Introduction:
The e-commerce market has reached more than 2 trillion USD in 2017 and is still growing yearly as more and more people are shifting their shopping habits from traditional offline store buying to online shopping. Buying products online, such as electronic devices, but also groceries have slowly becoming standard, since nowadays deliveries are very fast and buying processes are comfortable to use. For the upcoming years, the e-commerce sales worldwide is expected to double to more than 4,8 trillion USD in 2021 according to a recent statistic from statista.com (see figure below).
The biggest growth in e-commerce can be seen especially in asia. With daily growing number of users, current e-commerce platforms like Shopify, Magento or WooCommerce face new challenges. Although all of them accept cryptocurrency as payments, none of them currently are acting on the blockchain. The blockchain technology has recently started to gain popularity among business models, since it comes with revolutionizing advantages when adopting it successfully. Not only decentralization, but also fast as well as secure transactions, privacy and transparency are aspects of the blockchain technology. Furthermore blockchain can solve the problem of scalability, which is especially important for the near future as the e-commerce business will likely to grow exponential in the upcoming 10 years.
The Elysian Project:
A currently ongoing project called "Elysian" is building a decentralized platform for e-commerce websites on the blockchain. With the advantages of the blockchain technology, Elysian aims to secure user data and build trust between businesses and consumers by using the special Proof-of-Authority algorithm. The Proof-of-Authority algorithm will provide a private blockchain for Elysian, which enables the storage of encrypted data such as user data or credit card information on the network.
Bringing Cryptocurrencies Into E-commerce:
Cryptocurrencies currently have a multi-billion dollar marketcap with a great outlook to grow into the multi-trillions in the next few years. Connecting cryptocurrency with the trillion e-commerce market can be huge for both sides, since e-commerce benefits from blockchain advantages and cryptocurrencies benefit from worldwide adoption. Elysian therefore not only aims to bring greater security and crypto adoption to their e-commerce platform, but furthermore want to integrate innovations such as Artificial Intelligence (AI) and Virtual Reality into the industry.
Imagine that you then could simply explore products and their functions at home by using Virtual Reality, instead of "wasting" time to visit your store in the city. Businesses could profit from greater user-experience, better product promotion and therefore higher sales, while users could save time and explore products on their.
Besides those two features, Elysian will also face the existing problem of scalability as the e-commerce industry and the blockchain adoption will increase the platform usage.
The "Atomic Swap", which will enable users to swap any token they desire including Elycoin will vastly improve cryptocurrency payment and usage and is settles for the 4th quarter of 2019.
What makes Elysian different from other platforms can be seen here:
The ICO:
Elysian is currently holding their ICO (Initial Coin Offering) in order to collect funds for project development, marketing, but also reserve funds, partnerships as well as legal costs. Thefore investors and supporters of the project can participate in the tokensale and acquire Elycoins (ELY) in exchange for their Ethereum. ELY will be used for the Elysian ecosystem such as for transactions on the platform. For now the private event, as well as the Pre TGE have been already conducted successfully. Currently live and ongoing is therefore the TGE aiming to reach their hardcap in 3 phases of 19 million USD total to be raised.
- Pre TGE price for 1 ELY was 0,06$
- In the TGE 1 ELY costs 0,08$ in the first, 0,1$ in the second and 0,12$ in the last phase
- Each phase will last for 7 days
- Tokensale will end on the 8th July
- Total amount of tokens is 1.000.000.000 ELY
The token distribution can be seen in the following graphic:
The Team:
Below you can find the team behind the Elysian project. With already 12 members on board, this team is bigger than most of nowadays ICO projects. The team not only has great expertise in the field of blockchain and development, but also great team members in the expert field of marketing, consulting and partnership establishment. To know more about the team, simply head to their website https://elycoin.io/team and check out more detailed description about the team, if you are interested.
My Opinion:
As e-commerce is very fast growing industry, bringing cryptocurrencies and the blockchain technonlogy into play is quite important for this business field. With Elysium as the upcoming decentralized platform aiming to revolutionize the e-commerce business with further integration of Artificial Intelligence and Virtual Reality, I'm quite excited what more will come. As AI and VR implementation will be settled for the year 2020 and 2021, one have to say that the team has still a long way to go with the need of launching the platform first in 2019 and further developments. Personally I'm very excited for the Elysium project, and I'm looking forward for their upcoming releases.
Further Information:
Want to know more about the Elysian project? Take a look at their official website and their whitepaper for more information. Also subscribe to their official communication channels to stay up to date. Any questions, feel free to comment below.
Website: https://elycoin.io/
Lightpaper: https://elycoin.io/lightpaper/english
Whitepaper: https://elycoin.io/whitepaper/english
Twitter: https://twitter.com/Elysian_ELY
Facebook: https://www.facebook.com/ElysianxELY
Telegram: https://t.me/elysian_ely
Bitcointalk: https://bitcointalk.org/index.php?topic=3332920.new
My Bitcointalk Profile (Rano): https://bitcointalk.org/index.php?action=profile;u=1609093
My ETH: 0xFc58f16Ab51A635fdb06b4Db14E59ad994884AD7