Blockchain for e-commerce - Elementh

insculpt (53)in #cryptocurrency • 8 years ago

Blockchain, blockchain, blockchain.
You never cease to amaze me oh blockchain
From the time bitcoin was created
You raised your head high to announce your presence
Humans could not understand you
They thought you were a tool for illegal deals
A tool to promote drug dealership
A tool to spread the power of drug lords across borders
You were perceived as a means to promote money laundering
A way to encourage human trafficking

Your reputation or blockchain was marred from the beginning
But like the mighty giant that you are you have risen
Risen to disrupt all industries
Financial services will never be the same
All because of you blockchain
Real estate, healthcare, transportation
e-commerce will forever be improving
Thanks to your might or blockchain

What blockchain is doing

This is just a small poem, please, don't stone me yet. I'm not a poet at all, I'm just trying to sing praises to the blockchain technology. It will forever change lives. It's disrupting businesses and changing how the world does things. Wealth is being redistributed. Opportunities are opening for all humanity across the globe to become great entrepreneurs. Since the inception of bitcoin in 2009, thousands of tech companies have emerged and most are changing the world with their amazing innovations.

Introducing Elementh

Blockchain technology is growing, it's exciting and it's disruptive. Today I want to share with you yet another innovation that is here to change the world. "Elementh is a blockchain created for the e-commerce sector and it represents the ownership of goods." Let's zoom in a little closer; Imagine buying a pair of Nike shoes on Amazon, the shoes look superb from the pictures provided. The seller claims they are genuine Nikes and the price looks just right. You add the shoes to your cart, proceed to check out. You wait hours or days depending on which part of the world you live in. Soon your package is delivered to your doorstep. You begin the exciting process of unwrapping it, take out the brand spanking new shoes and the new shoe smell envelops you. You close your eyes as you take a deep breath. You try them on and they fit perfectly, awesome. A couple of months down the line you notice that the sole is cracking, what! A couple of days later it breaks in half, no! You, my friend, have been scammed, you paid more than a hundred bucks for a pair of Chinese knockoffs. Damn these Chinese are getting so good at counterfeiting goods, it's almost impossible to tell the fake from the original.

Good news

I have great news for online shoppers. Elementh is here to guarantee that you get what you pay for. The days of being scammed by online stores will soon be over. The elementh ecosystem will revolutionize the e-commerce industry the way Ethereum revolutionized the token system. How do they intend to do that, well simple!

Elementh will use a system of unified nomenclature for manufacturers, service providers, retailers or distributors to identify each of the goods that they are selling. Currently, each store or retailer is using its own nomenclature to identify products and you will find many different names of the product at different stores. Using a unified nomenclature, Elementh will make it easy for anyone to track a good from the manufacturer to the owner. Since Elementh is a blockchain, every change of ownership is recorded on the blockchain and the chain can be traced back to the manufacturer and this guarantees the genuineness of goods that one is buying.

If a buyer is buying goods that are counterfeit, the dApps will notify him immediately that the origin of the goods is unknown and the buyer can choose to proceed with the purchase of the goods or not.

Now let us imagine how Elementh changes the previous scenario. Lilly logs into her favorite online store. She wants to buy an iPhone:

She identifies the phone she is interested in, which is being sold by Chris
Checks the product details
Uses the dApp to trace the previous owners and is satisfied that this is a genuine product
Adds the phone to the cart and proceeds to check out
Makes a payment
The money is put into escrow until the phone is delivered to Lilly
Lilly receives the package together with ownership
Lilly confirms delivery and the money is released to Chris and both of them are super happy.

The greatest part to all of this is that Lilly had some Litecoin in her wallet and she used that to pay for her merchandise. She could also have used any other cryptocurrency to pay and it would have been just fine. Also, because of unified merchandise cards that uniquely identify each product, she was able to get the iPhone at the lowest price in the market. How awesome is that!

Smart contracts ensure that deals are guaranteed to complete. If by any chance, Lilly did not receive her iPhone, she would have indicated in the smart contract and the money would have been returned back to her wallet.

For Developers

Now, the advantages don't just stop at the consumer of goods. The elementh blockchain comes with its own built-in Turing-complete programming language. This allows developers to build their own dApps on top of the elementh blockchain. There will be two categories of apps that can be built on top of the blockchain, the financial category and here users will be able to participate in contracts using cash including buying and selling goods as well as tokens built on the elementh software. The other category is the non-financial and in this category devs can build apps for identifying fake or counterfeit goods.

The token that will be used in this blockchain is the Elementh, EEE. All operations within the blockchain will make use of this currency and this is likely going to drive the price of elementh to the moon as more and more apps are built on the blockchain. We saw this happen with Ethereum, EOS etc and it's likely going to happen with elementh.

Token and ICO information: EEE, ERC-20 standard
Total supply: 303 000 000 EEE
Token distribution:
217 500 000 (71,78%) EEE - purchasers
45 000 000 (14,85%) EEE - team
40 500 000 (13,37%) EEE - partners and advisors

Once again I advise you to follow the links below to do your own due diligence. Read the white paper to understand more about how this blockchain will work. Check out their website for an overview of the project as well as the details of the token sale. Once you have satisfied yourself with the potential of the project, you can go ahead and decide whether you want to participate or not.