What is Eligma?
Eligma is an AI-driven, blockchain supported e-commerce platform for buyers and sellers.
We all have multiple accounts across e-commerce sites on the web and keeping track of each one and remembering the password to each one is a task on its own. And when buying something we limit ourselves to certain websites, potentially missing out other good options that could be available.
This is the main problem statement that Eligma is working to solve. It is, essentially, trying to become a one-stop platform that unifies all e-commerce websites on the internet by connecting businesses to blockchain technology. By doing this, Eligma aims to offer its users the best deals that are available for the products they are buying and the best selling prices for the products they are selling.
How does it work?
Eligma has three main pillars that help it in achieving its goal to become an AI-driven blockchain supported e-commerce platform and they are; discovery, inventory and loyalty.
- Discovery: Eligma, using a deep neural network-based search engine, gives its user the best price out there for the product they wish to buy. Based on the specifications that the user is looking for, the engine will also supply the user with alternate options that are better fitted to their requirements. There is also the provision of a chatbox using which the user can find and identify their products within a couple of seconds.
An important feature that the discovery pillar offers is the way it stores the Digital Item Profile. By linking the blockchain to this feature, all the DIPs are stored on the blockchain and allows the user the option to store proof-of-purchase on the network too.
Another interesting feature that the platform provides is a single point checkout page, irrespective of the number of products and the sites that they’re from.
- Inventory: The inventory pillar concerns only the sellers on the platform. One of the main vision behind the platform is to allow house-owners to turn their households into a business that could make them money. So essentially, the inventory pillar stores all the DIPs of items from a particular household under the user’s account. The selling user can also add and remove as many items and products as they wish, when they wish.
Within the inventory pillar itself, there is an AI-driven algorithm that allows the user to see predicted current and future prices of the products that they are selling. The inventory pillar also takes care of the listing. With one click, the platform lists the product on all second-hand dealing websites and if the user chooses to replace the same in their household, it plies them with suitable options.
- Loyalty: With the inventory and discovery pillars in place, the next obvious pillar is loyalty. By integrating all the retailer in an open-loop universal loyalty system and providing a customer-specific approach, Eligma makes it easier for retailers to exchange money on the platform.
All transactions will be done using the in-house token, ELI and selling is not the only way to get these tokens. Users will also be awarded tokens for purchasing from particular online and offline merchants, that are included in the program.
The third way of obtaining the ELI token is by buying them in exchanges. While majority of the platform will remain free and it won’t be necessary to own these tokens, some of the features offered by the platform will only be available to users with a certain number of tokens.
The Blockchain Aspect
The platform uses the blockchain extensively, given that the vision behind the project is to be able to connect businesses to the blockchain.
The first use case of blockchain technology is the DIP storing mechanism. Every item that is being put up for sale on the platform will first be assigned a specific DIP number and uploaded onto the blockchain. From then on, whatever happens, will have a clear record on the blockchain.
The second use case of the blockchain in this product is that there will be a provision for each user to store their proof-of-purchase on it. This essentially creates and maintains a clear track of where and from whom the products are coming from and can, later on, be used, if necessary, to resolve disputes amongst the users.
The third and probably most obvious use-case of blockchain technology in the product is the payment method. The platform acts as an interface between the user and other e-commerce websites irrespective of whether the e-commerce website accepts cryptocurrency payments or not. And that is done using the blockchain.
The ICO started on 20th of March and will go on till the 10th of April. And the ICO will be dealing with ELI tokens which will become available on exchanges as well after the release.
The product in itself is a product whose utility will be expansive. It essentially becomes an effective, one-stop gateway for users who do a lot of online shopping and makes it easier for them to find the best deals.
One of the most prominent features of the platform is the fact that it allows cryptocurrency payment for services irrespective of the website the user buys from and irrespective of their stance on cryptocurrency. And as a product, it will also make it a lot easier on the conventional online shopper to find the most well-suited products and prices based on their specification.
But the task of bringing all the e-commerce websites under one umbrella is going to be Herculean, to say the least. Getting them onboard with the whole decentralised concept will be another task of its own. In the likely event that the team members and founders do manage to entice e-commerce businessmen and women enough to get them onboard and the developers manage to create a platform that people will take to, Eligma will certainly go down as a product that revolutionised the online retail industry and will be pioneers in making it easier for people to spend their cryptocurrencies in a more mainstream way.
Check out their pre sale at: https://goo.gl/dvmFxD