Einstein said at one point that the most important thing is not to stop questioning because curiosity has its own reason for existence. In the past years, we’ve seen great technologies taking us to the closest edge of the future. While we might take the utility of the blockchain for granted, we learn that its design can be applied to absolutely everything. The most recent project under development that caught our eye is Elysian. This project could become one day a giant like Amazon.
What is Elysian?
Elysian is a decentralized e-commerce platform based on the Ethereum blockchain which secures customer data, enables the users to make e-commerce transactions and also give them an experience never seen before. The team wrote that they had chosen the Ethereum blockchain due to its useful smart contracts, but also because of its higher level of security which can benefit the e-commerce sector.
However, the team explained that while they will use Ethereum’s technology to create the platform and the token they will not use the Proof-of-Stake (PoS) algorithm. Instead, they will use the Proof-of-Authority algorithm (PoA) a new concept which is similar to PoS but it has a few different features.
According to them, the PoA has some pre-approved authority nodes called “sealers.” Furthermore, the PoA gives fast transactions via a consensus which places the identity as a stake.
In the Elysium system each new node that wishes to be added it must be voted on by the approved set of authority nodes. This feature will give the platform the full control over the nodes, but also control over the nodes that can seal blocks on the network.
At first, Elysian will distribute an ERC20 token called ElyCoin which will be placed on the public Ethereum blockchain. After the ICO ends, the team will switch all the tokens to a private sidechain of Ethereum which uses the PoA algorithm.
The team stated that in the future they would implement new technologies like artificial intelligence since the e-commerce sector needs it for growth purposes. Like it or not we are currently living in a period when after “blockchain,” the words artificial intelligence either startle us or makes us wonder about its utility.
The team explained that in the future human labor could become less desired on the e-commerce platform and the AI will be in charge of most of the transactions. Until then, to accustom the users with this technology, Elysian wishes to implement AI on its platform.
Another great addition to this project would be virtual reality (VR). According to them, the Elysian platform gives the users the option to create their virtual reality which will provide them with an experience similar to the ones we see in movies.
To make an analogy we could use the movie Valerian and the City of a Thousand Planets, where in the beginning the characters were buying goods by using VR equipment.
With these proposals, the Elysian project aims to change the way we perceive shopping online while the customer has his own free will in creating a new experience. Besides this, the project wants to create an improved and efficient platform that uses the blockchain. The team announced the first successful test of the beta platform, and it works on providing a high level of security regarding data storage.
At the moment the team is in the presale stage, which will go until June 3, 2018. After that, they will hold a pre-token generation event between June 4 – June 17, followed by the main event between June 18 and July 8
The Elysian Community
While the tokens have not been distributed yet and the main token generation event is due to start in a month, the project managed to gather until now almost 33.000 users and potential investors on Telegram while on Twitter, the project is closely followed by almost 2,500 users.
In the next article, we will discuss more widely the vision of Elysium, stay tuned.