Elitium is the first luxury trading platform built on blockchain technology. Its idea came from Boatsters, one of the leading yacht renting companies in the world alongside some blockchain technology experts. Their aim was to give a turnaround experience to luxury consumers who have been having a hard time trading luxury goods and services in the market and provide the much-needed digital transformation in the luxury sector.
Elitium provides fast and frictionless demand and supply of luxury goods and services to the consumers while giving life to the dying luxury lifestyle. With Elitium, the luxury market is going to see the drastic changes that will aid the needed development in the sector.
The Elitium team saw the obstacles to the growth of the luxury market in the economic world and created a platform with maximum resources and technology that can solve these problems.
Identified Problems In The Luxury Industry
Lack of integrated solution across different luxury brands
Different luxury brands have different modes of payment for transactions carried out on them by the consumers. This leads to multiple transaction gates on multiple websites or applications which could be so tedious and time-consuming. There is no integrated solution that can connect different brands together thereby allowing consumers to demand and supply luxury goods and services using a common transaction payment mode (token).
Risk of cyber-attacks on crypto holders
Despite being incepted less than a decade ago, the blockchain industry has enjoyed a rapid growth; with thousands of projects already built on it and a market value of over two hundred billion dollars. With no doubt, it is one of the hottest topics in the economic world. This popularity has made it a target for internet fraudsters and billions of dollars have been lost to cyber-attacks. Being digital money that is run on decentralized systems, cryptocurrencies do not have the backing that could be beneficial to their holders in times of attacks and hence, a lot of people have gone into bankruptcy for this reason.
Limited options for direct conversion of cryptocoins to fiat currencies
Bitcoin and Ethereum can be converted to fiat currencies directly. Other coins need to be converted to Bitcoin before they could then be converted to fiat. This involves going through different channels on various websites thereby exposing crypto wallets to security risks and attracting exorbitant transaction charges.
Absence of tangible purpose for many cryptocurrency
While we have many cryptocurrencies with outstanding use-cases, the major percentage of the cryptocoins present in the market today have been criticized for their lack of purpose. During ICO, project owners present their projects to the public to make them join the projects and purchase the coins before they are listed on exchanges. Many of these projects end up dying after the ICO campaigns and their real use-case goes with them. This lack of tangible purpose is one of the obstacles to mass adoption of cryptocurrency.
Inefficiencies of operational processes in the luxury industry
A lot of luxury enterprises are still practicing manual mode of processing operations. This leads to slow transactions and unappealing user experience which could attract extra costs and minimize profitability.
Elitium’s Solutions To The Identified Problems
After identifying the stated problems, the Elitium team devised strategic solutions that can counter them. These solutions are:
Integrated global luxury platform for luxury brands
Elitium is an all-inclusive platform through which different luxury brands connect with their customers, thereby carrying out demand and supply of luxury goods and services with ease using the same native currency (EUM token). Elitium aims to bring all luxury brands together on a platform; a form of an application accessible to luxury consumers via all devices. This will provide the much-needed integrated solution in the luxury sector. Users can manage transactions and other activities just the way they want in this secure environment.
Elitium innovative insurance coin for malicious transactions
Despite the highly secure framework that makes Elitium a safe place for users to do transactions, there are some risks that cannot be avoided when online transactions are concerned. The Elitium team understands the risks associated with malicious attacks on cryptocurrency holders and this made them create another security measure with "Elitium-i" token also known as EUMI. EUMI is an insurance coin that gives users another level of protection against hacking, phishing, and other fraudulent activities. This coin will be used to reimburse consumers who fall victims of fraud on Elitium.
Elitium’s Online ATM provides direct conversions between cryptocurrencies and Fiat
Elitium provides a direct conversion between their native currency; EUM and all fiat currencies. This feature helps users to easily convert their fiat money to EUM (directly) which can then be used to carry out demand and supply of goods and services with any luxury brand in the world. This is a rare feature that can hardly be found anywhere else in the crypto space. It aids frictionless transactions on Elitium and also saves users extra fees that are required when converting among different cryptocoins before being able to exchange to/for fiat money (which is the case with other cryptocurrencies).
Real use-cases and dedicated strategy for EUM
Elitium will connect all brands in the luxury sector and make the platform the central frame to acquire luxury goods and services with a common currency, EUM. This token is used to make payment for purchases and services and acts as the fuel that is driving the platform. This signifies tangible use-cases for this token.
Improving operational efficiency with smart contracts
Processing of contract executions, customer requests, rentals, etc. will all be done in a digital mode on Elitium. This platform has in place, a technology that makes processes to be done accurately and efficiently within a short period of time on the platform.
Elitium will attract new businessmen to the luxury sector and take this industry to another level. Learn more about it through the following links:
Disclaimer
The information contained here shall not be used as a guide in your next crypto trade. The writer is not a financial advisor but a crypto trader just like you. Information presented in this blog is for educational use only.