Will Elysian make a revolution in E-comerce system?

qspace (25)in #crypto • 6 years ago (edited)

The problem with the current E-commerce system?

The problem of the current e-commerce system
Do you know what is the problem with current e-commerce system?

There is a battle between two different type of e-commerce system: centralization and vs decentralization. For easy to imagine about it, we will look at the rival between Amazone and Ebay. As of this writing, Amazon has a market cap of about $832.63B, eBay has a market cap of about $38.66B.
https://ycharts.com/companies/AMZN/market_cap

https://ycharts.com/companies/EBAY/market_cap

eBay has been dominated by Amazone recently because it cannot solve the big problem of peer 2 peer market: High commission fee, privacy violation and full of scams.

Google with keyword e-commerce scam new, you can see many results about it.

About 17,200,000 results (0.61 seconds). That is so terrible.
As the research, people love the decentralization market as the first sight but when they recognize the fraud risk, they give up to use.
We need another system, another solution for e-commerce matket with best user experience.

The Block-chain solution

In 2007, block-chain came to the world. With the privacy, transparency and high level of security, it seems that block-chain is the answer for the future of trusting e-commerce market. Many ICO was introduced as a solution for E-commerce market but seem no one success so far. One of the reasons for this failure is the weakness of current transaction confirmation system that most cryptocurrency use: Power of Work and Power Of Stake.

The weakness of Proof of Work

Basically, when a transaction is made, a block which record this transaction must be sealed before it was added to the chain successfully. With Proof of Work mechanism, it need a complicated calculation to find the key number for seal the block. This calculating process needs a powerful computer which consumes a lot of power. If the attacker can own 51% node in the network, they can cheat the Proof Of Work system. Look at the distribution map of Bitcoin Hash below, you can imagine a bad scenario that 3 biggest mining pool incorporate?

The weakness of Proof of Stake

Proof of Stake no need a complicated calculation to find the key number to seal the block. All node hold the number of tokens more than a minimum deposit value can become the validator for the transaction and seal the block. The problem here if the node hold more than 51% total coin, it can cheat the Proof of Stake system.

The solution of Elysian

Instead of using Power of Work or Power of Stake method, Elysian use a new algorithm call Power of Authority. Not like Power of Stake, in Power of Authority, it has a committee is set up by pre-approve node, which will decide whether a new node can be accepted or not to become a validator. This new concept will give Elysian fully control the confirmation system and improve the level of security.
The successfull of beta test on the Elysian Ecommerce platform can be considered as an affirmation of this potential project in the revolution of E-comercer world.
Moreover, by applying AI and VR technology, Elysian is expected to bring the best experience for E-commerce user.