Solomon aims to achieve mass adoption of online cryptocurrency payments through a system of decentralized ecommerce (DeCom). The project involves an open-source ecommerce plugin, the Solomon Plugin, that will allow any merchant to easily accept cryptocurrencies online. The Solomon Community will own and maintain this payment network, and receive Solomon tokens (SLM) as payment.

Solomon boosts mainstream consumer confidence by offering decentralized versions of popular fraud protection features, such as chargebacks and escrow. The lack of these features has been the major factor in limiting the mass appeal of cryptocurrency payments. Nevertheless, Solomon preserves the benefits of blockchain by decentralizing ownership and management of the ecommerce plugin and these features, ensuring both security and fairness for consumers and merchants.

Solomon combines all of the benefits of cryptocurrency payments (accessibility, low fees, fast transactions, unparalleled security, globalization, and more) and eliminates the biased and inefficient ways the banks and processors penalize merchants. Small merchants, immigrants, and first-time entrepreneurs are often blackballed from holding accounts, required to place large cash deposits, pay high fees, and suffer from chargeback fraud. Especially in today’s pandemic-raged world, it is more important than ever to help these smaller entrepreneurs pursue their livelihoods online.

The Solomon token (SLM) is an ERC20 token that is necessary for incentivizing community members that maintain the Solomon system. Custodians are SLM stakers who receive the revenues from the platform, and jurors are gig workers who receive SLM for mediating chargeback disputes in a decentralized manner. There will be no central entity who receives revenues or profits from the system; the Solomon project instead belongs to the community. Merchants will be able to receive a wide range of cryptocurrencies from customers through the Solomon plugin, including USDT, BTC, ETH, SLM, and more, and can use SLM to reduce their (minimal) payment processing fees.