E-commerce, the term used to denote the buying and selling of goods and services over the internet, is rapidly becoming mainstream. In fact, E-commerce giant Shopify estimates Global Retail E-commerce Sales figures to be at $4.5 Trillion by 2021. While these numbers can be extremely promising for all- small, medium and large entrepreneurs, there is an ever-increasing need to have secure, reliable and scalable systems that will act as the foundation for developing high-quality e-commerce stores.
Blockchain represents a new paradigm for e-commerce and global businesses. Blockchain's underlying concepts of distributed computing and cryptographic security provide new grounds for building scalable, secure and decentralized systems, the most relevant of which could be e-commerce and business related. Elysian, founded upon these very principles is trying to become the first true decentralized platform to build E-commerce websites.
Elysian, a concept born in early 2017 is on its way to disrupt the e-commerce market that is currently dominated by the likes of Shopify and Woocommerce. Though the blockchain revolution has led to the dawn of several marketplaces, e-commerce is a segment that is under-represented, i.e there are not enough projects competing in this space. The Elysian network, which will be built as a private side chain on the Ethereum network with its novel Proof of Authority consensus algorithm will be a first of its kind e-commerce platform build on the blockchain.
Since it's built on a blockchain, the Elysian ecosystem will automatically inherit some of the distinctive features of a blockchain such as auditability and immutability. Also, Elysian will leverage the power of smart-contracts to drive business-to-consumer (B2C) interactions that are transparent by nature. With these, the Elysian ecosystem is able to guarantee a high degree of security and invariably prevent data breaches that result due to manipulation, off-chain storage etc.
"The ability to store customer data on the blockchain provides a revolutionary new level of security that was nonexistent in years past. "
One of the primary design considerations for E-commerce store or website is User- Experience. The technological developments in the fields of AI, Machine Learning, and Virtual Reality will usher in a new era in global e-commerce. Elysian is well aware of this change powered by the likes of Alexa, Siri, Oculus etc. In fact, Elysian ecosystem will incorporate both AI and Virtual Reality based sub-systems that will significantly improve the user experience. In particular, I find the VR enabled shopping functionality incredibly appealing. Imagine if customers are able to have the same experience (look & feel) while shopping online as they get while shopping in brick and mortar store, i.e it will completely take away the burden of having to be physically present in the store to do a purchase with 100% surety and satisfaction.
"The Elysian platform will give users an option to create their own virtual reality that will lead to the ultimate utopian E-commerce experience"
To drive adoption, Elysian will also give third-party agencies the ability to port their existing client applications to the Elysian ecosystem.
Elysian has introduced a token native to the network known as ELYCOIN (ELY). ELY will be used to power transaction for services on the platform. The ERC-20 based tokens can be stored in a private Elysian wallet as well as transferred outside. The Elysian network will also accommodate the Atomic swap technique (aided by Lamden), meaning users are able to convert their tokens (including ELYCOIN,) back and forth.
Part of the total token supply (ELY) has been reserved towards a Community Growth Pool to drive adoption and engagement. There was also a part of the supply that was available for sale through a Token Generation Event or TGE. The Elysian TGE received a very strong interest from the crypto-community worldwide and this resulted in 100% sell out.
To learn more about Elysian, visit the Website
Join the Telegram Group
Read the White Paper
BitcoinTalk ANN Thread
BitcoinTalk Bounty Thread
My BitcoinTalk Profile