The majority of us would agree that we are of service to ourselves when being of service to others. What we know and can do is subject to supply and demand. Knowledge, skills and competences in a variety of areas are not financial instruments, but are important levers of social and economic stability. They have utility, and the latest technologies can put both the user and the service into the foreground.
Utility token economy follows these principles. Based on blockchain technology, it effectively and transparently connects those in need of a certain service with the service itself, with no consideration of distance or technical compatibility necessary . This gives blockchain an important economic and social function. Eligma, an AI-driven and blockchain-based commerce platform, aims to revolutionize the world of sales from both the social and commercial points of view. The use of the ELI utility token will effectively put both sellers and buyers onto the commerce map, bringing about several major improvements.
ELI token economy as an agent of commercial change
The ‘effectiveness’ of today’s computer-based commerce stands for vast quantities – the more, the better. However, when searching for the desired product online, effectiveness should not stand for quantity, but for precision. As consumers, we wish to get what we want when we need it, without having to search through vast amounts of hits on different websites. Also, safe transactions for both the seller and the buyer should be at the foreground.
One of the most important features of the Eligma platform will be free discovery of the best deals for the desired product, scanning millions of online selling sites, with personalization, speed and precision as its highlights. The use of the ELI token will provide access to complex, long-term product discovery hunts and take the finding of the best deal to the next level. The ELI token will also function as a means of protection for both the online seller and the buyer. It will be an important instrument in the scope of Eligma’s escrow service, where ELI tokens will be deposited by the seller as a guarantee and be released if the buyer confirms that the purchase received corresponds to the agreed condition. It will also be used as part of decentralized sale, where both parties deposit the amount of ELI tokens equivalent to the item price as a motivation to fulfill their contract obligations.
The ELI token as an agent of social change
Computer-based commerce is one of the most profitable ventures today, but most people embark on it exclusively as buyers. The use of the ELI aims to further the commercial participation of those who would only like to sell occasionally, creating automated listings of their unwanted goods and putting them onto selected selling sites. In this way, Eligma aims to play an active role in the transition between ‘buy-only economy’ and sustainable goods circulation.
The ELI token as an instrument in a healthy Eligma ecosystem
ELI tokens will be awarded to Eligma users as part of the Eligma loyalty program. The ELI will circulate between Eligma users and merchants on the Eligma platform, and between Eligma and its users in the form of awards for various actions (registering and making purchases through Eligma, referring new users and online stores etc.). Unlike the existing loyalty systems that award points to collect, the ELI token is a ready-made feature that can immediately be used. At the moment, a crowdsale of Eligma’s ELI tokens is taking place. In this, Eligma has decided to follow the wishes of its community, which resound with its own views in terms of the future health of the Eligma ecosystem, and will burn all the tokens not sold until the end of its crowdsale on 8 May 2018. The longevity of any service can only be based on the sustainability of the service model, and on putting its supporters first. These are the foundations of any true social or economic impact.