International Research Journal of Engineering and Technology (IRJET) Volume: 04 Issue: 02 | Feb -2017
www.irjet.net
e-ISSN: 2395 -0056 p-ISSN: 2395-0072
Tradesbay-Online cashless trading system Avdhoot Golatkar, Chintamani Rane, Gauresh Chavan 1Avdhoot
Golatkar, Dept. Of Information Technology, Vidyalankar Institute Of Technology, Maharashtra, India Rane, Dept. Of Information Technology, Vidyalankar Institute Of Technology, Maharashtra, India 3Gauresh Chavan, Dept. Of Information Technology, Vidyalankar Institute Of Technology, Maharashtra, India
2Chintamani
---------------------------------------------------------------------***--------------------------------------------------------------------second hand goods and allow them to shop at their own will rather than dependant on variety and majority of countries, if not the whole world, is moving toward a cashless economy. However, amongst a plethora of trading restricted by affordability. The system will be replaced websites available on the internet, majority of them charges in such a way that the user with even a minimalistic user a handsome amount to buy a product. Introduction of budget can buy goods very comfortably without virtual money can be sought as one step towards this cashless denting a hole in his wallet.
Abstract – Cashless trading is a buzzword today where
revolution. This paper describes about one such website using proprietary compatibility algorithm along with virtual money. The dataset is composed of important factors such as usability quotient, quality and cost of the product posted on the website. Key Words: Virtual money, Proprietary compatibility algorithm, cashless trading. 1.INTRODUCTION
Traditional buying/selling websites facilitates trade over the internet through electronic funds transfer or manual payment when two customers agree over products. Firstly, one user A (say) has to upload his product on the website with all the necessary information about himself as well as the price of the product and wait for it to be seen by some other user B (say) who is willingly to buy that. When user B sees that product on the website, he contacts user A and negotiates a deal over the price. When both the users are satisfied with the proposals, they call it a deal. Functioning of such websites seems flawless, but on looking closely we find the following issues like, profiteering, less variety of goods, disclosure of identity and dispute resolution. Such a proposed website will look forward to curb these issues by providing simple yet effective measures. Maintaining a database that record every transaction and reflecting the same in user's account would solve disputes pertaining to transactions. The system is based on utility of digital money which eliminates the need of tangible money to purchase a product. Aim of this prototype is to replace traditional trading sites with novel new approach which will help the customers to reduce the unnecessary cost invested into Š 2017, IRJET
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1.1 Virtual Money/Currency: Virtual Money can be defined as a digital representation of value that is issued and controlled by its developers, and used and accepted among the members of a specific (virtual) community. Unlike regular money, it is relying on a system of trust and not issued by a central bank or other banking authority. In 2012, the European Central Bank defined virtual currency as "a type of unregulated, digital money, which is issued and usually controlled by its developers, and used and accepted among the members of a specific virtual community". In 2013, Financial Crimes Enforcement Network (FinCEN), a bureau of the US Treasury, in contrast to its regulations defining currency as "the coin and paper money of the United States or of any other country that [i] is designated as legal tender and that [ii] circulates and [iii] is customarily used and accepted as a medium of exchange in the country of issuance", also called "real currency" by FinCEN, defined virtual currency as "a medium of exchange that operates like a currency in some environments, but does not have all the attributes of real currency". In particular, virtual currency does not have legal tender status in any jurisdiction. In 2014, the European Banking Authority defined virtual currency as "a digital representation of value that is neither issued by a central bank or a public authority, nor necessarily attached to a fiat currency, but is accepted by natural or legal persons as a means of payment and can be transferred, stored or traded electronically".
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