Idea & Token
Elementh is developing a blockchain-based, global, e-commerce platform that has the following features:
– Registering proved product ownership and tracking.
– Providing real-time and historical data on stock inventory and price.
– Classifying more than 1 million products across the e-commerce market by using machine learning.
– Efficient searching for the best products, sellers, and prices thanks to the decentralized nature of the platform.
– Providing centralized and decentralized applications on the blockchain.
– Providing product restful API which can be used by different e-commerce businesses.
– Setting up an online store on the platform, fast and easy.
The history of the Elementh project comes from a company called Miiix founded by Russian entrepreneur Sergey Ryabov and a software developer Dmitriy Bereznitskiy. Since 2012 the founders developed a serious database containing 70 million of stock keeping units (SKU) for about 30,000 products. Elementh is the next development step of Miiix that was transformed into an open-source blockchain-based project.
As they say about their project, Elementh is aiming to become a standard system, available for use by the entire e-commerce market in both B2C and B2B sectors. The system will combine all prices for all goods in one place with the unified product classification and will allow for quick setup and scaling of e-commerce projects.
The project’s ERC-20 token called EEE will be used for all operations across the entire network. It’s stated that 70% of tokens will belong to the network participants, such as online marketplaces and stores, suppliers, market research companies, customers, manufacturers, distributors and payment services. Total supply is 303 million of EEE tokens.
217 500 000 (71,78%) EEE – purchasers
45 000 000 (14,85%) EEE – team
40 500 000 (13,37%) EEE – partners and advisors
Apart from Ryabov and Bereznitskiy, the third co-founder of Elementh is Vitaliy Mengeshev who also came from Miiix and has over 15-year experience in business development. The core team consists of 17 specialists with backgrounds in e-commerce, software development, data science, and blockchain. Add to the team 4 advisors with expertise in IT, business, and marketing. Considering the successful story of Miiix, the team inspires confidence.
The project has generated extremely loud and positive hype. Their Telegram channel has more than 27,000 subscribers. And this hype is not a result of aggressive marketing and advertisement, the reason is the project itself, the idea, the experienced team that proved their professionalism and efficiency in the previous company. The investment perspective is more than positive. Among challenges we’d mention that Elementh is not the only ICO project in e-commerce, the competition in this sphere is quite tough.
A solid blockchain project targeting the global e-commerce market with high chances to reach the success.
Elementh ICO datesexport to calend
Along with the system of tokens, Elementh has a system of goods, which can also be used in a large number of applications, such as tracking the movement of a particular item from its creation to the current owner, tracking original goods and detecting counterfeit goods. Unlike the system of tokens, the system of goods also provides for the ability to “issue” a particular product at a particular address, indicating all possible item’s data (such as name, manufacturer, bar code, etc.). And if identical goods are already present in the blockchain, the issuer will receive a message about it, and he will have the opportunity to indicate how many items of goods he wants to “issue”. If an item has a serial number, it is possible to specify it when the transfer operation is being performed. To provide protection against data forging, only the hash of the serial number is fixed in the system, therefore only the person who knows the initial number has the ability to make a valid transaction. In the absence of a serial number at the moment of “issuing” goods, the system generates it randomly and the holder is able to use it to identify a particular item of goods by printing out the QR code on the package, writing it in an RFID tag or in any other convenient way.
Elementh’s goal is to create an alternative protocol for the development of decentralized applications used by e-commerce, providing a standard quality nomenclature, guaranteeing ownership of a particular product and the ability to create specialized smart contracts for e-commerce. Elementh will achieve this by creating a blockchain with a built-in Turing-complete programming language, allowing everyone to write smart contracts and decentralized applications, enabling the use of unified product cards, e-commerce transactions and the transfer of ownership.