Access Real-Time Stock Inventory And Price Data Of Vendors Inside The Blockchain With Elementh.

smalltalk (58)in #cryptocurrency • 6 years ago

Undoubtedly the blockchain technology is here and here to stay for a very long time. The technology has seen massive adoption by many industries and economic sectors. This is so because the technology cuts all the back-work that has to be done to get certain services to be run. It is a decentralized system of work that allows for speed and absolute transparency of activities surrounding a certain process or transaction. The technology came to limelight after the sudden explosion of the Bitcoin cryptocurrency. People could transfer unlimited funds to themselves anywhere in the world paying very minimal transaction fees and completely untraceable. This sounded like a great threat to government rules but the superb thing about it is the fact that it is not run by someone or a group of people. It is completely decentralized with transactions just having to run through a series of created blocks for confirmation.

The years followed with certain Altcoins springing up majorly Ethereum. Afterwards there are altcoins springing up everywhere either building their technology based on the blockchain or Ethereum blockchain technology. One very familiar concept with all these altcoins is the fact that they all look to solve a problem and inadvertently improve life for their users. This sole aim has led to the development of various industries and economic sectors and this is what Sergey Ryabov and Dmitriy Bereznitskiy who founded the Elementh platform had at the back of their minds.

The development of the platform started as a challenge they encountered in their business, fast forward years later, a solution was developed by this incredible team. Owning an online shop, they were faced with having to compare data that was sent in .xls format. This usually took them days and even more to get fixed and the need for a solution kept ringing.

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Introducing Elementh

Elementh, incorporated in Singapore, is a product of machine learning algorithms and it first debuted as Miix which concentrated on product classification for B2B (Business to business) platforms. This became a unified classification system that stands as a standard in the e-commerce industry. In 2018, rebranding made Miix become Elementh.

Elementh will be an integrated service platform, a world-renowned product classification system. Elementh believes it can serve as a revolutionary platform employing its own blockchain specialized for e-commerce to simplify product classification and related activities. Instead of the earlier setup that runs only for B2B (a $7.7 Trillion industry), the Elementh platform will also integrate B2C (an industry expected to reach $2.4 Trillion as at the end of 2017) to make the service accessible to all. The platform is one that is based on several systems, not only providing a stable framework for the blockchain but for easy adaptation and use by users. An easy to understand, user-friendly User Interface will be integrated with the abstract layer. Unique process IDs will be generated for each transaction using the sha256 function. With the use of smart contracts, the platform gives users autonomy based on the authorization of transactions connected to accounts using EESN key pairs with public and private keys. These keys give users access to their accounts.

Unlike other potential competitions that are niche based, Elementh is building an infrastructure for all e-commerce players.

The Elementh platform will support the development of two kinds of applications; financial and non-financial.

Financial applications allows users to manage and participate in contracts using cash for conducting transactions like buying and selling products as well as online and offline items. Cash can be used also to purchase tokens built based on the Elementh blockchain. While the second category, non-financial applications, can be used for cases like trying to identify fake products on the supply chain.

Since it's more of a platform, Elementh has chosen to partner with top e-commerce companies in a bid to reach a wider audience. This is a no-brainer as users are needed on a platform for it to be considered useful or successful. Elementh has an existing product with a database of over 1 million goods which you can check out already. You can check out the MVP here

Benefits Of Using Elementh

Consumers can find the best deals due to the trust and decentralized nature of the Elementh blockchain.
E-commerce projects can quickly be set up and easily scaled using Elementh
dApps and Smart Contracts can be written on the Elementh blockchain by anyone.
Goods can be tracked as they are transferred from one point to the other and counterfeit goods can be identified using the Elementh blockchain.
Payment for goods not received will be refunded.
It's possible to search for goods based on location. This might be helpful in times when you can't wait so long to receive the product you need.

Roadmap

After the completion of the ICO, there are plans in place to spend 50% of ICO funds on technology development, and another 35% on business development and marketing which will help bring in users and content to populate the Elementh blockchain. There are also plans in place for several acquisitions or investments in start-ups and other businesses that may end up complementing Elementh in the future. 10% of the ICO funds will be set aside for this.

Below is an image of the roadmap:

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Token and ICO Details

The platform will issue out utility tokens known as Elementh token (EEE). This will be used for all activities on the blockchain. EEE is an ERC20 complaint token built on the Ethereum blockchain. There will be a total of 303,000,000 EEE in existence.

The token will be available for public sale during the ICO starting from April 1 running through to April 30 with a soft cap of 10,000 ETH and a hard cap of 30,000 ETH. KYC (Know your customer) is required for the purchase of these tokens. Over 70% of the total supply of EEE will be sold during the token sale event. All unsold tokens will be burned after the ICO.