Zeex lets users use crypto to buy products without having to deal with fiat currency or fees. Essentially, with Zeex, users can purchase their everyday products across a range of shops, plus services, without having to worry about a fiat currency.
Zeex is actually a sister company for Zeek Group, which focuses on gift cards. As such, the team behind Zeex already has years of experience with retail transactions and providing customers simple ways to conduct their daily transactions.
What Is the Project’s Current Status?
Unlike some blockchain projects that hold a token sale without a finished product, Zeex already has its alpha product with everything on the blockchain. The team successfully created a protocol that brings gift cards and other off-chain elements onto the blockchain. The project already raised the seed and is now working on the private sale for additional fundraising for expansion. There are already 350 brands working with the project thanks to Zeex’s connections with Zeek, including Nike, Adidas, and Amazon. It is also working with additional suppliers so Zeex will not be dependent on the success of Zeek.
How Do You Use Zeex?
It is incredibly easy to use Zeex to make purchases with cryptocurrency for services and goods. Users just deposit their cryptocurrency into the application, which then converts the cryptocurrency into gift cards. You can then use any of the shops that support those gift cards. The entire process takes three simple steps.
Essentially, Zeex allows users to purchase services and products right from their favorite business without actually converting their crypto assets into fiat currency. The interface is user-friendly and intuitive, making the average user unaware of the complex layers for secured gift card inventory management.
Who Can Use Zeex?
The main group of people who will be attracted to Zeex is those who have purchased cryptocurrency and want to utilize it in their daily lives. Zeex makes it possible to seamlessly change crypto into gift cards, making the money instantly available without any expensive bank fees.
Additionally, businesses who already accept cryptocurrency, like Bitcoin, will be a large market for Zeex. These businesses can save the money that they would normally have to pay to banks for conversion fees. By partnering with Zeex, businesses are able to simply accept payment from the gift cards with no conversion needed and no associated fees. They can then use the entirety of this money however best meets their business needs, without any fees subtracted from it.
Finally, those who have invested in cryptocurrency but want to protect it from the volatile crypto market can take advantage of Zeex. With this platform, it is possible to purchase crypto when low and then sell it when high while keeping your money safe.
What Are Some Advantages of Zeex?
Thanks to the Zeex Protocol, all transactions are private, automatic, and decentralized. In other words, both delivery and payment require one single transaction. These two actions are simultaneous for all intents and purposes, meaning that neither the delivery nor the payment will be executed until both actions are validated.
Additionally, the Zeex Protocol gives users access to the public blockchain data’s safety but also keeps transactions private. It is able to do this thanks to ECIES, a feature found on the Ethereum platform that many protocols and applications overlook. ECIES will encrypt data using the purchaser’s public keys so the purchaser can later decrypt it with the appropriate private key. This results in the ability of purchasers to access cryptocurrency data for themselves despite being concealed from the public.
Customers who choose to shop with Zeex will benefit from discounts on each gift card, along with the ability to buy products using their cryptocurrency without having to understand the underlying blockchain technology. The transactions are secure and fast with no fees, and users get absolute privacy.
Brands who choose to partner with Zeex get to take advantage of the blockchain and can accept cryptocurrencies without having to actually adapt their point-of-sale system since payments are in corporate currency. This improves the exposure and reach of the brands by expanding their potential customer base. There is also the bonus of extra exposure via Zeex as a side effect of the project promoting itself.
How Is Zeex Innovative? How Does It Stand Up Against the Competition?
The team behind Zeex sees this project as the future for liquidity within the cryptocurrency market. It connects holders of cryptocurrency to the products and services they want to buy without any fees or fiat conversions. Other similar platforms require users to first convert their crypto to fiat currency, typically with a conversion rate that provides a profit for the platform while hurting the customer, along with high fees. Essentially, Zeex delivers crypto to product without any fiat or fees.
There are some similar companies that let you use cryptocurrency to get gift cards, but they require conversions and have a few other differences. Because of Zeex’s connection to Zeek, the project already has a large amount of industry knowledge related to gift cards. Plus, it has existing relationships with the largest global brands. It even has the fraud protection technology already in place, courtesy of Zeek.
The other major contrast between Zeex and the competition is that the marketplace will be live as soon as the ICO ends. Instead of having to wait for the product to finish development, like is necessary with competitors, those who use Zeex can download and utilize the application immediately, getting virtual gift cards for their crypto.
What Does the ZIX Token Do?
A key part of the Zeex platform is the ZIX token, which does more than just raise money for the project. ZIX covers the transactional risk of the trade until the transaction finalizes, preventing the need for intermediaries. The token is part of the login process, meaning that token holders get access to Zeex.
ZIX can also fairly determine who is able to complete specific types of transactions, as well as when, based on supply and the promised discounts. Finally, ZIX makes it possible for the sellers and buyers to exchange currencies (branded currency and crypto, respectively) directly, in a way similar to a damage deposit.
Those who have invested in cryptocurrency or have crypto assets and wish to use this currency in the real world will find Zeex to be a very useful platform. It is intuitive to use, and partnerships with the biggest brands mean that the average person will have no problem finding a spot that accepts their virtual gift cards.