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After having presented the solution and the plan to enable cryptocurrency transactions for everyday shopping with their system Elipay, the Eligma team presented the alpha version of their AI-driven category predictor – a module that presents the basis for their innovative discovery feature. They also made the code available on their GitHub. In order to be able to further its development, Eligma is currently holding a presale of its tokens, with the public crowdsale to follow on April 17.
Alongside the presentation of the developed first stage of the Eligma’s discovery feature, CEO Dejan Roljic stated: “Our revolutionary technology will enable us to introduce a new market solution reflecting the needs of the contemporary buyer and making the online shopping concept a lot simpler."
"It is our ambition to make our solution global and set a new benchmark for all existing online sellers.”
The other two functionalities to be developed are an automatic inventory of one’s property that suggests the best time to resell one’s unwanted possessions, and a loyalty system rewarding Eligma users with ELI crypto tokens. The last feature is also well under way, with the tests starting mid-April.
Its discovery concept will rely on an algorithm that first recognizes the product’s category and then uses an AI agent that is specifically trained with all the characteristics of the products in that category. In that way, it can offer precisely what the user needs.
Later on, this function will also be connected with a chatbot, asking the user smart questions to give the optimum item discovery results. The option to use the AI-driven feature to find the best deal amongst all online stores is the first of the three major functionalities that will enable Eligma to act as a comprehensive online store aggregator.
A Blockchain-Based All-Around Product
Eligma’s three pillars — AI-driven discovery, blockchain-based inventory and the ELI token-powered loyalty — will allow quick discovery of best offers, safer inventory keeping and a unified loyalty program for all users and retailers on the platform. This architecture represents the best of two worlds: we can harness the transparency and safety of both our sidechain and the Ethereum blockchain and, at the same time, avoid the transaction fees of the latter by only storing hash values there.
While the data fueling the inventory of each user could be kept in the form of a regular database, Eligma uses blockchain to make it safer and transparent. Inventory pillar is based on a sidechain solution (a sidechain is a blockchain ledger that runs in parallel to the primary blockchain).
Inventory will encapsulate DIPs (digital item profiles) with different records regarding products. This will include products that users purchased and were added to the inventory automatically, and products that users added manually.
Also, their ELI crypto token is an ERC-20 compliant token that enables them to use the Ethereum blockchain-based smart contracts for decentralized C2C and B2C sales on the blockchain. They will allow payments in cryptocurrencies between sellers and buyers who previously agreed to terms through the Eligma platform or other means of communications. Both buyers and sellers are therefore motivated to successfully fulfill the smart contract terms in order to receive their payment and/or deposit in ELI tokens.
Eligma is a great case where smart contracts act as trustless agents, assuring that the terms are met and thereby eliminating the need for other parties to act as trusted agents.
Advisors Bring Experience To The Development And Business Building Process
The advisors intrigued by Eligma’s business plan come from all relevant industries with experiences earned from working with renowned companies such as Google, Apple, Intel, EDG, eBay, CryptoIQ and more. That is a sign that time is right for Eligma to utilize the accumulated advisors’ knowledge and presents to the world how it envisions the future of commerce.
If you are interested in more about this exciting project, connect with the team on their channels and social media.
• Join the Eligma Group on Telegram at https://t.me/eligma.