Embed Size (px)
Citation preview
ICOrating
ELIGMA Basic Review (https://www.eligma.io)
ICO dates (17.04.2018 — 08.05.2018)
Web: icorating.com
Email: [email protected]
Twitter: @IcoRating
Project Details
Name: ELIGMA
Ticker symbol: ELI
Project type: Artificial Intelligence, Platform, Retail
Extended company description: An AI-driven, blockchain-based cognitive
commerce platform linking existing e-commerce markets and the second-hand
marketplace to facilitate searching for goods.
Company: Eligma Ltd.
Website
Whitepaper
ICO Details
Public ICO start date: 17.04.2018
Public ICO end date: 08.05.2018
Token Sale duration (weeks): 3
Token type: ERC20
Token emission: 500,000,000
Tokens available (Pre-Sale + Public ICO): 300,000,000
Investment goals:
• Development
• Scaling
• Marketing
Price: 1 ELI = 0.1 USD
Accepted payment: ETH
Bounty program: active
Token role: Functional
Team
Team (number of people): 27
Advisors and partners (number of people): 12
GitHub: N/A
Project Information
Eligma is an AI-driven and blockchain-based cognitive commerce platform, which
links existing e-commerce markets and the second-hand marketplace to facilitate
searching for, discovering and reselling goods.
Eligma uses AI technologies to search, purchase, track and resell goods online. The
platform will be launching loyalty programs.
Advisors:
Andy Baynes (LinkedIn) - Head of global energy business at Nest Labs, previously
director of Environmental Technology at Apple.
Gary Dillabough (LinkedIn) - Managing Partner at Navitas Capital, the Westly
Group, formerly CEO of Lunera, CEO of eBay.
Arrillaga Jeff (LinkedIn) - Executive director at Newmark Cornish & Carey.
Maja Mikek (LinkedIn) - CFO of Celtra, Inc., previously director of marketing at
Elektroncek Group, manager of CRM at Si.mobil d.d.
Jure Leskovec (LinkedIn) - Chief researcher at Pinterest, associate professor at
Stanford University, previously co-founder of Kosei.
Nick Zaharias (LinkedIn) - Investor and advisor for 280 CapMarkets, Managing
Director at SignalFire, previously managing partner at Field Check Group LLC.
Herman Gyr (LinkedIn) - Principal at the Enterprise Development Group, Inc.
Ana Lukner Roljic (LinkedIn) - Managing director at ABC Accelerator Silicon Valley,
CEO at BE-EL GmbH, Best Alzheimer's Products Europe.
Peter M. Moricz (LinkedIn) - CEO and founder of Moricz.io, strategic partner at the
Netis Group, advisor of InsurePal, SyncFab.
Mihael Mikek (LinkedIn) - Founder and CEO of Celtra, Inc., previously: CEO at Amis
d.o.o.
Mark Plesko (LinkedIn) - CEO and co-founder of Cosylab d.d. (Inc.), chairman of the
board at Jozef Stefan Institute, Zveza za tehnično kulturo Slovenije.
Sunny Saini (LinkedIn) - Product manager at Google, previously supply chain
consultant at Astreya, Cisco Systems, co-founder of Enterprise Business Solutions.
Partners:
BTC - one of the largest shopping centers in Europe, enabling purchases with
cryptocurrency.
Spartan - technical partner in the field of blockchain.
Netis - technical partner working in blockchain.
Viberate - a crowdsourcing musical ecosystem, enabling searches for musicians for
events.
ABC-accelerator - an accelerator for start-ups.
Iceca - global syndicate of content and statistics of e-commerce products.
Attracted investment: 1.5 million EUR. Investor: BTC.
Summary
The project is based on a platform that combines various online stores and offers
participation in loyalty programs. The platform has been positively received by the
blockchain community.
Strengths of the project:
• the markets the project will operate in demonstrate high growth rates.
• an experienced team and high-profile advisors.
Weaknesses of the project:
• an insufficient number of partners in the field of electronic commerce.
• it will be a long time before the project is fully implemented.
Market and Industry
According to Statista, the volume of the e-commerce market was $2.29 trillion in
2017; it is expected that it will exceed $4.47 trillion by 2021. The annual growth rate
will be 23.8% (CAGR).
The project is also entering the loyalty program market. Based on Nielsen’s research
into European loyalty programs (2016), the following features of such programs can
be noted:
• 69% of inhabitants of European countries participate in loyalty programs
where points and bonuses are awarded.
• The most popular action is a "discount on products."
Data from the Aimia agency confirms high engagement for those living in European
countries in existing loyalty systems: 85% of respondents in 11 countries reported in
2015 that they are members of at least one customer loyalty program.
