losing party as compensation.

Smart Contract Enforcement

Smart contract technology developed based on blockchain includes transaction processing and storage mechanisms. The smart contract system sets trigger conditions based on event description information. When the trigger conditions are met, the smart contract will automatically enforce the specified content of the contract. This method ensures the smooth execution of the spirit of the contract.

Truedeal will automatically convert the user's business operations into smart contracts on the chain to simplify user operations and lower the threshold for use. For example, if a user wants to publish a product sales information, the user only needs to fill in the product information in the traditional way, and the smart contract generation service can publish the relevant smart contract on the chain. In addition to ordinary transactions, smart contracts also support item auctions. During the auction, if the bidder is not the highest bid, the funds will be automatically returned and the time will be obtained from the transaction. If the auction ends, the bid will be rejected; if the bid is the highest, the current bidder will be the highest bidder. When the auction ends, the funds will be transferred to the auctioneer. When there is no data or the data is incorrect in the transaction, the bidding operation will be reset to ensure that the bidder does not lose funds.

Truedeal will focus on creating smart contracts suitable for each module. According to the different needs of buyers and sellers of different transaction types, different smart contracts will be designed. After reaching a transaction agreement, buyers and sellers can simplify the transaction process and complete the contract drafting by simply setting parameters or terms suitable for their transaction content. The smart contract will take effect immediately to protect the rights and interests of both parties.

In addition to the above core services, many blockchain services will be universal. Truedeal will build upper-level application systems through these services, such as user account system, user transaction system, credit system, and data access. The value of these system services is fully reflected in: standardized industry standards, professional identification, trusted point-to-point transactions, combating counterfeits, and protecting the interests of genuine products.

The establishment of Truedeal’s reputation system improves transaction efficiency and scale

Truedeal has built a complete credit system through the tracking of data, behavior, and arbitration, which allows a large number of users to achieve fast transactions, which greatly improves the transaction efficiency of the entire network. If more users can enjoy the efficiency and convenience brought by blockchain technology to transactions, the number of commodities circulating in the community and the transaction behavior will also increase significantly, which will eventually feed back to the value of the community.

With the gradual establishment of the Truedeal ecological reputation system, the problems existing in traditional second-hand luxury goods transactions, such as rampant counterfeits, lack of identification, and weak rights protection, will be solved, and the problems hindering the circulation of second-hand luxury goods will be fundamentally improved. As the value of the Truedeal community increases, the Truedeal ecosystem will become more and more complete, and the participants on it will benefit more from it, and the second-hand luxury goods industry will usher in an opportunity for rapid development.

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