Network Effects That Govern the BUY Token
MAHWAH, N.J., April 20, 2021 (Newswire.com) - According to Wikipedia, Metcalfe's law states that the value of a telecommunications network is proportional to the square of the number of connected users of the system (n2). This law was initially linked to the usage of phones. For instance, if there were only 1 phone user in the telecommunications sphere, it was useless as there would be no one to call. With 2 phone users, each party had at least one person to talk to. In this manner, if the number of users in the ecosystem increased, it increased the number of transactions. The same laws govern the social media markets, so much so that the valuation of companies in that space is directly correlated to the number of users in the network.
Positive network effects enable an enterprise to exponentially increase the number of transactions. "At the heart of our platform and the BUY token, is this concept of network effects," says Jean Gabriel, CEO of Buying.com. "We are constantly trying to add more users to our platform in the form of consumers and businesses so that it increases the number of transactions," added Gabriel.
Just as Amazon.com first began with books and soon expanded to other categories in E-Commerce, Buying.com plans to branch out from its initial food delivery aggregation core. "Network effects do not happen accidentally. They are planned and one needs to take measured steps that would provide ecosystem participants more reasons to interact with one another," stated Raghu Bala, CEO of NetObjex, a Buying.com technology partner. "The BUY token is initially being targeted for the Food services segment, but its utility value can exponentially grow with greater adoption across all branches of retail," added Mr. Bala.
About Buying.com
Buying.com provides an on-demand delivery system for restaurants to streamline their delivery processes. The all-in-one order management system handles both internal and external orders, allowing restaurants to easily schedule drivers and track orders while reducing delivery costs. The on-demand delivery system eliminates any costs associated with external delivery apps while expanding the business' customer base.
About NetObjex
NetObjex, based in Irvine California, provides enterprise software and business solutions for real-time tracking, tracing and monitoring of digital assets. The industrial grade NetObjex Matrix digital twin asset management platform unifies IoT, AI and blockchain technologies as a continuum for intelligent automation and data marketplaces. NetObjex clients and partners benefit from global coverage across key verticals like e-Commerce, energy, manufacturing, transport, healthcare, communications, retail & government.
Media Contact: Raghu Bala, CEO of NetObjex, raghu@netobjex.com
Source: Buying.com