Eligma ICO Review
Online shopping is going through a rapid growth but there are several problems in this sector that collides with the traditional retail shopping. Today, we are going to evaluate an ICO that aims to target those elements i.e. discovery, purchase, track and resell through AI and blockchain technology. Eligma ICO is connecting business with blockchain to create modular commerce platform that will help its users to save time while transforming every household into a business by enabling the users to sell their used products in a secure and transparent second-hand marketplace. Let’s dive into our Eligma ICO Review!
Start of Token Crowdsale: Apr 17, 2018
End of Token Crowdsale: May 08, 2018
Total Token supply: 500,000,000
Available for sale: 300,000,000
Hard Cap: 34,180 ETH
Soft Cap: ETH in equivalent of 3,000,000 USD
Price: 1 ELI = 0.1 USD
Sold on presale: 14,550 ETH raised
Eligma: AI-driven and blockchain-based cognitive commerce platform
Eligma ICO is a blockchain-based project that leverages AI to offer better shopping experience. With an aim to resolve the problems identical to both online shopping and traditional retail service, it will help people discover, purchase, track and resell items online.
The three main facets of this project are discovery, inventory and loyalty that allows it to work as a personal commerce agent. It provides you a one-place solution where you can shop in any online store in the world, check out the value of items and know the best time to resell them.
It also offers a unified shopping account that allows you to pay in cryptocurrencies. Through decentralization, Eligma plans to take the online marketplace to the next level.
“Eligma ICO aims to turn every household into a business.”
Now, the evaluation time!!!
A smooth & research driven whitepaper
Eligma offers a Whitepaper, Lightpaper and one-pager that provides sufficient detail about the booming e-commerce industry, problems vested in this sector and the solution Eligma is trying to accomplish. The paper puts focus primarily on the market analysis and platform functionality.
As for the prototype, the company does have the proof-of-concept available on the GitHub. Though the company lacks an MVP, providing the codes surely works in its favor.
Budgeting of token sale funds
The company provides a crystal clear picture of the budgeting of the crowdsale funds. The funds will be distributed in three phases that will include 8 million US dollars each viz. Development phase, scaling phase and marketing phase.
The $8 million in development phase will be distributed as: 70% will go towards technical development costs, 10% will cover non-technical product development, 10% will cover the cost of adding new online stores while 5% will fund first marketing phase and the remaining 5% for day-to-day operations.
The scaling phase includes 25% of funds covering costs of direct sales to the target audience, 15% will go towards negotiating partnerships while another 15% will cover global PR campaigns. A major chunk i.e. 45% will contribute towards the ongoing global ad campaign to increase user database.
The last marketing phase will have 30% for technical development while 10% will cover the non-technical product development costs. For negotiating partnerships, 10% of the funds will be used, 15% will go to additional expenses, 10% towards regular operations and remaining 25% will fund the marketing expenses.
A big team for an ambitious project
Eligma ICO has a big team that comprises of 26 people apart from its 3 founders and advisors. Their vast team includes a chief technology officer, chief operating officer, chief security officer, lead machine learning engineer, blockchain developers, blockchain business consultants, business developer, designer, UX/UI expert, marketing & communications, content creator and consultants, social media consultant and product developers.
Dejan Roljic – Founder & CEO, Dejan start as an entrepreneur who has founded the ABC Accelerator that has invested in over 80 startups worldwide.
Matej Gregorcic – Co-Founder, He is the founder of a marketing agency and specializes in strategic planning and leadership. Matej was recently involved in the successful token sale of Viberate.
Joze Mermal – Co-Founder, Joze has been managing the BTC company since 1993 and later started BTC City which is one of the largest shopping, recreational and entertainment centers in Europe.
Overall, they have a big and good team that have lots of experience that surely fuels such an ambitious project.
Partners: With names like Microsoft, Cisco, BTC, Spartan, ABC Accelerator, IceCat, Viberate, AmaZix, and Netix as its partners, Eligma is certainly harbouring a good support.
The Eligma platform has its own token ELI which is set at $0.10 USD. The token can be used for a number of things that is to make purchases on Eligma platform, use its various services like “product hunter” and its escrow service. One can also use ELI token to advertise on the platform, to make purchases with merchants and to complete item sales.
