"proof of stock" Feature.
had the idea for a possible “proof of stock” feature that would mark a listing with some kind of indicator that the seller had verified to have it on hand (Like a colored star in the corner of the listings display image) the process would be something like this
vendor selects “proof of stock” option at publishing
vendor is given a randomly generated code
vendor is asked to write randomly generated code on piece of paper and display it next to item/product he/her wishes to sell and upload it within a specified time frame before the code is changed and a new image needs to be uploaded with a new code (time limit to deter bad actors from trying game system by asking someone who does have it on hand to send them a photo with the generated code)
if successful listing image would be marked to indicate the proof of stock status as mentioned a star in the corner of display image could be an idea that when clicked would bring up the image with code taken. this isn’t bulletproof but fairly hard to game and would require a fair bit of coordination between multiple bad actors and a lot of work just to ultimately lose money in the end.
the trouble is the verification of the code and the image but this could be done by individuals clicking the star and checking the code themselves before buying or it could be verified by voting just like flagged listings are. I would say best way is to allow buyers to verify it for themselves.
when they click the star on listing image indicating proof of stock a new window opens up.
new window displays the photo uploaded in proof of stock process at publishing with the code (being non editable) provided in a separate section below photo.
buyer can cross check it for themselves and be pretty assured that seller does in fact have the item they are selling in listing.
The mechanism you suggested would proof that a listing is actively maintained by the vendor.
Ok, let’s assume we could equate that with proof of items being in stock.
Isn’t the trustless setup with MAD escrow there to avoid proofs like that? In your case, it’s not a trusted centralized third party but the vendors who would have to provide proof time and time again. This seems like redundancy because they are already putting money into the escrow in order to say “hey buyer, I can and will make this trade honestly and I prove this by putting my own money on the line.”
So I don’t know if “proof” is what we need there. However, a way to get info about items being in stock is quite an important feature.
Right now this info is only implied by the listing expiration times, which is not very practical.
Either way, the point you raise is a very, very good one imo:
How can we get to display info on how many items are in stock?
@btmr Well I see MAD as a bit of a barrier for buyers and sellers in it’s self. something like this could be used to give buyers more confidence in buying a listing that had a lower (example 20% escrow) MAD percentage but mostly it is to address the possibility that whales of a competitive project may list items and take a loss (not sending anything and leaving coins locked) just to hurt the reputation of the marketplace. this would allow sellers and buyers a little more peace of mind when it came to locking up coins. your right about it being a hindrance to do this time and time again but this feature might come in handy/be useful more so for new sellers who have yet to establish a reputation. after reputation is established it may not be necessary.
thanks for your comments and your thoughts on my idea! greatly appreciated.
this would allow sellers and buyers a little more peace of mind when it came to locking up coins.
I see your point. Until a user has had a couple of good experiences, MAD escrow might feel a bit like gambling.
Maybe this is where a chat/message function will help to establish trust.
chat function could be used for this in example if you were selling something I could request a photo and make up a code of my own for you to display in the photo but I think a feature like this would help standardize taking extra precautions against new vendors/sellers helping to avoid people getting burnt on the market and in turn help the seller raise their reputation more quickly as the listings would be marked to indicate that the seller had gone thru the “proof of stock” process and it would save time and effort on both the buyer and sellers side rather then going the chat route.
Isn’t inventory management part of the roadmap?
I think together with seller profiles (identities) this could help as well.
It is but I wouldn’t know what “inventory management” really means in terms of features.
From the roadmap:
Lets sellers manage inventory quantities and product attributes (i.e. clothing size, color, fabric, etc).
Allows sellers to manage their inventories much more easily. It also allows them to better describe and announce their products by creating/using custom attributes such as product size, duration, colour, etc. These attributes act as filters when browsing the marketplace.
Hmm… sounds like features for sellers, not for buyers.
As far as I understood inventory management would mean, that I can put 10 items for sale, e.g. 6 green shirts and 4 blue shirts. When the seller accepts a first bid for a blue shirt the system knows that only 3 more blue shirts are available. Once the seller accepted its 4th blue shirt bid, the item would be signaled to other potential bidders as sold out. That’s how I understood inventory management.
I think also with the paper code there will be a chance for bad actors to cheat, e.g. holding the paper in front of a picture (but I’m not quite sure if I got the point dadon was talking about).
Good to know!
Will keep an eye out for that come testnet.
@Pancake Inventory management will allow you to specify how much of something you have in stock so if you have 10x blue t shirts and 5x red t shirts and you have had 5x sales of the red shirts AKA sold out it will specify this product in option red is sold and you wouldn’t be able to select that option but would still be able to select blue shirt option until 10x sales was reached or you relisted and updated inventory.
This is a proof of stock helping to establish you actually have the product you are claiming to be selling in your possession at the time of listing as for holding a piece of paper up in front of a picture to trick people into thinking you have the product I think this will be much more obvious then you might think and if not there could be a standard set for the photo for example the piece of paper with code sat next to the product and not held up in front of the camera like you suggest a scammer might attempt to do (See 2x photos I have uploaded as an example below) also the ability to flag the listing if the photo used looks suspicious or does not not follow standard set could be another option to combat this problem of bad actors attempting to trick people using various methods like the one you suggested.
Thanks for the pictures!
What information the code now gives to me as a potential buyer? I guess I should then have to countercheck on a kind of “timestamp” list, provided by the marketplace, whether the code matches with the upload-time of listed item. Is it that what you mean?
Better would be the marketplace would check by itself whether the code matches on the listed item picture, but I think this would be in general difficult to realize.
@Pancake Yeah I don’t know enough about what is possible to expect dev team to be able to make the system automatize this process I think for now the best way is to just allow the potential buyer to cross check it themselves. but in the future when the platform has more users it could be possible to approve via voting but even then it would cause delays if people were not actively voting/approving so it would need to be incentivized somehow. so best option is just allow users to verify for themselves by cross checking the code provided by the system to the code provided by the seller in the photo.