ELEMENTH- AN ECOSYSTEM THAT PROMISES TO SET THE PACE FOR E-COMMERCE SECTOR.
China is the largest ecommerce market in the world yet, china is also the world’s largest producer and supplier of counterfeit goods. One of the largest counterfeit goods cases ever persecuted by the department of Justice USA, is the case where about $325 million of Chinese counterfeit products was imported into USA economy. These products includes Nike Shoes, Burberry scarves, Lacoste shirts, Coaches handbags, Louis Vuitton handbags, Timberland boots, UGG boots and many more.
Production of counterfeit products is one of the fastest growing underground business in the world and its growing rapidly.
E-commerce over years has been projected to be a fast growing industry.
.jpg)
Picture
Forbes report (2016), predicted that e-commerce will surpass $2 trillion annual haul by 2017. Another eMarker, reported that e-commerce will surpass $4 trillion by 2020. 14.6% of the consumer’s earnings are spent on e-commerce industry. About, 71% of consumers patronizes online sales.
Business Insider (2017), about 200million two-thirds of the entire population in USA shop online.
Picture
Also, US Census Bureau (2015), about 7.5% of the retail sales in the Q4 2015 were derived from ecommerce. One of the major economic problem USA is facing in the ecommerce industry is counterfeit products.
In 2009, counterfeiting has cost US economy about $250 billion and about 750,000 jobs were lost as a result of the same counterfeiting. Every year about $200 million are lost to counterfeit products in USA. If counterfeit never existed, the dollar lost would have been channel to some other industries to increase production which improves the standard of living of consumers.
According to World Health Organization(WHO), counterfeit pharmaceuticals generated global sale of $431bn in 2012, which about 82% had a direct impact on public health. In 2008, the US government seized $28.1 million worth of fake pharmaceutical products, the sale would have amounted to $75 billion.
From the scenario mentioned earlier, if counterfeit products never existed in the world, investment would be encouraged, the cost of production will be reduced, intellectual property right won’t be abused, consumer’s confidence would be built and many more.
.jpg)
Picture
In 2016, I had a friend named Whitney, she possessed a Gucci bag which I loved and pleaded with her to buy a replica of the bag for me as a birthday present. She told me it was the 10th year since she bought the bag from an online store. It was totally unbelievable, because everything was still intact as if she just bought the bag a week ago. Obviously she bought the original product not the counterfeit. Whitney travelled for a training before my birthday and I was sad because, she won’t be around to buy the bag anymore but before then, I had to some stuff for myself and I finally came across exactly the same Gucci bag Whitney had. I decided to order for the GUCCI bag. I have always had a problem identifying a real product. I couldn’t differentiate which product was fake or real. Because, the zip had Gucci on it, the lining was the same with hers, the chain was the same color, and the leather was the same when I looked at it. I was so confused because of the problem of information asymmetry in terms of buying the wrong bag. I didn’t use this bag for more than 3 times and it got spoilt.
Picture
Counterfeiters are taking full advantage of the online ecosystem to enlarge their business. Statistics showed that the counterfeits are now able to access a far wider market and leverage every advance in technology to be more organized and efficient.
Counterfeiters have become so skilled at exact replication of some products, that it consumers to tell the difference between a real product and a fake one. The same way counterfeit goods are increasing, same way the fraudulent sales of counterfeit products are on the internet.
Technology has a big role to play in the ecommerce industry. Block-chain is a product of technology. This is where a blockchain platform that promises to set the pace for ecommerce industry comes in, the platform is called ‘ELEMENTH’. Elementh project grew from miix.org which had been in existence since 2012. The good news is that technology has a role to play which is to drastically reduce the problem of counterfeits. Gone are those days where, we are scared to take the risk of purchasing goods online. If only Elementh existed during the time I bought that Gucci bag, I wouldn’t have fallen into the trap of Gucci counterfeit products.
Picture
Elementh block-chain technology has a goal and a mission to achieve which is to create an alternative protocol for the development of decentralized applications used by e-commerce, providing a standard quality nomenclature, guaranteeing ownership of a particular product and the ability to create specialized smart contracts for e-commerce.
There are a lot of features on elementh and one of the is the Smart contracts. Smart contracts simply facilitates, verifies, and enforces the negotiation or performance of a transaction. It allows one to perform transaction without a 3rd party. In layman terms, For example, there are certain transactions that requires the help of Lawyers, but here, we don’t need lawyers anymore. Smart contracts has replaced lawyers which saves one time and money.
How elementh works?
Elementh has a B2B (Business to Business) application. Here, the suppliers and manufacturers are found, while consumers are found in the B2C (Business to consumers) applications.
An owner of a product registers on the website, sets up his store on the site, he writes decentralized smart contracts and he uses the nomenclature standards to quickly creates various decentralized and centralized applications he will use like, he can synchronizes his stock balance using the accounting program connected to the application, a consumer likes his product and decides to order for the product, automatically the owner of the product gets a notification that a consumer wants to purchase his item, they both agree on the delivery process, the consumers money goes through a smart contract which one of the feature of Elementh, the owner of the product is credit after delivery of the product been ordered for.
Picture
Elementh has a target market which are those who are victims of the counterfeit products are the brand owners, the consumers and the online retailers. Therefore, both the consumer and the manufacturer has a role to play, so as to improve the ecommerce industry. The Elementh feature can accommodate a lot of applications. Tools available can be used for product tracking, seller/buyer scoring, product availability, product location, finding the lowest prices.