[https://www.statista.com/statistics/379046/worldwide-retail-e-commerce-sales/],
[http://www.nielsen.com/fi/fi/insights/reports/2016/perspectives-on-retail-loyalty-
program-participation-and-perks-.html],
[https://www.aimia.com/content/dam/aimiawebsite/Aimia2015GlobalLoyaltyLensRep
ort/Aimia%202015%20Global%20Loyalty%20Lens%20Report/AIMIA-Loyalty-Lens-
Research-Report.pdf]
According to the project team’s analysis, the average American was a member of at
least 10 different loyalty programs in 2016, but more than half of the programs
remained unrequited, which confirms that the loyalty program industry faces a
problem of low participant involvement.
Regarding the retail e-commerce market, sales amounted to $1.86 trillion in 2016.
Revenues from electronic retail sales are projected to grow to $4.48 trillion by 2021.
There is also growth in the market for second-hand goods.
Comments: The relevant markets demonstrate high growth rates, showing
opportunity to occupy a market niche. However, the analysis of the loyalty program
market provided by the project (that of the USA) does not correspond to the region in
which Eligma is planning to operate (Europe).
Competitors
We have identified the following competitors during our research.
UHUB - an e-commerce platform that uses blockchain technology.
KEYRPTO - a platform that enables buying/selling goods, comparing prices, and
finding products.
FLOGmall - an international e-commerce platform, created for users worldwide who
buy and sell various goods and services using tokens.
Summary: The main differences from competitors are the use of AI technologies for
the sale of goods, and a facility for constant search for items using specified criteria
(Product Hunter).
Engineering Features of the Platform
The platform includes the following components:
1. Discovery - built on the basis of blockchain technology using AI. Records the
purchase of goods on blockchain, serving as proof of purchase.
2. Inventory - uses AI technology, escrow and smart contracts.
3. Loyalty – a block of loyalty programs, built on the basis of blockchain.
Technical description
Description of Eligma’s components:
1) Discovery.
The AI component enables finding stores and goods based on a user's preferences.
The following actions can be performed from a single account:
• adding goods to a basket from various online stores.
• placing orders.
• viewing of various online stores.
• pay for orders with either fiat money or cryptocurrencies.
2) Inventory. This component stores information about purchases. If a user decides
to sell something from her inventory, AI will suggest an optimal time for sale, a price
etc.
3) Loyalty program. This program will enable users to accumulate ETI tokens by
performing actions for Eligma (or simply buying them). Tokens can subsequently be
exchanged for:
• purchases on Eligma
• use of the "Product Hunter" service on the platform
• sending a request to Eligma to add a store to the platform
• use of the Eligma deposit service
• decentralized sale of items advertising on Eligma.
The platform will also have the following features:
• Product hunter. The user sets the criteria for a product and Eligma will
regularly check stores for availability of these goods. The user will receive a
notification as soon as the item is found.
• Scanning codes. Users will be able to scan QR and bar codes in stores and
check availability of goods in Eligma stores.
• Generating lists of goods that are usually bought together.
Comments: The platform will use technologies that have proven themselves in the
market.
Technical roadmap
With the development of technology and data amount it is planned to implement the
following:
March 2018: POS system for settlements in cryptocurrency integrated, launch of
mobile wallet v1.0.
December 2018: Launch of the Eligma AI-driven item discovery option in Slovenia.
April 2019: Adding a user inventory module to the platform.
May 2019: Introduction of a decentralized sale of goods on blockchain.
Q1 2020: Launch of the initial loyalty programs.
Q2 2020: Implementation of "automated listings".
Q1 2021: Launch of the crypto gateway.
Q3 2021: Creating a global single trading account.
Comments: The team has presented a step-by-step strategy for development of the
project; however, the roadmap does not indicate timings for launch of all declared
functions. The implementation of the platform will take about 2 years, which could be
off-putting for investors.
It is currently impossible to see the smart contract in open repository.
Documentation
We have analyzed the Eligma website and documentation for sufficiency and
consistency for making an investment decision.
Information about the project is contained in the White Paper, Light Paper and One-
Pager. The documentation is presented in English; the project is described in
sufficient detail in the White Paper. The main emphasis is on the description of
platform functionality and market analysis.
The website also provides information about the project, the RoadMap, the ICO,
partners, the team and advisors. The website is presented in English.
Summary: The documentation enables a comprehensive view of the project. The
platform’s operating processes and its functionality are described in sufficient detail.
ICO
Tokens issued for sale: 60%
Public ICO start date: April 17, 2018
Token type: ERC20
Accepted payment: ETH
Price: 1 ELI = 0.1 USD
Crowdsale duration: 3 weeks, until May 08, 2018
ELI tokens can be used as a means of payment on the platform, and enable
participation in loyalty programs.
Token limitation: 500,000,000
Advantages for token holders: the tokens are functional; users may either sell
them or use them for accessing platform services.
