Elysian — Scope of Competition
Elysian is a decentralized Ecommerce platform for online businesses to build customized websites on the blockchain. The platform operates on Ethereum’s private Proof-of-Authority protocol to distribute data on a private chain across a network to prevent one single access point for malicious actors. In addition, the platform will drastically upgrade user experience by implementing aesthetically pleasing technological advancements such as artificial intelligence and virtual reality to simplify website navigation and provide a new level of user engagement.
Since Elysian operates on the blockchain and provides services that integrate blockchain technology into its ecosystem, competitors that operate off of the blockchain are indirect, although they are the most significant in terms of revenue and market size.
- Woocommerce — A basic WordPress plugin that is very flexible and easy to customize, but is difficult to use in comparison to Shopify. Also, maintenance must be done by the user and extensions can get quite costly.
- Magento — Scalable, mobile friendly platform that has a wide variety of features in comparison to the others, such as various currencies and the ability to support several stores and locations. However, it is expensive, has extremely poor support, and is very slow to load.
Despite the fact that these platforms are successful, there are improvements that must be made to change the status quo of Ecommerce platforms in the industry in order to keep pace with the oncoming unavoidable technological advancements.
Elysian’s direct competition comes in the form of platforms and projects that operate on the blockchain. These projects are much smaller in size compared to the aforementioned off-chain platforms, and there are very few of them on the blockchain. This is a very big advantage for Elysian, as they are one of the only Ecommerce platforms in the blockchain space, and the only one to offer the specific set of services to the industry, which essentially gives them first mover’s advantage in this niche.
- Syscoin — Uses P2P technology for decentralization to provide payments instantly. The project also provides encrypted messaging and an advanced escrow system to ensure security of funds. However, their design (including wallet) is in need of improvements and even though they provide payments they do not support atomic swaps.
- OpenBazaar — A decentralized marketplace on the blockchain that operates somewhat similarly to eBay and is very small in size. This project has little room for scalability and does not offer a variety of features.
- Bezop — A decentralized platform for launching online stores, but without the integration of artificial intelligence, atomic swaps or virtual reality.
- FLOGmall — An international Ecommerce platform without commission from payment systems and placements of ads which offers a variety of products to use cryptocurrency to purchase. The platform and idea seems basic, and they also do not have an atomic swap protocol for token payment purposes. FLOGmall needs more aspects integrated into their project to become an industry leader.
The on-chain competition is very minimal at best, and Elysian sees none of these platforms as a threat, aside from Syscoin. Moreover, Syscoin is arguably the only legitimate project in the niche that Elysian is entering.
After analysis of these platforms, it is evident that there are vulnerabilities that must be addressed. Elysian offers several solutions to these problems:
- Upgraded security using Proof-of-Authority
- Competitive pricing — A revenue model that includes a 1% fee per transaction, in comparison to Shopify’s 2.9%, and a subscription package that is priced approximately 20% lower than Shopify.
- Website customization controlled by users
- Fast loading times
- Capable of scalability
- Atomic Swaps — The ability to swap tokens back-and-forth to be able to pay with whichever token you desire on the platform. This improves convenience and prevents high fees such as bitcoin.
Elysian’s project has the capability of changing the industry because it targets two of the most vital aspects in Ecommerce, which no company has pieced together yet. Users care specifically about the safety of their personal information and the experience on the platform. Many Ecommerce websites and platforms have an extremely high bounce rate due to the lack of unprecedented user experience. Solving these issues will build a very large user base in a lucrative industry. If Elysian is able to implement proper product and market adoption, it is poised to rapidly grow into an industry leader.