How a consumer or business detect a counterfeit product on the website?
The platform operates in two systems which is system of goods and system of tokens. In the system of goods, the platform makes it easy for consumer or business to be sure if the product they are about to purchase or sell is an original product. To achieve this, the manufacturer usually assign a serial number to all product produced which is recorded and inputted in the database. When a consumer buys the product he checks for the authenticity by typing the serial number on the application. If the consumer sees the serial number, then the product is original but, if the serial number is not there, this means that the product is a counterfeit.
Picture
The website is programmed in such a way that large number of applications can be used on the platform, counterfeit product and original products can be detected, all item data are on the database, data cannot be forged, duplicate cards can’t be created,
How a consumer can purchase a product at the lowest price?
A consumer’s utility is met when he is both satisfied in terms of price, quality and quantity. Elementh is here, to offer all of these. I am always ‘web-rooming’ whenever I want to buy a product online. Why do I have to web-room? The major reason, is to find the product with same quality but with a cheaper price. Another reason is to minimize the rate at which the can buy a fake product or exorbitant products.
.jpg)
Picture
The disadvantage is that, there is no assurance that the product is original or the price is the cheapest I can get from any supplier. Elementh is created to solve this problem. Product prices displayed on elementh are guaranteed to be the lowest. Once the product is ordered for, the consumer’s money remains in the smart contracts. The supplier is credited after the consumer receives the product. The time of arrival of any product using this platform is early. If I had bought that Gucci bag from using elementh, I would have been sure of the authenticity and the Gucci bag could be sold in the secondary market because it’s original and not a counterfeit.
Picture
Like I said, the platform also operates in with System of tokens. The elementh token also known as EEE is available for sale
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
Private Pre-Sale start date: 15 January 2018 00:00 UTC
Private Pre-Sale end date: 31 January 2018 23:59 UTC
Private Pre-Sale soft cap: -
Private Pre-Sale hard cap: 1 500 ETH
Private Pre-Sale price: 1 EEE = 0.0001 ETH
Private Pre-Sale bonuses scheme: 50% Tokens
Pre-ICO start date: 1 February 2018 00:00 UTC
Pre-ICO end date: 14 February 2018 23:59 UTC
Pre-ICO soft cap: -
Pre-ICO hard cap: 1 500 ETH minus received in Private Pre-Sale stage
Pre-ICO price: 1 EEE = 0.0001 ETH
Pre-ICO bonus scheme: 1st day: 30% Tokens, 2nd day: 15% Tokens
ICO start date: 1 April 2018 00:00 UTC
ICO end date: 30 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
Features of DAAPS
.jpg)
Picture
The market place is decentralized, everybody has a database of the website, one can easy access the website, to know the authenticity an item, products available and the lowest price of the product through the merchandise card which are created and many more.
The serial number is used to track the movement of goods from the manufacturer to the current user.
The database indicated the locations of manufactures and suppliers. So, consumers who wants to purchase a product can easily choose the most convenient manufacturer to the consumer.
The messages between the seller and the buyer is strictly private between them, mo order person has access to the messages
After a seller registers, the next step is to set up his store. He has the choice to design his store if he wants to.
THE TEAM BEHIND THIS GREAT IDEA
The team consists of 10 genius. The team is headed by the Sergey Ryabov, who is the CEO. He has created a lot online projects since 2001 and he, not excluding others have great experience in the field of e-commerce sector which is the target sector of elementh. Dmitriy Bereznitskly, the CTO and others are part of the team. Not forgetting the Advisors which is headed by Naveen Yannam. These advisors are the great pillars of elementh, trying to ensure that the right decisions are made.
Picture
FOR MORE INFORMATION VISIT:
Elementh Website
Elementh Whitepaper
Elementh Facebook
ElementhTwitter
Elementh GitHub
Elementh YouTube
Elementh Medium
Elementh BitcoinTalk Forum
To participate on @originalworks contest kindly click here:
https://steemit.com/cryptocurrency/@originalworks/140-steem-35-bonuses-sponsored-writing-contest-elementh
Elementh2018
Submitted.
You are using a graphic I created for this contest in my post without my permission and without giving credit to the image. The image has a licence CC by SA 4.0 which REQUIRES CREDIT TO THE INITIAL PHOTO
Please remove MY graphic from your post and feel free to use the original photo if you need.
You can find the link at my post (right where you took the photo from)
@katerinaramm
@originalworks
@ahooleeman
[Edit]
You may use the image with the prerequisite that you link to both the original source and to my post.
FYI Any work that derives from a licensed image, has the same license & should be attributed according to it.
Thank you
Copying your image without referencing you wasn't an option. Because, if you look at my 1st image on my post, you will see that i designed it myself, not only that one, i designed another image in my post. So, its annoying when someone copy my image and didn't reference me. But then, its fine if someone use my image but at least reference.
Like i said, its my bad and i have rectified it. Hope we are good to go ✌️.
The mistake is from my end. The references were mixed up, not just that particular picture. Really sorry about that, i have rectified it all. Thanks for understanding.
You may use the original photo and source to the link of the photo.
If you use my graphic you should link to both the original photo + my post.
Thank you and good luck at the contest
I think its best i don't use the image at all. Sorry for the inconveniences ok. Good luck to you too ☺
Glad the issue was resolved.
Thank you very much for you understanding @unprovoked and @katerinaramm