ELYSIAN - A DECENTRALIZED PLATFORM TO BUILD ECOMMERCE WEBSITES ON THE BLOCKCHAIN

- June 17, 2018

E-commerce is a massive and ever growing global market in the world which has surpassed over USD 2 trillion in 2017 and has an expected annual growth rate of 9.9%. Going by these statistics, global e-commerce sales are expected to exceed USD 4 trillion by 2021. Despite the growth rate of the e-commerce market, none of the companies on it operate on the blockchain, coupled with the fact that very few of the companies on the e-commerce platform are in the crypto currency market thus exposing future vulnerabilities.

A major issue in the E-commerce industry is the apparent lack of reliable cyber security for mainly the problem of identity theft. This is one of the most prevalent issues drawing back some of the growth of the expanding e-commerce industry because with the level of online transactions conducted on daily basis in the world, it is expected that more customers will depend more on technology to get goods and also store personal information but issues of inadequate security and hackers create a kind of skepticism in the minds of consumers over the safety of their personal information.

However, the introduction of the blockchain technology is a good step which is already beginning to revolutionalize the internet; it has the capacity to securely store consumer data as well as providing an up-to-date security system. It also uses smart contracts in providing an element of trust for consumers, the smart contracts are audited regularly to guarantee proper coding, and this audit increases the strength, security and legitimacy of the smart contract. In addition to the use of the blockchain technology for security, there is also another platform with even an even more organized security build-up known as the Elysian Platform. The Elysian platform improves security and creates a new and unique user experience. This platform integrates the blockchain to securely store all consumer data and employs the use of technological advancements like Artificial Intelligence (AI) and Virtual Reality (VR) to make the Elysian platform standout from competition. This platform enables clients with the ability to use it for their own businesses with an already provided level of functions. The platform acts as a foundation for e-commerce businesses to enter the network in future. This platform also gives third-party agencies the needed rights to build and host current clients on the Elysian platform.

The Elysian system is powered by the ELYCOIN (ELY), the token is a very important part of the Elysian ecosystem as mode of transaction to promote engagement and interaction between the Elysian team and the community, the Growth Pool is introduced. By integrating an allocated percentage of the ELY token into the growth pool, it will in turn be reintegrated into the ecosystem in a way that provides legitimate utility for the token. Through the use of the growth pool, Elysian has developed a model for community expansion and a way to prioritize relations between the team and the supporters.

The Elysian platform aims at improving the security and efficiency of E-commerce transactions with the use of the Elysian online store and its initial partner companies. It grants access to tech-savvy consumer market to businesses through the Elysian platform and ecosystem. The introduction of artificial intelligence and virtual reality will enable the joint use of equipments from other platforms as well as an enhanced and more enjoyable user experience to its technological advancements and implementation of its feasible and varying expansion plans for e-commerce adaptation, thus making it a gateway to the future of e-commerce.

From the above, it is therefore pertinent to say that the infusion of the Elysian platform into the e-commerce industry can be regarded as a planted seed which provides the adequate control required for the continuous growth of the industry in future.