ELYSIAN - (A decentralized platform to build Ecommerce websites on ...

Introduction

Elysian is an innovative new decentralized platform that will use the Ethereum blockchain to secure customer data, facilitate Ecommerce transactions, and drastically change user experience. The integration of smart contracts and blockchain technology will ultimately provide a higher level of security in the realm of Ecommerce. The interoperability of the platform will serve as the basis for future scalability and sustainable growth.

Extensive analysis into competing businesses exposes a lack of unprecedented user experience. The current status quo is not healthily sustainable as advancements in technology become more commonplace.

The implementation of Artificial Intelligence and Virtual Reality into the Ecommerce industry will provide efficient website navigation, revolutionary product visualization, and unparalleled consumer convenience. The extrapolated Ecommerce revenue projections indicate a lucrative future if companies can adapt to necessary market transformations.

The integration of the Elysian token into the platform as a method of access to transactions provides entry into our ecosystem. Consumers will be incentivized to become incorporated into the Elysian community and play a vital role in the growth of the company.

Cryptocurrency meets Ecommerce

Elysian is a team of Ecommerce and cryptocurrency experts with a plan to connect the multi-trillion dollar Ecommerce industry with the multi-billion dollar global cryptocurrency market by creating a revolutionary, new Ecommerce platform. We envision a future where Elysian is the epicenter of a new model for Ecommerce, powered by the blockchain. The Elysian ecosystem presents a model for sustainability and healthy growth, along with community integration to connect Elysian supporters directly with the team.

Elysian Ecommerce Platform

The innovative Elysian platform will drastically transform the standard Ecommerce business model. Multiple improvements in efficiency and security will be evident for investors and consumers, such as faster delivery, secure customer data storage and identity theft protection. The implementation of these aspects through the use of blockchain technology will provide an immeasurable level of trust that is vital in the progression of Ecommerce.

Security

Elysian will build trust in Ecommerce by producing a substantially improved level of data storage security by using the Proof-of-Authority algorithm. Proof-of-Authority consensus will provide the Elysian ecosystem with a private blockchain to store encrypted credit card information and other user data securely over a distributed network.

Artificial Intelligence and Virtual Reality

The implementation of these two features into Ecommerce will solidify the advancement and progression of the industry. This technology will provide the ultimate convenience. Consumers will have the ability to shop at home in an intimate environment and will have a level of engagement that is similar to an in-store experience. Consequently, both satisfaction and efficiency increase. In addition, the Elysian platform gains a competitive edge against businesses using antiquated methods of user experience and customer engagement

Scalability

In an industry that continues to rapidly progress, scalability is mandatory. The Elysian platform is multifaceted in both business and technological aspects. The capability to appeal to a wide range of companies in the Ecommerce industry makes application of the platform lucrative. Moreover, the versatility of the technology to adapt to requests from businesses and large client bases will substantiate its credibility.

B L O C K C H A I N T E C H N O L O G Y

Why not Proof-of-Work?

One of the single largest flaws in the Proof-of-Work based cryptocurrencies, such as the public Ethereum blockchain, is that any attacker with 51% or more of the mining hashrate will be in control of the network. Although the blockchain is immutable and its recorded blocks cannot be changed, this attacker could potentially do other damage such as a denial of service attack. Another large flaw with Proof-of-Work consensus is the issue of power consumption. For example, today Bitcoin uses the same amount of electricity as many small countries on a monthly basis. To combat this issue, Ethereum and many other projects are turning to a Proof-of-Stake consensus algorithm, which solves the power issue but is more aimed at public networks. For a private network, Proof-of-Work simply does not make sense.

Why not Proof-of-Stake?

Ethereum will soon transition to Proofof-Stake consensus. Instead of hardware ‘mining’, someone who wants to be a validator will simply deposit a number of ether into the smart contract to earn rewards over time. Conversely, if a validator is deemed to be malicious, the network simply locks this ether away.

Since this type of consensus requires no solving of complex mathematical equations, there is less incentive to issue new coins often, and thus a validator will get most of their ether rewards from transaction fees. This solves the excessive electricity usage problem and protects against 51% attacks; but it still does not offer the level of control and security required by Elysian, as anyone on the chain can become a validator by staking enough ether in the validator contract.

Why Proof-of-Authority?

Proof-of-Authority is a newer concept in the blockchain space which is similar to Proof-ofStake, but instead has a number of pre-approved authority nodes called ‘sealers’, which you can think of as mining nodes. Any new node that wishes to be added must be voted on by the currently approved set of authority nodes, giving Elysian full control over which nodes can seal blocks on the network.

Ultimately, Proof-of-Authority consensus will provide the Elysian ecosystem with a private blockchain to store encrypted credit card information and other user data securely over a distributed network. All user data will be encrypted to the private key of its individual user, then distributed across the private network, providing no single point of access or failure for malicious actors. This level of security will be available for all stores launched on the Elysian platform.