Eligma – Introduction
Eligma is a new blockchain play and still operating under the radar for the most part. I discovered it due to it’s high ratings on a number of reputable ICO sites. The Eligma ICO has now concluded, they managed to raise just over $10 million. This is not an eye catching figure in ICO land but relatively impressive given they raised it during a major bear market.
In their own words ‘Eligma is an AI-driven and blockchain-based cognitive commerce platform that will change the way people discover, purchase, track and resell items online.’ They make the point that ecommerce is at overload point with over 10 million registered online stores hawking billions of products. We are no longer able to find the best deal. Nor can we accurately gauge the correct ratio between a product’s price and quality.
Eligma – Solution
The proposed solution is to link all online stores to a user personalized one point shop for you. The artifical intelligence component promises to identify the best price for the product you want. This is achieved through comparative data analysis of product specifications and other salient details. A further benefit to the Eligma platform is that you will never again have to log into different online stores. Eligma will unify the myriad of online stores you browse and buy from already into one neat interface.
You will be able to pay using cryptocurrency through the EliPay facility. You will even be able to pay for goods from shops that don’t accept cryptocurrency with crypto through EliPay. Eligma’s personal product inventory showcases the benefit of a unified shopping platform. Each a record of each product you buy is available on the blockchain. This will be particularly useful as more products contain geo-tracking chips. The personal product inventory also tracks current and future prices of items you own. This allows you to sell anything you don’t want at the best time!
The universal loyalty programme is the chronic shoppers dream. A single loyalty card that collects points from every purchase and allows you to spend the points on any purchase. Gone are the days of multiple loyalty apps or purses overflowing with loyalty cards!
The Bitcoin City Use Case
This is clearly a complex project that will involve the buy-in of many retailers before it can work. It’s a classic chicken and egg situation facing Eligma. ‘How do we get users with no retailers, how do we get retailers with no users?’. It is hard to convince retailers without a proof of concept and data showing the project’s viability.
Eligma’s solution to this is very elegant. They have worked with retailers and local government to create a testing ground for their platform. They have managed to remove the key barriers to adoption. This will allow them to fully test and fine tune their idea.
In their own words – “We are developing Eligma, our cognitive commerce platform, as a global undertaking; however, we need a smaller testing lab first and we have found just the thing. In the very vicinity of our offices lies an esteemed Slovenian retail, logistics, business and entertainment centre called . It consists of more than 4,000 diverse businesses (shops, bars, restaurants, etc.) that host more than 21 million visitors annually.”
Bitcoin City is in the heart of Ljubljana, the capital of Slovenia. Slovenia is an EU member and it’s a further positive that Eligma will be tested in the EU. Within Bitcoin City users will be able to use the Elipay wallet. Users can buy goods and services using the EliPay wallet. Paying FIAT or cryptocurrency. They will also be able to use the AI function to identify the best deal for the product they want within Bitcoin City.
Eligma is in it’s early stages, the idea is promising but there remain significant hurdles to adoption. The success of the platform within Bitcoin City is an unusual opportunity to monitor a crypto use case as it unfolds. It is not really possible to do this with a use case like Stellar Lumens/IBM. Eligma currently trades at $0.02 and is only available on Livecoin. I will certainly be keeping a keen eye on happenings in Bitcoin City over the next few months. You could even visit and check it out yourself!