Elementh (EEE) – Decentralized e-commerce marketplace

 

Author: Nikolay Dimitrov
Date: 14th of April 2018

Do not make investment decisions based on this article – read the disclaimer before you proceed and leave the website if you disagree with it.

It is 14th of April 2018 today. This review takes into consideration investing in Elementh (EEE) – ICO at a price of 5000 EEE per ETH Token.

We do not endorse the ICO’s we are writing reports on – we just have a big pile of ICO’s that people have mentioned to us could be worth taking a look at and we are going through them one by one. All shared personal statements are a personal point of view.

Project/token summary

 

Elementh’s goal is to provide a blockchain infrastructure for the e-commerce market. It is intended to provide the participants of the e-commerce market with real-time as well as historical data on stock inventory and price. It will also allow the creation of decentralized and centralized applications based on the Elementh blockchain. In order to make things clearer, we’ll have to take a look at an example that the developers have presented in the project’s Whitepaper. For a more detailed description of the process, visit their website and check it out.

 

How do I rate an investment in this project at the current price?

The project started in 2017 and is currently at its ICO stage. So far they have raised 10131.17 ETH, reaching their Softcap at 10000 ETH. The Hardcap is at 30000 ETH and as of this moment, the ICO ends in sixteen days. According to the Roadmap, the project should reach the final stages of its development around March 2019. Their current MVP is a database with over 1M goods from several product categories. You can also search for products in their database, take a look at a chain of transfer of ownership of a certain product and upload price lists on their system.

Here’s how Elementh is intended to connect stores, distributors, service providers and manufacturers, making things easier for everybody involved.

In the example given in the Whitepaper, the owner of a small store decides to sell his shoes via the Elementh blockchain. He sets up his account on the application, goes over the features and uploads information about his store’s goods, which then immediately becomes available to all members of the Elementh network. A customer likes the shoes while browsing and orders them. The store owner receives a notification and the customer’s money payment is immediately performed via a smart contract, which means that the order is real. As soon as the shoes are delivered, the money is transferred to the store owner’s account.

 

 

The example in the Whitepaper also shows how a store owner can buy goods which he intends to sell. For example, the above-mentioned store owner decided to expand his product range and start selling bags. He finds a bag supplier via Elementh and places an order, transferring cryptocurrency to the smart contract. The supplier arranges the delivery of the goods and the process is in motion. The platform allows tracking the movement of items from its creation to its current owner. This way, a potential buyer can verify that the bags in the store are not fake and establish their origin and movement. The project will have a system in place to determine the authenticity of goods and detect counterfeits. You can read a more in-depth explanation in the Whitepaper. Other key features are the ability to search for goods by geolocation, decentralized sending of messages (or the ability to contact everyone involved in the transaction, meaning that you can bid, set up conditions, exchange systems etc.), a good store designer where you can input all the necessary data  about your products and fakes search to detect counterfeit products. The Elementh blockchain can be used by any service provider, for example, hotels or airlines with ticket, coupon or voucher entity to store information and track ownership.

 

All goods in the system will have a merchandise card. Those cards will contain all kinds of valuable information about the product, including brand, manufacturer etc. All products will also have an Unique Identifier (ID). The project’s goal is to implement blockchain technology into e-commerce and in this way to make e-commerce as efficient as possible. The projects aims to provide a way to compare millions of goods from thousand of suppliers, manufacturers and vendors and to provide access to real-time stock inventory and price data of the products inside the blockchain.

 

 

This is a very ambitious projects. The core team has been working together for a long time and this is their second ICO.  Their first project was a success and Elementh is the next step for them. Their main goals, quoted directly from their Whitepaper, are as follows: to make the e-commerce world better and simpler. To create a standard system, available for use by the entire e-commerce market in both B2C and B2B sectors. To combine all prices for all goods in one place. To create the unified product classification standard and a platform allowing for quick setup and scaling of e-commerce projects.

 

 

Branding/Positioning

 

The project is a finalist in a number of competitions and has also won a good number of awards. It provides a solution to the challenges of the e-commerce market through the use of blockchain technology and ideally makes things easier for manufacturers, suppliers, vendors and customers. It’s not the only project with similar goals but it has a strong following and it looks promising. The team has been working together for a long time and they certainly have some experience in the field, judging from their previous project.

 

Token Utility

 

The Elementh token is a utility token and it will be constantly moving around in the system. More than 70% will belong to the participants of the system and will be in circulation within Elementh. The Elementh Foundation will receive EEE tokens as a fee from each occurring transaction, most of which will be used for system maintenance. Up to 25% will be used for daily operations, business promotion and technical development. Service providers pay the fee in the system and receive tokens in turn from companies requiring their service. Any interaction, such as access to the company’s necessary data, will be paid with EEE tokens in the system. Users can pay fully or partially for products and services in the system in EEE, and they can also be rewarded for maintaining and developing the system by detecting fake goods or creating product cards.

