ELEMENTH: IMPROVING E-COMMERCE ON BLOCKCHAIN
There is a revolution arising on the internet today as many things are now being made far easier. One of those things made easy is buying and selling of goods and services on the internet, which is termed e-commerce. Though buying and selling is made as easier and as transparent as possible, and with reduced costs, existing technologies still do not fully meet the very objectives of e-commerce. At the moment, there are just too many inefficiencies derailing e-commerce, some of which are:
• Lack of information transparency as well as the difficulty in obtaining it which is largely due to the humongous number of participants in e-commerce which creates the need for constant exchange of data and as different participants of the market commonly require different parts of the data.
• There is also a general lack of a unified standard. The arbitrary formation of the e-commerce sector caused some challenges as the more it grew the more traditional companies were engaged in online trade and, very unfortunately, a lack of unified regulations and standards led to huge chaos in the offering of products in the market.
Now, however, we needn’t worry any longer. Elementh, in its objective of implementing the block-chain technology in e-commerce, aims to fully utilize the advantages of the technology as well as make e-commerce as efficient as possible. Using step-by-step introduction of the block-chain technology into trade, Elementh will go global as its unique combination doesn’t require a drastic change of business processes for market participants.
It should be noted that Elementh has been actively participating in the e-commerce market since 2007, and also created the project, Miix, in 2012. Elementh’s main goal is to make the e-commerce market of befitting standard as, for six years, it has been helping online retailers compare millions of goods and services from thousands of suppliers. Based on its algorithm, it uses machine learning and can automatically generate hundreds of processes to update real-time supplier stock data. Our affiliation with several thousands of retailers, marketplaces, distributors and manufacturers from different countries, in terms of cooperation and feedback, since 2012, has definitely refined us.
HOW ELEMENTH SEES THE FUTURE OF E-COMMERCE?
• Unified product classification standard used worldwide with unique codes for each product item.
• Completely transparent system of market transactions.
• Each participant of the system can completely trust other participants. Value contributed by each participant leaps into a new quality. At a level that high, service rendered by participants takes priority over possession of exclusive information.
• All market participants make their own contribution to the system development and receive rewards for their contribution.
• Block-chain technology works not only as a database. It also becomes the basis of business processes of companies.
• The whole market is an open transparent database permanently enlarged by an inflow of new participants, with high speed of any transactions inside the system.
RELATIONSHIP BETWEEN BLOCK-CHAIN AND E-COMMERCE
Block-chain technology no doubt has come to stay as several sectors of the society have now bought the idea and gotten involved in it, but despite its prospective viability for the economy it is still at the very beginning of its technological cycle. One of the major advantage of the block-chain technology is its ability to ensure trust in the web without centralized management, as economic centralism is the dominating principle when communication and operating costs are high.
This centralism is however changing gradually changing and there would be far reaching effects for the society the emergence of the Internet saw an abrupt fall in communication costs. Block-chain will have the same effect on operating costs.
Block-chain is an economic infrastructure which enables combination of both physical and digital assets, and to send them to the required recipient, without central management. Block-chain reduces marginal operating costs to almost zero. Block-chain projects related to logistics of goods, different payment methods on the Internet and decentralized marketplaces are appearing in great numbers on the markets. These projects have great advantages over the existing traditional businesses, namely: transboundariness, trust-free basis, decentralization, low costs, transaction speed, etc.
Market participants:
• Enterprises and SMB e-commerce companies - They use the unified product classification standard for business, provide services and products for end users and other companies in the system.
• Service providers - Enterprise and SMB companies engaged in market service. It includes companies engaged in accounting, law firms facilitating major transactions. Development companies creating interfaces for interaction of retail firms and Elementh block-chain, as well as smart contracts for interaction of all system participants. It also includes logistics companies performing physical delivery of goods between all participants of the system.
• Elementh masternodes - Companies operating the Elementh block-chain and maintaining the required number of nodes for the security of the entire system.
• End-user. Each end user of the system can increase system node trust upon actual interaction with all of the participants. Users can also receive rewards for teaching matching algorithms and creating new product cards.
• Elementh Foundation - It is responsible for development of the block-chain network, R&D, development and complete technical assistance of the system. At the initial stage, the foundation is involved in establishing permanent connection to new system participants, maintenance of nodes and writing of smart contracts for the system participants, as well as required development of interfaces for interaction between all of the system participants.
TECHNICAL STRUCTURE OF ELEMENTH
The Elementh project is founded on many systems that provide the framework for the future structure of the Elementh as well as guarantee the robustness and operability of the Elementh platform. The entire structure of the Elementh implements chains of blocks on the basis of needs and requirements. This solution preserves much storage space as well as system resource costs. Also, the protocol permits the Elementh network to operate more efficiently with a good security level.