Dividends: no
Additional token emission: no
Escrow: N/A
The token sale is implemented in several stages:
• PUBLIC PRESALE: 20.3.2018 12:00:00 UTC - 10.4.2018 11:00:00 UTC;
• PUBLIC CROWDSALE: 17.4.2018 11:00:00 UTC - 8.5.2018 11:00:00 UTC.
Max goal: $24,000,000
Min goal: $3,000,000
Bonus: 15% - on the pre-sale
Public sale bonuses:
Comments: Know Your Customer (KYC) is an obligatory procedure for all
participants of the crowdsale. All unsold tokens will be transferred to a fund intended
to reward users of the Eligma platform. If the soft cap is not reached, all funds will be
returned.
Bounty program
Link to the bounty program: [https://bitcointalk.org/index.php?topic=3074902.0,
https://bitcointalk.org/index.php?topic=3075693.0]
Summary: The project has an active bounty program on Twitter and a subscription
company on Bitcointalk. All details are available at the links above.
Token and capital distribution
Tokens and capital are distributed according to the following scheme:
Summary: Tokens do not affect the distribution of shares in the company. The
incentive system is built in such way that it is more profitable to buy tokens earlier.
Development Plans
The RoadMap
- June 2019: Geographic expansion to the UK market.
Summary: The project has not presented a marketing campaign or any methods for
attracting users to the platform.
Team
The team consists of 27 people and 12 advisors. Information about the main team
members based on LinkedIn is presented below:
Dejan Roljic (LinkedIn) - Founder and CEO. Founder and member of the strategic
board at ABC Accelerator, previously CEO at FORMTASTE Innovations, Sappcor
Ltd.
Matej Gregorcic (LinkedIn) - Co-founder. CEO and co-founder of Viberate, FM
Musica d.o.o., previously: CEO and co-founder of Topdeejays d.d., FM Agencija
d.o.o., Futuristicni marketing d.o.o.
Alexander Danilov (LinkedIn) - Technical Director. Previously senior software
engineer at Ocean S.A., Astelit, R & R Innovation.
There are 24 more people in the team.
Summary: All members of the team have indicated their affiliation with Eligma. The
team is mostly from Slovenia. The team also includes the following specialists: a
Lead Mechanical Engineer, Chief Operating Officer, Chief Security Officer, Consul
General, a Senior Blockchain Consultant, Blockchain Business Consultant, Senior
Blockchain Developers, Senior Business Developers, Art Director and UX/UI Expert,
designers, a cognitive scientist, head of marketing and communications department,
a consultant for communication and content, digital PR and social media consultant,
a content author and terminology expert, Marketing and communications
coordinators, product developers and the co-founder.
Marketing
Information about the project is available via various popular services such as
Twitter, Telegram, Reddit, Medium, LinkedIn, Facebook, BitcoinTalk and YouTube.
The project has an active bounty program.
The team is conducting an advertising campaign on social media. Twitter and
Facebook update news regularly.
The format of articles about the project shows that they are written mostly by the
team members as a review or by information portals as an announcement of the next
project staging its ICO.
Comments: Interest in the project is still at a low level. The marketing campaign is
being developed mainly on Twitter and Facebook.
Traffic analysis of the ELIGMA website based on Similarweb.com data showed the
following:
Traffic source:[https://www.similarweb.com/website/eligma.io]
Comments: direct link: 44.73%, referrals: 10.49%, search: 11.59%, social media:
31.40%, mail: 0
Traffic via searches: 11.95%, 100% of which is "organic traffic".
Referral links: 10.49%
Social activity analysis of the Eligma website based on data from BE1.ru showed the
following:
Traffic source: [https://be1.ru/stat/eligma.io]
Comments: Top 5 countries for site visitors: Slovenia - 85.95%, Vietnam - 4.12%,
USA - 2.50%, Lithuania - 1.57%, Switzerland - 1.49%.
Referral links: eligma.com - 77.78%, joker.si - 22.22%.
Social activity: Facebook - 92.39%, Twitter - 5.45%, LinkedIn - 2.16%.
Summary: Based on available data, users have just started to be interested in the
project. The team is conducting an active advertising campaign on Twitter and
Facebook, communicates with users on Telegram and maintains a blog on Medium.
There are media publications available on the project. Over the past month, the
number of site visits has increased by 7600.
Contacts
The developers can be contacted using the links below:
Website
Telegram
Medium
BitcoinTalk
Youtube
The information contained in the document is for informational purposes only. The views
expressed in this document are solely personal stance of the ICOrating Team, based on
data from open access and information that developers provided to the team through Skype,
email or other means of communication.
Our goal is to increase the transparency and reliability of the young ICO market and to
minimize the risk of fraud.
We appreciate feedback with constructive comments, suggestions and ideas on how to
make the analysis more comprehensive and informative.