 

GENERAL

 

Website:does it look good/presentable: The website has quite the simplistic interface, but it’s definitely well-structured and pleasing to the eye. It contains all the important information and it’s easy to navigate. There’s nothing useless on it, which reflects on the team’s approach – strictly business.

 

The website – https://elementh.io

 

Roadmap You can find the roadmap at their website: https://elementh.io

 

Whitepaper – You can find a link for the Whitepaper at their website, which then transfers you to github, where you can read and download it. It’s a very well-structured and detailed Whitepaper. Starts off by detailing the team’s previous projects and then gives an overview of the Blockchain technology and the challenges that arise with E-commerce and how the team plans to overcome then. After that, there’s a detailed description of the project, the direction, the funding/spending plan and a (very important) description of the technology and the architecture behind their project.  The Whitepaper also contains an example of how a person could utilize Elementh, which is a good way of explaining the purpose of their project.

 

How does the cryptocurrency name sound (does it sound legit and like a good brand name) – Elementh – A catchy name, sounds appropriate for what the project stand for and aims to deliver.  The Elementh Token (EEE) – Nothing too catchy but easy to remember.

 

How does the logo look – Again, as was the case with their website, the logo is quite simplistic in its design, but it looks good and appropriate for the platform. It’s a black circle on a white background. In a way, it reflects the general aim of the developing team – strict, focused and all about business.

 

Is it a PoW, PoS or PoW/PoS coin, what is the mining difficulty or APR, does it suffer from inflation – N/A

 

 

Who is behind the cryptocurrency, are they shady figures, or have they placed their names and pictures on the website; what is their track record and reputation; do a quick google/GitHub research on them  – You can find the whole team and advisers, as well as links to some of their various social media profiles.  The team consist of 17 members, three of them are founders. The founders have been working together for a long time and their previous project – Miiix – a platform with a database consisting of store products, is still quite alive and is still being used. The project was an overall success and it’s still in use. It has also won them some major partners in Russia. All three of them have 500+ contacts on LinkedIn. A quick Google search yields no negative results, which is always a good sign. You can find all relevant information and photos of the team members on their website and I haven’t detected any obvious red flags.

 

What is the limit on supply of coins in circulation – ICO hard cap: 30 000 ETH (with one EEE at the price of 0.0002 ETH) There is no minimum or maximum amount to participate in the ICO stage. Tokens will be distributed at the moment of purchase in the ICO stage. All unsold tokens from ICO stage will be burned.

 

What the project survival relies on – Clients, clients, client. The magic word. The more people use it, the better. The more data they have in their database, the better their database is. There aren’t many other (if any at all) similar projects in the field, and if everything goes smooth this should be a success. Besides a good userbase, there is another very important thing – security. The team needs to make sure that there are no loopholes or security oversights. Since money will be constantly moving through their platform via smart contracts, the margin for error is non-existent. The Whitepaper describes the tech aspect of the project in great lengths, and some of the more tech-savvy users should go ahead and take a good look at it.

 

Will this project survive a cryptocurrency bubble burst and does/will it have enough of a following that needs it every day – Hard to tell. In theory, a platform that contains an immense amount of products and price comparisons should be incredibly useful, no matter the state of the cryptocurrency it employs, since people’s businesses will be depending on and ran through it. It’s never easy to tell, but in theory(!) this should be quite the resilient project.

 

Competition – There are some projects that attempt to accomplish the same thing, but this one seems to be the most popular and most endorsed one. So currently I’d say there is no considerably strong competition.

 

Social

 

Is there a Bitcointalk forum Announcement thread – Yes

https://bitcointalk.org/index.php?topic=2590603.0

 

How many pages is it – 16 so far and growing

 

History of the coin according to the forum and general public impression of the coin throughout – Interest is high, no doubt about that. The project is followed by a massive amount of people and the forecasts are very optimistic. This is based mainly on the fact that the team already has a working product – they have around 40 000 000 product cards listed in their database, which is already a staggering number. It has won several prominence awards and it’s been recently featured in a few podcasts and top-ten-lists about interesting ICOs. Overall the interest is quite high. The developers are very well-known for their previous work, mainly their Miiix platform, which gives a considerable boost to their trustability as well, which in turn adds to the optimistic predictions.

 

Is there a Twitter profile for the cryptocurrency and does it post regular updates, how many followers – Yes, they post regular content and have around 6300 followers.
https://twitter.com/Ahooleeman

 

Is there a Facebook page for the cryptocurrency and does it post regular updates, how many likes  – Yes, more than 4000 followers. They post regular updates as well.

https://www.facebook.com/Elementh-1371154296341075/

 

Telegram link – https://t.me/elementh_community

More than 30 000 members, and growing by the day. Telegram seems to be the most active place for that project. This is an enormous amount of people active in their channel, which is indicative of the interest towards the ICO.

 

Is there a youtube channel – Yes, albeit not too active – around 300 subscribers.

 

https://www.youtube.com/channel/UCNoPrTYvQvu31ISDeUhxS3Q

 

 

 

 


Subscribe to get immediate updates once a new report is available


Subscribe to the weekly newsletter:

loading…