For the first Badman ICO of June, I've chosen to cover a project that has the potential to not only thrive in the blockchain economy but to take over a large chunk of the traditional economy as well. Elysian plans to take over at least 1% of the 2.5 trillion e-commerce market in the next few years and if you want to find out how they plan to do it, read on.
What is Elysian?
Elysian is a decentralized e-commerce platform to allow businesses to run their own commerce website on the blockchain. Elysian plan to be the intermediary between merchants and their targeted demographics of consumers and function somewhat similar to Shopify in this regard. Blockchain technology will give Elysian the edge, by enabling them to tackle the two major issues of user experience and security that are currently negatively affecting the industry.
The platform will feature blockchain tech, artificial intelligence and virtual reality to improve upon the current e-commerce model and in turn, establish itself as a major player in the industry. The unique nuances of the platform will function as follows;
Blockchain Security
Elysian plans to utilise the immutability aspect of the Ethereum blockchain, tied in with Elysian's own proof of authority consensus, to distribute user data and encrypted credit card information across multiple nodes on the network and prevent a single access point for hackers. This tackles the security risks of current centralized systems, providing secure data storage and identity theft protection for customers - something that is sorely missing from the currently available platforms.
Artificial Intelligence
Artificial Intelligence will be seamlessly integrated into the Elysian platform to enhance the user experience of both shop owners and consumers. The Elysian AI (ELYN) will function similar to currently available mainstream AIs such as Alexa (Amazon), Siri (Apple) and Cortana (Microsoft). It will enable users to navigate through the site while being guided to recommended or previously viewed items through verbal communication and vivid graphics. The aim is to provide a level of user interaction that is unmatched elsewhere on the internet and as the Elysian AI is not primarily designed to harvest user data to monetize, the responses will be more in-depth and accurate rather than being vague or pre-programmed.
Virtual Reality
In the later stages of the roadmap, Elysian plans to implement virtual reality stores as an available tool on the platform. These stores will function through the use of a VR headset or even just as a 3D scape on a mobile phone or other handheld device. The idea is to allow the consumer to see items in 3D rather than visiting a shop and to identify information about the product through an unparalleled visual experience. The VR environment will also be fully customisable giving the user control over the design and application. A great application for the VR tech could be to design a specific room in your house with exact dimensions and using the platform to try out new furniture in your home with almost endless combinations before purchase. As ambitious as this implementation sounds, by the time it will be developed and released it is likely that VR will be much more mainstream and commonplace as it is currently a rapidly expanding area of technology.
The Token
The ELY token is an ERC20 utility token that can be staked for voting rights on the platform and will be used to drive community interaction with the project. If a member comes up with an idea on how to improve Elysian or introduce a potential partnership, they will be eligible to either receive funds from the growth pool or can spend their own tokens in order to complete the task. The voting rights will be used to vote on potential projects that intend to launch on the platform and to allow the release of funding to the project, either by Elysian, a member of the community, or a combination of both. this provides an incentive for community interaction while also providing an efficient and fair means of launching projects.
Summary
The project looks incredibly promising with its long-term aims and direction that is laid out in the roadmap. It seems way ahead of any competitors in the blockchain space, and if everything goes to plan could become a major player in the wider economy. The team's vision is very realistic and I think achieving 1% of the E-Commerce is very plausible and may even happen sooner than planned.
To find out more about the project check out the website, the telegram group or the ANN Thread. The TGE is currently underway and you can take part here. If you want to join the bounty campaign and help to promote the project, you can find out about it here.
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Badman Crypto (Phil Stephenson)
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