ELEMENTH APPLICATIONS
Elementh application are in two categories:
• Financial applications - (provides users with good opportunities to manage and take part in contracts via cash. These contracts include buying and selling of products, online and offline content, and tokens built on the Elementh software).
• Non-financial applications – (this includes the identification of fake/counterfeit goods in the supply chain, among others).
THE ELEMENTH FOUNDATION
The Elementh Foundation was established in Singapore in March 2018 with supporting and developing its blockchain its main activity. Supporting and developing the Elementh blockchain will help provide a transparent and safe environment for global e-commerce.
ELEMENTH TOKEN (EEE)
The Elementh Token – EEE is a utility token, and over 70% of it will be owned by Elementh participants as well as continuously circulate around the Elementh. The Elementh Foundation will exchange EEE tokens initially distributed among companies and end-users via ICO, for ETH or BTC, which will be used for the purpose of blockchain extension, development, attracting new investors as well as maintenance of the entire system. Note that, the Elementh Foundation receives EEE tokens as a fee derived from every transaction within the Elementh system, and of this fee, 75% - 99% will be paid by the Elementh Foundation to the master nodes for maintenance of the system. 25% of the fee will also be held by the Elementh Foundation for its daily operations, technical development and business promotion. The economic operations of the Elementh Foundation has the following principles:
• Non-profitability
• Total operations transparency
• Sharing all results of our work
• Constant research and development in line with best practices
The Elementh Foundation has two main sources of income:
• Non-operating income (initial ICO funds and return on digital assets)
• A part of fees for all transactions in the Elementh blockchain will be transferred to the Elementh Foundation and used for project development
ICO DETAILS
Note that the Elementh Token (EEE) is of ERC20 standard. Also, there is no minimum or maximum amount for ICO participation. Tokens unsold from ICO stage will be burned. Tokens allocated to Team and Advisors will have a vesting period of 6 months each.
Symbol: EEE
Total supply: 303 million EEE
Private Pre-sale/Pre-ICO round: closed (Collected 910 ETH)
ICO prefund stage start date: 15th February, 2018 (00:00 UTC)
ICO prefund stage end date: 31st March, 2018 (22:00 UTC)
ICO start date: 1st April, 2018 (00:00 UTC)
ICO end date: 30th April, 2018 (23:59 UTC)
ICO soft cap: 10,000 ETH
ICO hard cap: 30,000 ETH
ICO price: 1 EEE = 0.0002 ETH
ICO bonus scheme: 1st day: 30% Tokens, 2nd day: 15% Tokens
TOKEN DISTRIBUTION
71.78% - Purchasers
14.85% - Team
13.37% - Partners & Advisors
FUND DISTRIBUTION
50% - Technology development
35% - Business development & marketing
10% - Reinvestment
5% - Daily operation
ELEMENTH’S FUTURE DEVELOPMENT
• Business development - Establishing a broad partnership network, made possible via registering in Elementh and adding information on a product to our blockchain. Also, we will arrange a partnership similar to the aforementioned, with major market players (distributors, retailers and manufacturers).
• Content – Creating a unified standard for e-commerce data via widening the product classification database.
• Research and Development – Continual exploration of new research and developments on blockchain which will aid our developments as well as the entire Elementh system.
ROADMAP
It should be noted that the Elementh technology has 3 main goals: Development, Research & Development, and Testing, deployment and maintenance.
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
TEAM
Sergey Ryabov - CEO
Dmitriy Bereznitskiy - CTO
Vitaliy Mengeshev - COO
Artem Kirillov - Blockchain Developer and Architect
Aleksandr Vasilev - Data Scientist
Sergey Morozov - Blockchain Developer
Eugene Prigornitskiy - Go Developer
Sergey Miheev - System Administration
Peter Gashnitsky - UX/UI Designer
Alexander Kholodnykh - Backend Developer
ADVISORS
Naveen Yannam - Tech advisor and early contributor
Proorocu Aurel George - Marketing advisor
Michael Averbach - Financial advisor
Sergey Fradkov - Legal advisor
I just cannot think of a better offer than what the Elementh presents. To this end, I, therefore, urge everyone to take part in the Elementh ICO event and become a part of something unique.
For more information regarding this project and to connect with other participants across the globe, please feel free to click on any of the following links below:
Website: https://elementh.io/
Whitepaper: https://github.com/ElementhFoundation/Documentation/blob/master/ElementhWhitepaperEN.md
ANN thread: https://bitcointalk.org/index.php?topic=2590603.new#new
Facebook: https://www.facebook.com/Elementh-1371154296341075/
Twitter: https://twitter.com/Ahooleeman
Published by: charleyles
Bitcointalk URL: https://bitcointalk.org/index.php?action=profile;u=1344011
Ethereum wallet address:
0x69C516900e939e97C7c60Ca59bdaF15295556838