Elementh: Blockchain for E-Commerce

Today technological progress and communication channels emerge and so does the expansion of e-commerce. It is not surprising since it gives many opportunities for businesses. It is more convenient for the buyers as it gives them the possibility to choose and quickly buy the products they need using personal computers or even their mobile devices. In addition, there are no geographical limitations since the product could be bought from any corner of our planet. As we can see, the online market can be a very profitable industry but there are some problems which entities face. We may think that this sphere is easy to master but not all the companies are constantly gaining profit. Some small entities, as well as big businesses, have to face numerous challenges, for example, it is difficult to maintain websites as well as organizing consumer services etc. Luckily, there is a project called Elementh that came up with an idea that can solve these numerous issues.

What is Elementh?

It's a project that is willing to bring innovative solutions into the online market industry by constructing a system based on the blockchain. The core idea that lies in a foundation of this project is to implement a blockchain solution and to fix with its help those problems that face e-commerce based businesses and their consumers. Elementh offers a blockchain register of various products and gives the possibility of selling them using smart contracts for this purpose.

The organization empowers its users with the capability to construct decentralized as well as centralized applications so that third-parties or other entities could use and develop them for their particular purposes. As well as the system of products, the team also implemented its own internal digital money called Elementh (EEE). These tokens may be used for all operations within the ecosystem — to pay for products and services given by the system, including payment for transactions fees. Elementh gives a possibility for people to participate as investors by purchasing EEE tokens within the ICO campaign.

How it works?

The team implemented blockchain mechanism to establish a register of products so that entities and clients can conveniently and safely work together. Utmost appealing characteristic of a blockchain is its capability to ensure confidence on the Internet. It also gives an ability to become a decentralized system so it eliminates the need for a mediator which leads to lower fees.

The costumer is provided with an ability to buy a product using EEE tokens and in the case of losing this product during the delivery, a consumer can conveniently receive his money back since blockchain mechanisms trace the product and identify whether it was delivered. Blockchain mechanism provides the application with a nice option that can distinguish an original product from a counterfeit.

What problems Elementh plans to solve?

The team believes that the mission of e-market is to facilitate the whole mechanism of purchasing and trading different products as much as services. An ideal model of this mechanism is to be utmost transparent at a reasonable price. The issue is that current mechanisms are far from the ideal model. This project sees two issues that prevent e-commerce from becoming an efficient mechanism:

The first problem of e-market is lack of transparency. The high number of parties such as manufacturers, retailers, entities, delivery services, and costumes leads to the requirement of uninterrupted info transfers. Additionally, particular parties of the online market mechanism have a constant need in different parts of this information. These requirements have led to immense payments because the info has to be constantly collected and processed. Moreover, sometimes dangerous parties of the online market implement schemes and fakes which lead to the loss of info.

The second important issue is the absence of one standard for everyone. Online market formed randomly, as far as it expanded only traditional entities had the possibility to benefit from online trading. The absence of one standard in this sphere has led to disorder. Same goods in diverse online-shops had diverse names and contained different characteristics which lead not only to the confusion of consumers but as well to the retailers.

To solve these problems Elementh decided to implement the blockchain mechanism into this industry since these mechanisms give an opportunity to construct a totally transparent ecosystem. The advantages of blockchain also include the ability to resist any type of attack which ensures that no hackers or scammers will damage online process or steal private data. The team has a plan to establish such a system that won't lead to harsh changes in the e-commerce industry, it doesn't imply the disruption of the whole process so that all the participants can conveniently switch to this system.

About Elementh ICO:

Pre-Sale:

Start Date: 01.02.2018
End Date: 14.02.2018
Pre-Sale Token Price: 0.0001 ETH
Contributable cryptocurrencies: BTC, ETH
Only whitelist (Min. 10ETH or 1BTC), max. 1000 purchasers.

Main Sale:

Start Date: 01.04.2018
End Date: 15.04.2018
Main Sale Token Price: 0.0002 ETH
First day BONUS: 30%
Second day BONUS: 15%
Contributable cryptocurrencies: BTC, ETH

Roadmap:

2012: MIIIX company establishment
2012: Investments from RSV Venture Partners and business angels
2014: Number of product categories is 1000
2016: In the MIIIX database there are 70 mln SKU in 30,000 product categories, 1000 shops from different industries, clients from small shops to the largest portals in the field of e-commerce (Sberbank AST)
2017: The transition to the blockchain technology with introduction of opensource project Elementh
January 2018: Pre-SALE (15.01 - 31.01)
February 2018: Pre-ICO (01.02 - 14.02)
March 2018: Pre-FUND (15.02 - 31.03)
April 2018: ICO (01.04 - 30.04)
June 2018: Blockchain Basis Layer (Alpha) (EAS, ESCS(g), EIPC, EESN)
August 2018: Blockchain Abstract Layer (v_0.1) (ESCS(u), EOTS, ESNS, EPS)
October 2018: Blockchain Abstract Layer (v_0.2) (ESNS, EANS, EPCM, ESS (Test Net))
December 2018: Wallets and Blockchain explorer (Release)
February 2019: API
March 2019: Master Nodes
March 2019: DAPPs

Summary

E-commerce is expanding since it is convenient for costumers to buy products using the Internet. It gives them an ability to buy whatever product they want from whatever country they like. Still, there are some issues that e-commerce face. Elementh can help to expand e-commerce even further since it provides users with a reliable, secure and transparent system. It can make the process of buying and selling products more convenient by establishing a unified standard for all the products. And the transparent nature of a blockchain based system can popularize e-commerce amongst a larger number of consumers.