Hello there, I hope you're having a great day. Let me start by saying cryptocurrency is here for the long haul and despite the hundreds of million of adopters of various tokens, we are still early adopters.
Crypto(blockchain) will find application in countless ways as time goes on and with Ellitium, it has brought us a luxury lifestyle token that will transform the world of luxury. The platform is equipped with skilled individuals with expertise in luxury goods and blockchain. It will operate based on a tested and proven business model that has helped many companies thrive in the luxury industry for 40 years.
Ellitium originated from the work that was done by Boatsters. They are an innovative yatch and boat rental company that saw that crypto was the future, realised the benefits of wallet to wallet transactions and currently accepts up to 60 cryptocurrencies. This led to the conception of an idea; the creation of a platform that goes beyond just yachts and boats. The concept was to incorporate other luxury items in a tokenized platform and create an enabling environment that facilitates trade. Thus Ellitium born
Ellitium is a collaborative effort with EOS that will go a long way in simplifying the acquisition of goods and services and other related ventures. It is powered by the unique technology used by EOS (source)
THE BENEFITS
The first question we must ask ourselves is why do we use cryptocurrencies or better put, why do we need a blockchain solution for any venture? Simple, we want to take advantage of the long list of benefits, here's a few reasons why you should think blockchain and by extension, Ellitium;
- Security: Blockchain encryption is probably the safest means of transactions these days. You are more protected from cyber-criminals and hackers that could disrupt proceedings in typical transactions outside the blockchain.
- Faster Transactions: The best part of using cryptocurrency is the speed of transaction. Cryptocurrency are global entities that can be used as means of exchange depending on their value and the platform they are found in. Implementing a blockchain based solution for payment will go a long way in mitigating issues concerning exchange rate conversions and the time it takes for typical exchanges to do this.
- Transparent: Culling from the previous point, it is also important to note that when transactions of this nature are done in a single currency, parties involved will be more satisfied knowing that they were not swindled by the currency exchanges. Transactions are done openly and transparently on the blockchain with quick and easy smart contract initiations.
- Economical: It is also worth noting that transactions using a single currency will reduce the charges that would usually arise from currency exchanges or sneaky banks
The Ellitium Solution
The ellitium token or EUM will be the means of transaction within the platform. You can purchase this innovative token through the main page, Bitmart or Stex. Here are the solutions EUM brings to your door step;
Integrated Platform for Luxury Brands
The platform will be a business hub where interested individuals have access to a large number of luxury goods producers from different parts of the world. Adopting EUM will simplify the acquisition process. The user-friendly platform will be in form of a lifestyle app and will be made available on all platforms(android, IOS, Web and Smart TV).
Ellitium Insurance (EUMI)
Despite the promise of creating a secure and safe environment for trade, the team realises that there are certain occurences that could arise, like an account being hacked or a member being a victim of a phishing scam. This led to the creation of the EUMI(Ellitium Insurance) token. This one of a kind token will be used to reimburse victims of these malicious acts.
Online ATM
This innovative feature will enable users to easily convert fiat to cryptocurreny. This also allows users who are not familiar with cryptocurrencies to benefit from a secured, fast and easy to use solution for transactions.
Increasing Efficiency With Smart Contracts
One major reason for setting up this platform is to mitigate the shortcomings of manual contracts that are often time consuming and suffer from oversight or other human factors. These issues were fixed through the use of smart contracts and according to an excerpt from the Whitepaper,
smart contracts are lines of code that are stored on a blockchain which are automatically executed when predetermined conditions are met.
These smart contracts eradicate the need for a third party and expedite the process by reducing the amount of paper work required for transaction to complete.
Liquidity
Finally, the EUM token will be a tradable token, easily found on various coin exchanges.
Summary
This platform has potential and I honestly feel there's a lot more to come. I'm particularly impressed by the Insurance token but I also hope more measures are created to prevent malicious activities on the platform because that seems like the biggest problem.
The Elitium Ambassador Program Needs You
Elitium is looking for individuals with a knack for blockchain, business and innovation to partner with. You can be a part of the program by clicking here
For More Information
First image was extracted from here and edited to included the Elitum logo
Disclaimer: This is not financial advice. Please do you own research before investing in cryptocurrencies or any asset. This blog post is done for entertainment and knowledge purpose only.