SIX NetworkSix network is a Decentralized Digital Asset Wallet, established to offer the solutions faced by the Higher, Small and medium companies in the Digital and creative marketplaces. Six network is aimed to reduce transaction costs, lack of financial liquidity, cross-platform exchange difficulties, and unfairness of income distribution can be solved with the 3-layer economic infrastructure of SIX.network.
Following are the major problems faced by Digital and Creative Marketplaces and the Solutions Offered by the Six Network.
Complexity in Maintaining the Payments for the Contractors or the Part time content producers: There are lot of companies, who manages the creative content providers and Pay them based on the Revenue they generate through Selling the content.
The digital and creative marketplaces, including Digital Image, video Platforms, Custom template marketplaces, and companies, who consider Generating contents from End users have two-sided payment processing and the Transaction fees, which are high and results in Slow operations.
Ex: Freepik.com, this site is for Digital Content, and it is a platform where content creators can join as a partner and create graphical/vectors/psd files etc. and if any end user/ company purchases the content created by the Content Creator, the creator gets credited with points/equivalent (which will be allocated by the Marketplace) and the points will be converted and rewarded as cash based on the Cashout Operational Terms of Freepic.While they settle the Cash in fiat with the content Makers, both parties borne high transaction charges by the Payment Gateway intermediaries.
Solution : Six network is aimed to reduce the Complexity of payment process of the Creative Industry by introducing Smart Payroll System. Six’s Smart payroll works with the Smart contracts and it will allow the companies to create fair costs for handling particular services from start to end. And it will reduce the inefficiency of maintaining Micro Payrolls in these Industries. In order to reduce the centralised, regular payment distribution process in the Supply chain, Six’s Network analyse and understand the complexities of managing micro payments settling and the process and facilitate an efficient payment structure.
Work today, get paid Later:
These days, majority of the higher profile companies outsource their work process to the consultancies. These are the companies who manage the complex process of work such as delivery and quality of the work check by these companies to add high value to the services they offer. These are the major companies who are facing the liquidity issues which are resulting in holding the payments to the workers sometimes, the business owners forces and bargain them for Long credit payment periods. Majority times, these companies have to pay from their pockets to the workers before even they get settled by the main organisation. This situation makes them difficult to manage their regular cash flows.
Six Network is introducing Instant Pay, this works along with the Smart Payroll Platform. In Instant Pay, Business owners are the strategic partners of Six.network, Borrowers who borrow the credit limit from the Content creators who help the businesses and the content creators in Liquidity.
For ex: Let us consider Freelancer.com as a future customer of Six.network, Following is the use case with Instapay feature. Freelancer.com will be the Lender, content creators are the collateral owners and who purchases the content will be a client.
The business member hires a worker with a credit period of “X” days Payment term.
This employment will be done through a smart contract and the Content worker can request an Instapay once the work completes.
Freelancer.com will have 2 options to settle the money to the content creator (1) they pay using their internal cash flow options or (2) they can request SIX.network to pay the workers first and once they receive payments from their client/purchasers, the freelancer repays the particular amount back to SIX.network.
If the content creators choose to use instant pay, Six.network charges a minimal transaction charge than the traditional payment processing platforms.
TOKENIZATION LOYALTY AND REWARD POINTS
Many Industries, allocate points based on the Loyalty system they created in order to retain their customers which can be redeemed in the same store for purchasing some or the other or convert those points into fiat at a low exchange cost by the Holders. Holder will not be able to use these points sometimes as it expires and they don’t even realize that those points are expired. And from the business side, it is even difficult to track, Manage the unused & expired points for their accounting processes.
Solution: Six network provides an SDK to the companies, and it allows them to convert the virtual points to their own Digital tokens on Blockchain. Companies can access the platform and reward their customers with tokens, as it works with Smart contract, they can cut down the transaction charges. Holder, can accumulate points from any purchases and those will be stored in Six.network wallet, and convert these points to cash or trade them.
DIGITAL ASSET WALLET
SIX Wallet provides one place to store, connect, and commerce all digital assets in a decentralized way using Smart contracts.
Store: Six.networks first wallet will create a new way to store digital assets. This will allow any blockchain based digital assets created from the Digital content creators. The content can be a music file, a Document content, it can be a movie, Payroll, Loyalty & Reward Tokens.
Connect : Using SIX Digital Asset Wallets allows to connect with one another. SIX.network will provide a p2p communication layer for users & a decentralized chatbot APIs for businesses.
Commerce : SIX.network will provide the most convenient form of decentralized commerce. Content makers can offer their works directly from their SIX Digital Asset Wallets.
Conclusion: Six network solves major problems like financial costs, Liquidity, Single Loyalty platform to convert all the accumulated points to fiat and a secured wallet to store the Digital contents, connect with one another and share files.
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