INTRODUCTION: Ecommerce And The Blockchain Technology
The eCommerce ecosystem has advanced from Business to Business transactions (B2B) to Business to Consumer(B2C) and Customer to Receiver (C2X). The B2C eCommerce has witnessed massive growth on a global scale. Records have shown that the B2C eCommerce market exceeded 2 trillion dollars in sales and may see an additional 9.9% annual increase. In fact, the global eCommerce market is predicted to exceed 4 trillion dollars in the next 3 years. Some of the factors that have contributed to this growth is the increase in the number of digital buyers of which a significant percentage comes from China.
Along with the growing acceptance of mobile third-party systems that maintain the flexibility of online and in-person payment options, platforms such as shopify and woocommerce keep thriving.
However, there is still room for improvement in areas such as user experience and scalability. As effective as the present ecommerce platforms may seem, they do not operate on the blockchain which could address growing concerns like security. The blockchain technology offers features such as scalability, security and transparency through smart contracts. Blockchain technology offers a suitable solution to the challenges faced by the present ecommerce platforms.
These vulnerabilities are what Elysian intends to eliminate.
WHAT IS ELYSIAN?
Elysian is a revolutionary decentralized ecommerce platform powered by the blockchain, built by a team of ecommerce and cryptocurrency experts to integrate the ecommerce industry into the cryptocurrency market. Elysian builds ecommerce websites on the blockchain to secure data storage and improve user experience thereby creating the much needed trust between businesses and customers. Elysian is a typical case of ecommerce on the blockchain.
Basically, Elysian will use the Ethereum blockchain to secure customer data, improve Ecommerce transactions, and substantially improve user experience. The integration of smart contracts and blockchain technology provides a higher level of security in the Ecommerce ecosystem. The interoperability feature of the Elysian platform also creates room for future scalability and sustainable growth.
ELYSIAN AND THE SPECULATIVE NATURE OF CRYPTOCURRENCIES
The cryptocurrency market is still very young both in adoption as an alternative method of transactions as well as the world of speculative trading. Really, what is the true value of bitcoin? Is it over priced or underpriced? These are entirely speculations. The volatility of cryptocurrencies may be good for speculative investors but it is also the reason for hesitation for some people interested in a reliable means of payment. One very important question has been raised to which very few cryptocurrency experts have offered any practical solution. The question is, “ Apart from trading on exchanges, how else can I use my cryptocurrency?
This is one very interesting unique selling point of Elysian. The Elysian platform enables users/customers to use their cryptocurrency in any way they choose. It is exciting to find a token that can actually be used outside exchanges to buy and sell!
WHY ELYSIAN?
Cyber-security has become a growing concern in the ecommerce industry as there are increasing reports of identity thieves who make transactions in victims’ names leaving victims in debt. Consumer trust in the safety of their information is waning and could stunt the growth of the ecommerce industry.
User experience on its own part is very important in the ecommerce industry because revenue will logically increase as customer satisfaction increases. High user engagement levels are positively correlated to website popularity. Agreeably, there is still room for improvement in the aspect of user experience.
The blockchain technology incorporated into the Elysian platform will solve the issue of security and cut down the alarming number of data breaches. The blockchain ledger enables data storage in a way that records are tamper-proof. Decentralization means that data will not be on a single server which can be vulnerable to attack. The use of smart contracts also ensures smooth transactions as all aspects of transactions are coded.
Elysian will also enhance user experience by integrating a new type of technology that will enhance website navigation, convenience, efficiency, and product customization while using vivid graphics that are pleasing to the eyes – Artificial Intelligence.
Some websites have carts for regular customers who revisit to help them remember what they last shopped for. Elysian offers a more effective approach. The AI will use verbal communication and vivid graphics to direct users to last page viewed or last item ordered. Think of Alexa (Amazon), Siri (Apple) and Cortana (Microsoft) and you get a better idea of Elysian AI. Elysian AI will be more effective in the handling of general tasks and information effectively.
The Elysian token creation allows potential users to contribute to the platform. Consumers are also given incentives to join the Elysian community and play a vital role in the expansion of the company.
ELYSIAN TOKEN SYSTEM
In the Elysian platform, ELYCOIN (ELY) will be the fuel of the platform as the token will be integrated in the ecosystem as the preferred mode of transaction. The ELY tokens are of the standard ERC20 format created on the ethereum network. The code will be available to the public for transparency and can be integrated by others who wish to display them. The token creation gives supporters of this project a chance and incentive to contribute to the Elysian ecosystem.
Elyian has launched a TGE to help add features to the platform and build exclusive partnerships which will eventually expand the team.
Find out more about elysian on the website or watch this explainer video