Analysis of ICO Elysian
Elysian is an innovative new decentralized platform that will use the Ethereum blockchain to secure customer data, facilitate Ecommerce transactions, and drastically change user experience. The integration of smart contracts and blockchain technology will ultimately provide a higher level of security in the field of Ecommerce. The interoperability of the platform will serve as the basis for future scalability and sustainable growth.
In short, Elysian is a blockchain platform on which you can create online stores. The founders of the project stress three key features of Elysian:
SECURITY. This is a legitimate concern in the realm of Ecommerce, exemplified most notably by the data breaches of Target and Equifax. Elysian will improve this aspect using smart contracts and storing customer data on the blockchain to upgrade security. This will generate a level of trust in the business-to-consumer (B2C) business model that is currently nonexistent.
USER EXPERIENCE (UX). Elysian will provide a new experience for consumers by integrating Artificial Intelligence and Virtual Reality into Ecommerce to create useful, efficient website navigation and provide consumers with a more detailed description and visualization of products.
ATOMIC SWAPS vastly improve the convenience of payments in cryptocurrency. Users will have the ability to freely convert to whichever token they desire, including the Elysian token, to eliminate fees and purchase goods in a more efficient manner.
We should notice that there are already several large projects of this kind: Shopify, Woocommerce, and Magento. But they don’t use blockchain.
But it is quite possible that Elysian will really create a new generation product. This will be clear only when the product is fully ready.
The soft cap will be 3 million USD and the hard cap will be 19 million USD.
Tokens can be used as a method of transaction for services.
- Pre-ICO 4%
- ICO 15%
- Private events 4%
- Held by Elysian 30%
- Team 10%
- Referral 1%
- Bounty 1%
- Development 40%
- Marketing 30%
- Reserve 20%
- Partnership 5%
- Legal 5%
Product development will start in the 3rd quarter of 2018. Further development of the platform is planned until 2024.
However, it is unclear how the platform plans to make a profit. The business plan for a project of this scale is not sufficiently elaborated.
The team sees the marketing strategy as follows.
They are launching a Token Generation Event to add more features to the platform. Also the team intends to build the following through targeted digital marketing and influencer marketing, pursue exclusive partnerships with high-profile retailers and manufacturers.
But there is nothing more to say about the marketing strategy.
The project team consists of 12 people. Team members have experience in creation and promotion of e-commerce stores, marketing, entertainment industry, web design, development, programming, blockchain industry. The experience of the team looks quite versatile and relevant to the project. But it is mentioned in the White Paper that the team expansion is planned. This may indicate that the team is not yet staffed.
The Vision of the Market
The White Paper provides analysis of B2C E-commerce market: statistics, market prospects, overview of two competitors (Shopify, Woocommerce). The growth of the cryptocurrency market and the growth of payments in cryptocurrencies are briefly mentioned.
Overall, the project team has an understanding of the market. However, the analysis of the market and competitors is not detailed enough.
Understanding of the Target Audience
The White Paper and the project website say nothing about the target audience. Obviously, these are companies in the field of e-commerce. But the founders of the project did not bother themselves with a detailed analysis of their target audience.
The founders of the project believe that Elysian will be the first e-commerce platform to combine several vital aspects that are necessary for the progression of the industry – blockchain technology to securely store data, cryptocurrency to securely store & transfer value, and artificial intelligence combined with virtual reality to set a new precedent in user experience.
Indeed, these advantages can play a significant role in promoting the project on the market.
The project has several strengths:
- Interesting product concept;
- Notable competitive advantages.
However, the project has weaknesses:
- No understanding of the target audience;
- No thought-out marketing strategy;
- Insufficiently elaborated business plan.