ELI tokens will also be rewarded to users in scenarios when user will create social media posts and wishlists through Eligma, buy from the enrolled merchants and takes certain actions on the platform like uploading receipts, referring new users and adding profile information among others.
Backing technology: Ethereum-based Blockchain
Eligma is an ERC20 compliant platform that sets forth terms and conditions for the investment. The project has a whitelist and a KYC procedure that requires the contributor to disclose their personal information which has been made mandatory by the company.
The ICO also puts a limit of 0.1ETH as a minimum investment for the project which only accepts ETH.
The project is incorporated in Slovenia and due to legislative restrictions limits the token sale in certain jurisdictions like Canada, Singapore, South Korea, China and the USA (including Puerto Rico, the U.S. Virgin Islands or any other US territories).
Out of the total 500 million token supply, 60 percent of this i.e. 300 million will be used for crowdsale. The Eligma team will be given the 19 percent of these tokens that will be vested for 2 years time period while 5 percent will go to advisors with a vesting period of 2 years. With a vesting period of 3 years, the contribution of 4 percent will be given to future partners while remaining 12 percent will cover the community and user growth that has no vesting period.
Security measures: The project has put a special focus on the security by implementing a multi-layered security to prevent identity theft and Internet-related fraud. By being GDPR complaint, it further gives its users the control of their own information by enabling them to delete their personal information just with a click. For the security of cryptocurrency payments, the funds will be separated into hot and cold wallets.
The team also have a good 11 people team of high-profile advisors like Charlie Shrem, Hermann Eul, Nick Zaharias, Jeff Arrillaga, Sunny Saini and Mark Plesko among others.
Good community acceptance
A big team with some good hands-on experience surely talks in favor of this project. With their Linkedin profile links attached, it does offer an easy to know their talent and professional background, though it’s a bit hard to research the team members apart from founders and the well-known advisors which could be a bit discouraging for people.
From Facebook, Twitter, LinkedIn, YouTube to BitcoinTalk, Medium and GitHub, the project has a vast presence on the social media. It also holds nice support on Telegram with over 8,500 members.
Average Rating: 8.05/10
Stage of Project:
Eligma ICO is at the very early stages of its roadmap. Currently, at the public crowdsale phase, the company has yet to launch its platform MVP which is due for release in August i.e. still 3 months away.
The roadmap of the project puts the Quarter first of the year 2021 as the launch time for the complete project i.e. a “Global unified shopping account with crypto payment gateway”. The final time slot is way too far away that could demotivate the investors.
A note to investors
Eligma ICO comes with a solid idea of making the shopping experience better which has a good use case and if executed well can turn out to be a great success. No doubt, the project has an extensive team of professional experts which is the backbone of a successful project. Moreover, the team has worked on productive projects like Viberate that adds value to this project while having BTC city as its partner that would facilitate the Eligma’s use case functionality. However, the company should have worked on the MVP first and then get into the market with the crowdsale, but having the proof-of-concept on GitHub makes the lack of a working prototype somewhat digestible. Now, it all comes down to the execution, if the Eligma successfully implements the idea, the project can transform the entire scenario of online shopping.
To rate an ICO, we follow a list of parameters that are basically the KPIs (Key Performance Indicators) of a project viz:
- Whitepaper – Availability of code or prototype, the breakdown of funds, wallet for crowdsale
- Team Profile – Team’s strength and reputation
- Business Model – Problem solved, purpose & utility of the token and the economic model
- Backing Technology – Blockchain infrastructure, clarity of terms & conditions and token software
- Crypto-sale Resilience – Incorporation, token distribution, legal risks and security aspect
- Community Acceptance – Clarity & frequency of communication and social media presence
By asking the right questions, we maintain the integrity and viability of our ICO review while following a rating method that is based on the criticality of a particular factor. For instance, elements like token utility and funds breakdown have been given the highest importance while the team members’ reputation and plan to attract a user base are of medium criticality.
We have a team of robust professionals who rate the ICO projects in completely unbiased manner.
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Being an active participant in the Blockchain world, I always look forward to engage with opportunities where I could share my love towards digital transformation.