GoCrypto Blog
Published in

GoCrypto Blog

The ELI token and its many uses

Eligma is an international team dedicated to changing the world of buying and selling as we know it. Our smart commerce solutions integrate prime technologies to embrace the latest consumer trends such as the popularity of cryptocurrencies. We are building a commerce platform on three pillars of development: effective discovery of desired products, creation of the inventory of all the items that one buys, and a loyalty program. Our every solution is focused on the use of our native ELI-token. ELI is the fuel of the Eligma platform and the core of all its functionalities. This reflects our firm belief that blockchain will soon be one of the prime aspects of tech development in many areas including commerce.

As an ERC-20 compliant token, ELI will be utilized for various functions on the Eligma platform, with the aim to help create a sustainable and far-reaching ecosystem that integrates buyers and sellers worldwide. Here are some functionalities that will run on spending ELI tokens:

· Product hunts (Discovery Pillar)

If a buyer on the Eligma platform is unable to find the exact product match through our smart mega-search across all the world’s websites or if its price is not convenient, the customer can order a product hunt. This means that Eligma’s AI will monitor the market for a specific amount of time to locate the product and/or price offer sought. For this service, a certain amount of the user’s ELI balance will be locked. If Eligma finds the product and a sale takes place, the tokens will be released to Eligma (or returned to the user in the opposite case).

· Advertising (Discovery Pillar)

Sellers who are part of Eligma will be able to use ELIs to buy advertisement space on the platform. In this, their ads will be visible to our customer base worldwide.

· Second-hand listings (Discovery/Inventory Pillar)

One of the central features of the Eligma platform will be the creation of an inventory of all the items that a user buys. The price of each item will be monitored by our AI household trading agent, which will also suggest the best time to sell it. If the user decides to sell something, ELIs will be used to create an automated listing of the item and place it on the online second-hand stores connected to the Eligma platform.

· Escrow services (Discovery/Inventory Pillar)

Online escrow represents a central feature of online commerce as a precaution for a seller and a buyer, and will also be offered by Eligma. The escrow will consist of Eligma withholding the buyer’s payment (until confirming that the received item corresponds to the agreed requirements), and of the seller depositing ELI tokens as a guarantee. A seller will be able to select escrow service when creating a sales listing and will be charged ELIs to be able to offer it. Sales ads with the escrow feature will be given special visibility to enhance their discovery by buyers.

· Decentralized sales with smart contracts (Inventory Pillar)

Users will also be able to buy and sell items with the smart contract service, which will be enabled by paying a certain amount of ELIs. Decentralized sale will take place on blockchain, with no central authority to intervene. However, both parties will have to prove their motivation by placing an ELI deposit, which will be returned after the smart contract is concluded.

· Purchasing selected items (Discovery Pillar)

The Eligma platform will feature a limited amount of items that users will be able to buy with ELI tokens only. This kind of exclusivity will result in better sales of specific products and further the usability of our native token.

· Seller loyalty program (Loyalty Pillar)

Every seller on the Eligma platform will be able to create their own loyalty program and promotional activities, rewarding users with ELI tokens for shopping with them. Therefore, sellers will purchase ELIs to have their loyalty programs up and running.

We firmly believe that all the above uses of ELI will not only support the first-rate platform functionalities we are developing, but also reflect in ELI’s long-term worth − enhanced not only by our early adopters but also new customers we acquire along the way with first-rate service.

Eli is now available on BitForex, Livecoin, Bancor, Tokens and Coinbe.

Join our vision and our community!

Website | Facebook | Twitter | LinkedIn | Telegram



Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store