Elysian | ICO review

isparta (28)in #elysian • 6 years ago (edited)

Elysian ( https://elycoin.io ) is a new decentralized platform on Ethereum blockchain, created to simplify transactions and to change the ways of users' working dramatically. Ultimately, this should raise the level of security in e-commerce.

Problem

One of the most current issues in the E-commerce industry is the lack of proper cybersecurity; first of all, it is expressed in the theft of personal data. Scammers can use the information they have acquired to carry out tasks on behalf of its owner. The most typical things are loans and various purchases. Besides, the victim usually does not realize that his/her data have been stolen, until he/she faces serious consequences of a financial character usually.
To guarantee the market development, represented by the further growth, it is necessary to increase the level of trust between the business and the consumer. In 2017, the data of more than 140 million Americans (names, numbers of insurance, dates of birth, addresses, license numbers) became the property of hackers. As a result, many people started to be skeptical and refused to disclose personal information to this system.
Taking into account the information we can make a short and accurate conclusion: the level of cybersecurity directly affects the level of users' trust in the system. And in the end - for traffic and profit. At the moment, although the growth of e-commerce platforms is moving, this movement is not so fast as we would like to see it.

Decision

The introduction of Blockchain technology is gradually transforming the Internet. However, many of its functions are still in its initial position. Most enterprises do not even know about its existence, and that is why do not take it seriously, or do not understand how to approach it. And in vain, because the storage of information about customers on the server provides a revolutionary level of security, which is in no way comparable to the old methods.
Blockchain in its pure form was intended for being used in real applications. This constant registry helps not only to store data but also to conduct transactions without any possibility of changing them "retroactively." Decentralization excludes data finding on one server, where they are visible to hackers, as in the palm of your hand. Smart contracts provide another element of trust. It stores all aspects of the transaction and controls their proper implementation.

Choosing a consensus mechanism

The e-commerce platform Elysian uses a non-standard method of confirming consensus - Proof-of-Authority. There are some serious reasons for that.

Why not Proof-of-Work?

The main problem with the security of PoW-currencies is that an attacker can gain control over the network by capturing 51% of its capacity. Although the blocks in the blockchain cannot be changed, there is a possibility of other damages, such as "refusal of service."
The second significant disadvantage is the considerable amount of the consuming energy, which can be compared to the monthly consumption of small countries. And finally, Proof-of-Work does not make any sense within the private network.

Why not Proof-of-Stake?

This type of consensus does not require solving complex mathematical problems, and this fact reduces the incentive for issuing new coins so that the validator will mainly receive compensation only from transaction fees.
Although the problems of electricity and attack, 51%, in this case, are eliminated, the level of its security is still not enough to call such a scheme invulnerable.

Why Proof-of-Authority?

This innovative concept resembles Proof-of-Stake, but it initially contains several "sealers," which are substantially similar to the nodes in the mining. The addition of any new node is carried out by voting results. Thus, the Elysian ecosystem completely controls which nodes will be implemented on the network.
All user data are encrypted with the help of a private key and then distributed over a private network, without giving attackers even a single point of attack. All stores running by Elysian will have this level of security.
The announcement of the project on the BitcoinTalk forum:
https://bitcointalk.org/index.php?topic=3333050.msg34852238#msg34852238

Bounty campaign

An integral part of transactions in the Elysian system is the ELY token, which corresponds to the ERC20 standard. One way to get it is to take part in the bounty campaign, which runs from April 16 to Jule 8.

In total, 10 million ELY has been allocated for this purpose. You can ask any questions concerning the program in the Telegram-chat of the project, the link to which is below. More information about the rules and conditions Bounty is on the BitcoinTalk forum:

Project links:

Сайт: https://elycoin.io

WhitePaper: https://elycoin.io/whitepaper/english

Telegram: https://t.me/elysian_ely

Reddit: https://www.reddit.com/r/Elysian_ELY/

Twitter: https://twitter.com/Elysian_ELY

Facebook: https://www.facebook.com/ElysianxELY

LinkedIn: https://www.linkedin.com/company/elysian-ely

Medium: https://medium.com/@Elysian_Ely

Steemit: https://steemit.com/@elysian-ely

Bitcointalk: https://bitcointalk.org/index.php?topic=3333050.msg34852238#msg34852238

GitHub: https://github.com/Elysian-ELY