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 thataccepts Ethereum payments using Web3 technologies. The approach included using ReactJS for front-enddevelopment, integrating WalletConnect and MetaMask for secure purchases, and using the PostgreSQLdatabase 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 thesuccessful integration of WalletConnect and MetaMask, which allow users to securely transfer Ethereumfrom their personal wallets to the site’s pool wallet with minimal transaction fees. The integration ofCoinGecko has increased transparency for customers by showing them the real-time dollar equivalent ofthe Ethereum price on product pages. Additionally, the existence of a membership system enabled userregistration and facilitated store opening requests, providing access to a dedicated panel for productmanagement for approved vendors. Important results from this research show that Web3 technologies offera secure shopping experience using Ethereum. WalletConnect and MetaMask integration provided areliable environment for transactions, minimizing the risk of failed or incorrect payments. The successfuladoption of cryptocurrency as a payment method in the context of online shopping highlights the potentialof decentralized finance in traditional e-commerce applications. In summary, the Crypto Market projectdemonstrates the advantages and feasibility of incorporating cryptocurrency payments into online shoppingsites. With this research, it has been revealed that cryptocurrencies should be more involved in commercialtransactions and that they are a system that can be easily integrated.