The new year has brought a variety of updates and progressions in the Elysian project that is helping it to advance forward. The focus in the recent weeks has been on both the development of the listing platform CryptoVerse and the mobile wallet. Each of these are key pieces to the Elysian ecosystem. CryptoVerse will have a variety of functions that separate it from competitors in a market where these types of platforms are not overly common. The most recent update is the implementation of a ranking system. The ranking system allows account holders to rate blockchain projects on a scale of 1 to 5 stars, 5 stars being the best ranking possible.
The number generated that is visible when users view blockchain projects on the CryptoVerse platform will be the average ranking based on the total cumulative number of rankings given by users. The mean average method is used to ensure that the voices of each community member are heard and that each vote is weighted equally. We will also be adding a feature that allows users to comment and leave feedback regarding the project that they rate. The feedback will improve the credibility of the rating and promote transparency to make sure that there is a legitimate reason for the rating given.
In addition, one of the most important features that we felt was necessary to add on the platform was real-time updates regarding specific details of cryptocurrencies. We are pleased to announce that our API update cache has been lowered down to 5 minutes per update, and we expect this number to go even lower in the coming weeks. It is vital for traders and blockchain enthusiasts to have up-to-date information and accurate statistics. Regarding the API update cache, the updates will be reflected in the following manner, with the following statistics:
● 24 Hour Volume
● 24 Hour Change
These details will be outlined in each box for each cryptocurrency to allow platform users to have current information for their projects and tokens of choice. The team has also been focusing on the development of the wallet, which is one of the most important parts of the project that holds everything together.
The wallet will have a wide variety of features that are different from basically all pre-existing wallets. The send and receive feature will perhaps be the most used feature of the wallet, allowing it to act in a similar manner to Venmo except with cryptocurrencies instead of fiat currencies.
Users can copy the address or scan the QR code in order to receive tokens. Sending will work similarly in the sense that the recipient will have an attached address to which the user will send the tokens. There will also be a feature that allows users to add contacts inside the wallet, similar to on an iPhone, and your contact list will be available at all times. Wallet users can also attach a specific address to each personal contact and save that address as part of that contact’s information, so that each time you send tokens to that person, the address is already saved and easily accessible to prevent the hassle of continuously copying and pasting addresses. This will make the process of sending and receiving assets extremely simple.
In addition, there will be a feature inside the wallet that allows users to swap from one cryptocurrency to another, powered by Changelly. This is beneficial for traders and users that consistently change assets. This feature is both convenient and useful. Assets can be exchanged in a lightning quick manner for various reasons including:
● Portfolio Tracking
● Use in Ecommerce Stores on the Elysian Platform
● Sending and Receiving Assets
We are still changing and improving some aspects of this, however we understand that this also will be a widely used feature within the wallet. It is important to have the freedom to swap assets and not feel confined to specific tokens within the wallet, and it saves lots of time and the hassle of having to send your assets to an exchange, sell them, buy your new asset, then re-transfer it back to the wallet again. All in all, we expect this feature to be very popular and a strong driving force for the productivity and efficiency of our wallet.
Lastly, there will be other features inside the wallet that are designed to build the community and promote interaction. This is overlooked by almost every wallet in existence, because they focus solely on storing and transferring assets. Though these details are important, it is also important to grow your network and conveniently communicate with friends, wallet users, or other community members. For these reasons, we have developed a feature that allows users to chat with others right inside the wallet. This allows users to confirm quickly with senders or receivers the amount of assets to be exchanged, and also to discuss news regarding both Elysian and the blockchain industry in general. We emphasize community growth, and this is a prime example of a great way to do so. No cryptocurrency wallets have this feature, and even Venmo doesn’t allow you to chat with people that you are exchanging assets with, they only allow you to comment on the details of the transaction. This is just one of several features that will differentiate the Elysian wallet from its competition.
The ultimate goal is a healthy ecosystem with a large user base and a strong community. We believe that these objectives can be achieved in the near future and the features inside the wallet play a key role in achieving this. Overall it has been a productive start to 2019. Our Four Point Ecosystem is the fuel that drives the project, and CryptoVerse and the wallet are two of those four points. When users can interchangeably use these aspects in an efficient manner, the ecosystem and community will grow rapidly and we will begin to set ourselves apart in an industry that is in dire need of a transformation. As time progresses, more features will be added to both of these points, making it even easier and improving the user experience. The future is very exciting and there is lots of work to be done, but dedication and innovation are the recipe for becoming industry leaders and setting the bar high for other projects to match, which will ultimately improve the entire industry as a whole.