Exploring the Potential of Decentralized Currency for E-Commerce: Case Study of an E-Commerce Website Using Decentralized Currency

Abstract

The purpose of this project is to develop Crypto Market, an innovative online shopping site that accepts Ethereum payments using Web3 technologies. The approach included using ReactJS for front-end development, integrating WalletConnect and MetaMask for secure purchases, and using the PostgreSQL database with the Django Rest framework for efficient data management. The goal was to create an easyto-learn interface that would appeal to a wide range of users. The main results of the project were the successful integration of WalletConnect and MetaMask, which allow users to securely transfer Ethereum from their personal wallets to the site’s pool wallet with minimal transaction fees. The integration of CoinGecko has increased transparency for customers by showing them the real-time dollar equivalent of the Ethereum price on product pages. Additionally, the existence of a membership system enabled user registration and facilitated store opening requests, providing access to a dedicated panel for product management for approved vendors. Important results from this research show that Web3 technologies offer a secure shopping experience using Ethereum. WalletConnect and MetaMask integration provided a reliable environment for transactions, minimizing the risk of failed or incorrect payments. The successful adoption of cryptocurrency as a payment method in the context of online shopping highlights the potential of decentralized finance in traditional e-commerce applications. In summary, the Crypto Market project demonstrates the advantages and feasibility of incorporating cryptocurrency payments into online shopping sites. With this research, it has been revealed that cryptocurrencies should be more involved in commercial transactions and that they are a system that can be easily integrated.