[ICO Review] Elysian - A decentralized Ecommerce platform offering absolute security and revolutionary user experience.

vincentle (39)in #trevonjb • 6 years ago (edited)

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The market

E-commerce.
Business to consumer (B2C) E-commerce is a huge worldwide market whose 2017 sales value is estimated to be around $2.3 trillion USD with an annual growth rate of 9.9%.

When compared to global retail sales, e-retail sales accounted for 10.2 percent of all retail sales worldwide in the same year and this figure is expected to reach 17.5 percent in 2021 since thanks to the continual increase in The number of worldwide digital buyers which is projected to surpass 2.14 billion by 2021, up from the record of 1.66 billion buyers in 2016.

When digging deeper into the sources of growth, it is no surprise that the dominant market is China thanks to its giant record of the population and recent digital developments exploding, specifically, the continuous improvement of online access.

Regarding e-commerce sales as a percent of total retail sales, this figure in China in 2015 is 15.9% and expected to reach nearly 35% by 2019.

So the market is not only valid but enormous.

The problem

Along with the fact that online purchasing of goods and services has become more popular among many people around the world, many critical problems, which heavily constrain the further development of E-commerce, arise and grow rapidly:

Security

(Image source: Bootstrapping Ecommerce)

Security is a considerable concern in online shopping. Figures released by the Information Commissioner’s Office indicate the number of retail firms reporting data breaches in 2017 has doubled compared to the previous year, proving e-commerce websites are severely vulnerable to hacks and breaches regarding scam from external as well as internal sources. Stuff like your credit card or other vital information would be processed into the system by dishonest employees, attackers, malware, etc. to exploit it.

Nearly 5 millions of data records are lost/stolen EVERY DAY (According to the study from BreachLevelIndex) - that is about 58 packs are gone forever every second. And the consequences? Well, my friend, the 2017 Cost of Data Breach Study from the Ponemon Institute, sponsored by IBM, reveals the global average cost at $3.6 million, or $141 per data record for your convenience of imaging it.

Poor User Experience

Another critical issue in E-commerce is the performance of user experience designs. E-commerce is an area where bad user experience (UX) can have a very visible, direct impact on the business result. In fact, millions of customers abandon goods at the checkout due to poor user experience - they can't just stand the bad experience and leave your site. Why stay when they have way too many other e-commerce options these days?

And, for the record, UX is a lot more than good design — it’s user EXPERIENCE - all the stuff that they encounter when making a purchase as well as their feelings and its consequences.

High Transaction Cost

One of the reasons that make consumers switch from brick and mortar stores to make their purchase online is the competitive price that those E-commerce platforms offer them. Yet, it is also the headache puzzle to Small-to-Medium Sized Enterprises (SMEs) since they have relatively high costs of creating and operating the online business, including business setups, store running to the cost of managing deliveries and returns, which is one of the leading causes of most E-commerce bankruptcies
.
(Image source: The Straits Times)

The solution

Elysian is a decentralized E-commerce platform for online stores that integrates the best available technologies out there: blockchain, artificial intelligence, virtual reality and use of smart contract concept. The project aims to provide absolute secure data storage preventing data breaches, unparalleled and liberating user experience and highly efficient as well as a cost-effective process of doing business to both business operators and end users, which will, in the long run, dramatically revolutionize the E-commerce business model.

Neither Proof of Work nor Proof of Assets, the Proof-of-Authority consensus is introduced by the Elysian team in this project.

Security

Meanwhile, other currently existing E-commerce websites are struggling with the security issues, the blockchain-powered Elysian platform resolves it thanks to the distributed and theoretically unhackable ledger provided by the Ethereum network. By utilizing the Proof-of-Authority algorithm, the Elysian ecosystem provides the highest level of trust in the progression of E-commerce between businesses and end consumers since all credit card information and other user data are encrypted and securely stored in the private blockchain over the distributed network.
No single central controlling server means no single central point break for malicious hackers to conduct the attack.

