Elysian - Building Ecommerce Websites On A Decentralized Platform Using Blockchain Technology
Elysian - Building Ecommerce Websites On A Decentralized Platform Using Blockchain Technology
Among the new and exciting cryptocurrency initial coin offerings (ICO's) to emerge recently, is an innovative new decentralized platform called Elysian, which plans to make Ecommerce transactions easier, improve the user experience and secure customer data, all by using the power of the Ethereum blockchain.
By integrating smart contracts and blockchain technology, Elysian will serve as a high level security platform in the niche of Ecommerce. The exchange of information within the platform will help Elysian both with sustainable growth and future scalability.
Elysian recognizes the importance of good user experience for Ecommerce platforms, which is important in an industry where it seems somewhat lacking at present. As rapid advancements in technology are made, Elysian does not see the platforms of current big players such as Shopify as sustainable.
By implementing both Virtual reality and Artificial Intelligence into the Ecommerce industry, the user experience offered will be significantly improved. Elysian posits that companies must adapt to these changes in a lucrative trillion dollar market.
Let's take a closer look at the Ecommerce market that the Elysian platform is targeting.
Elysian's Target Market
In 2017, the business to consumer (B2C) Ecommerce market, was over a staggering $2 trillion in sales. On top of this, the annual growth rate of the market is expected to be just under 10%, meaning that the projected global Ecommerce sales for the year 2021 will be over $4 trillion!
The forecasted annual growth of the Ecommerce market is based on sound analysis and factors including:
A projected total number of global digital buyers to be over 2 billion by 2021.
Ecommerce to make up over 15% of the overall worldwide retail sales market within the next 4 years.
China will remain the dominant player in the Ecommerce market, making up a total of 83% of online shopping penetration. Chinese dominance in this market isn't particularly surprising, due to their massive population.
Competition Within The Ecommerce Market
Statistical analysis has shown that the two major platforms within the Ecommerce market are Shopify and Woocommerce. Shopify saw a massive growth in revenue during the period from the end of 2016 to the end of 2017, which is thought to be due to the rise of mobile commerce. Shopify is also currently seeing growth due to it's convenience and simplicity, with many businesses transitioning to the platform. Woocommerce has also become a powerful force, despite being a relative newcomer to the industry and is currently powering close to 400,000 online stores. Woocommerce, although different to Shopify, again provides an easy setup and a flexible platform for its clients.
The future may not be so bright for these companies though. Whilst they provide clients with ease of use, a reputable platform and scalability, they are vulnerable to futuristic technologies such as blockchain, which could provide the same clients with a better platform.
The Elysian Token System
The Elysian platform will use a cryptocurrency token known as ELYCOIN (ELY) and will start off as an ERC20 token, before the token is swapped on a 1:1 basis for a token which will operate on a private blockchain. ELY will be the preferred method for making transactions on the platform.
A total of 1 billion tokens will be minted by Elysian. Take a look at the pie chart below for information on where the tokens will be allocated.
More Information On The Elysian Project
If you'd like to learn more about this exciting project you can check out the Elysian website here: https://www.elycoin.io and the Elysian Whitepaper here: https://elycoin.io/whitepaper/english for an in-depth look at the project. To stay informed about the project you can visit the official Announcement/Bounty thread here: https://bitcointalk.org/index.php?topic=3332920.0 and join the thriving Elysian Telegram channel here: https://t.me/elysian_ely which at the time of writing this article has over 50,000 subscribers!
My BitcoinTalk Forum profile link is: https://bitcointalk.org/index.php?action=profile;u=1559399