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Elitium creates an integrated solution; one of the most sought-after features by luxury lifestyle consumers. Different brands and consumers can control supply and demand using a common currency, EUM token.
Benefits of using EUM for trading on Elitium
There are many benefits to the use of a native currency to run operational processes on Elitium. These include:
Sustainability of the ecosystem
In order to maintain a sustainable economy in the ecosystem, there is a need for a native currency. This currency will be used to fund the maintenance of the ecosystem. All activities are done around the EUM token. Processing of contracts, handling of rentals, etc. requires monetary payments and the EUM token serves a purpose here.
Additional services
Elitium token could be used to get additional services from the ecosystem. These services include:
Instant conversion to/from fiat
One of the major features of this token is that it can easily be converted to fiat money and vice versa via Elitium’s online ATM. This is something that is hardly seen in the crypto space. There are only a few tokens that can be converted to fiat currencies directly. Most of the crypto coins need to be exchanged to Bitcoin or other major coins (i.e. there is a need for conversion among several currencies) and all these attract extra fees. However, you can easily convert your fiat money to EUM token and use this to carry out supply and demand for luxury goods and services without extra costs. This feature increases the users' accessibility on Elitium and brings about the integrated solution in the sector.
Loyalty programs
The loyalty programs allow the users of Elitium (both the traders and consumers) qualified to be rewarded with some extra EUM tokens based on their performance on the platform. When goods and services are purchased using EUM token, the buyer is given some EUM token as an extra reward for using the platform. This is the same for brand owners. Remember that EUM token can be converted to fiat money directly and be withdrawn, yet you can decide to keep your rewarded tokens to be used to run transactions on the platform later.
Insurance
Hacking attacks are carried out by fraudsters to steal cryptocoins from holders using the loopholes available on exchanges. However, the ones that suffer from this are the coins holders. Exchanges hardly lose their own money when this occurs and since there is no backing for cryptocurrencies, the victims are usually left with no compensation. That is not the case on Elitium.
Firstly, Elitium framework is designed to withstand malicious attacks. However, in case users fall victims of phishing or any other malicious transactions, there is an insurance cover in place for them. This is made possible with the inception of another token, Elitium-i (EUMI); a security measure token hosted on Ethereum ERC20.
When a user becomes a victim of malicious transactions, he will be reimbursed with EUMI token that is equivalent to the amount of EUM token lost. This EUMI cannot be converted to fiat like EUM but it can be used to purchase luxury goods and pay for services on Elitium. This means you have got nothing to lose as the token is fully insured. It is worthy of note that EUMI has no use-case outside Elitium.
Customization of Smart Contracts
Smart contracts are lines of code created on blockchain that are automatically invoked when certain set conditions are met. Smart contracts handle the work of intermediaries in a business organization and all the parties involved instantly know what they stand to gain based on the outcome of the progress as regards the predefined conditions. The creation of native token, EUM helps in smart contract execution on Elitium. It increases the efficiency of the system and saves the extra fees that could have been charged by a third party. Smart contract handles rentals, purchases, and other operations on Elitium based on the predefined algorithm.
Key Elements Managing The Development Of EUM
EUM acts as fuel
EUM is the main element connecting all the operations on Elitium. It is needed in order to participate in the platform. It is used to make payments for purchases and services and has many tangible use-cases, unlike many other cryptocurrencies.
Elitium network expansion strategy
Elitium plans to have all luxury brands on its system and this means the ecosystem will keep expanding as more brands and consumers join the network. As the ecosystem grows, Elitium plans to expand its network based on the increase in the need for efficiency. This will benefit the users, stakeholders and all other parties involved in Elitium ecosystem.
EUM burn strategy
Elitium plans to maintain the amount of EUM tokens that are in circulation both in the system and on exchanges. This will control the flow of the native token in order to maintain a balance and healthy ecosystem.