User Experience

Leveraging the Artificial Intelligence and Virtual Reality technologies, the Elysian platform introduces a drastically changed E-commerce user experience that provides online shoppers with simple and efficient website navigation as well as aesthetically satisfying graphic designs and brandings together with the ultimate convenience wrapped in an intimate environment having the most realistic purchasing engagement level ever.

Transaction Cost

Obviously, that's the core value of the blockchain technology. Business operators can build their E-commerce websites on top of the Elysian platform in an effortless way, making it inexpensive for them to set up, maintain and expand online retails. In addition, having such an access to the borderless platform like the Elysian ecosystem is definitely an advantage for business operators since they can introduce their products to a wide range of people.

Moreover, the role of supporting agencies like Paypal would be eliminated once all the websites implement the use of ELY tokens within the ecosystem, thus the cost of online store operating hugely decreases, providing SMEs the opportunity to thrive in this fiercely competitive industry where the giants kill almost every startups struggling with expenses to survive. The more this ecosystem grows, the more benefits those SMEs gain.

What's even more: regarding the recent announcement of Vitalk Buterin that Ethereum would eventually achieve 1,000,000 TPS, the Elysian platform is practically capable of scaling to keep up with the swift pace of the rapidly growing E-commerce industry.

MVP

The Elysian team has introduced their dashboard and mobile application for investors' review and consideration:

Dashboard

Link to interact:
Dashboard prototype

Mobile application

Link to interact:
Mobile application prototype

Team

The Elysian massive team consists of E-commerce specialists who are also highly trained cryptocurrency experts with a long-term vision of bringing Elysian into a globe-wise platform that is considered the E-commerce industry dominance.

Advisors:

Social Media Presence

The Elysian Marketing team has covered a wide range of social networks to raise the project's awareness among the online community with several achievements: a 51k-member Telegram channel, a 718-subscriber Reddit thread, a 1.3k-follower Medium blog.

In addition, The Elysian project is also recognized by many ICO listing and rating sites such as

However, their performances on Facebook, Linkedin, Twitter as well as Github need improvement to gain more attractions and educate their project's ideas as well as capabilities.

Token Economics - Token sale

Token symbol: ELY
PreICO Time: LIVE NOW - till 17th June 2018
PreICO Price: 1 ELY = 0.06 USD
ICO Time: 18th June - 8th July
ICO Price: 1 ELY = 0.12 USD
Platform: Ethereum
Accepting: Ethereum
Soft cap: 3,000,000 USD
Hard cap: 19,000,000 USD
Country of Origin: Belize
Country Restricted: USA, China, Canada, Iran, North Korea
Whitelist/KYC: Yes both

ELY is an ERC20 token that acts as the Elysian platform fuel - the fundamental transaction access method. ELY funds would be securely kept in private wallet waiting for being transferred to the E-commerce platforms to perform its transactions for services.

Token distribution and proceeds use according to softcap

Regarding their token sale progress, they have reached their softcap while still in PreICO phase which means the project is ensured to be launched, yet if reaching their hardcap, they could develop the project and expand their impact more quickly.

My thought

You see, in this continuously and steadily growing market, conventional players like Shopify and Woocommerce are thriving. Specifically, Shopify witnessed a growth in revenue from $130.383 million in Q4 of 2016 to $222.814 million in Q4 of 2017 while Woocommerce, despite still being fairly new to the industry, has quickly become a dominant force, powering over 380,000 online stores.
And, please be noticed that, none of the abovementioned companies operate on the blockchain, meanwhile Elysian is way more superior thanks to the application of those innovative technologies. So, what do you think about its potential? I think, this is your chance to grab some "stakes" of the future Shopify or Woocommerce, and even more, with such a cheap price.

Citations:

DataBreach
CSOOnline
Telegraph
CNN

Author: Bitcointalk username: rueisnax (a.k.a. Vincentle - Le Huu Quang Vinh)
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