Elementh Foundation in blockchain technology

Many of us have witness the increasingly settling down crypto-currencies and blockchain technology since the bitcoin has created since 2008 by Satoshi Nakamoto. Every year there are lots of projects that release in online world but not all of them are having some success with the project they are doing. Introducing to you another project in blockchain technology that i can say that it is worth for your curiosity . Elementh is a blockchain intended for the e-commerce sector. This is a rundown of “merchandise proprietorship”, which can compose an exceptional smart contract and utilize terminology principles to rapidly make decentralized and centralized applications. Elementh’s goal is to create an alternative protocol for the development of decentralized applications used by e-commerce, providing a standard quality nomenclature, guaranteeing ownership of a particular product and the ability to create specialized smart contracts for e-commerce.

Elementh’s goal is to create alternative protocols for decentralized application development used by e-commerce, provide the standard quality nomenclature, guarantee the ownership of certain products and the ability to create smart contracts specifically for e-commerce.

Elementh will achieve it by creating blockchain with the Turing-complete built-in programming language, enabling anyone to write smart contracts and decentralized apps, enabling the use of integrated product cards, e-commerce transactions and ownership transfers.

System of Goods

Elementh has a system of goods, which can also be used in a large number of applications, such as tracking the movement of a particular item from its creation to the current owner, tracking original goods and detecting counterfeit goods.

Unified nomenclature of the item

One of the main features of Elementh is the availability of a uniform nomenclature. To ensure that the item card is is complete and accurate as possible, and to reduce the chances of making a duplicate card, the cost of making and using the card will be different. To create merchandise cards, participants must pay, for example 1 EEE (the price will be determined by choosing a delegate). When the owner adds items to the system, he is offered to use an existing card or create a new one.

The use of existing cards costs 100 times less than the new ones (for example, 0.01 EEE). The cardholder receives a gift for each owner of the goods using his card, and also to make transactions using this card. Each participant in the system can complete the information in the existing card,

Originality of goods
 The items in the system are in one copy and if the goods with the same serial number are added to the system, each dApp can notify the buyer that the origin of the item is unknown. If the ownership chain is from the manufacturer, the authenticity of the goods will be made throughout the network.

Accounts

Account is one of the basic objects in Elementh, it is used as identity of participants of the network. Each account has:

• account balance of the internal currency EEE;
• information about ownership of goods.

All transactions in the blockchain is made by accounts.

Transactions and messages

Any action in Elementh blockchain is consider as transaction. Transaction can include structured message for receiver. Accounts may define scripts to handle messages when they are received. The combination of messages and automated scripts is a smart contract subsystem in Elementh.

Blockchain

Transactions in the chain of blocks must be safe, unambiguous and irreversible, and be carried out as quickly as possible to facilitate the reliability and decentralization of the system. In practice, the difficulties arise in two different aspects of this process: selecting a unique node for the production of the block and making the record irreversible.

Reward for the Block

The blockchain that will use the Elementh software will be awarded with new tokens of the block manufacturer every time the unit is created. The Elementh software can be configured in such a way as to ensure that payment of the block manufacturers is restricted so that the total annual increase in the number of tokens does not exceed 5%.

Decentralized Goods Data Storage

To store goods data, Elementh uses the IPFS protocol. IPFS (the InterPlanetary File System) is a content-addressable, peer-to-peer, hypermedia communication protocol. IPFS allows you to create fully distributed applications. It is aimed at making the World Wide Web faster, safer, and more open.

Here are some problems in online retail business that Elementh blockchain technology give some solutions:

• Product sourcing

A member of the Elementh blockchain are needed to access to complete product data and product features of all the sellers on the network. Member can easily order their preferred product and the seller will get instant notification from their end. Member’s money in form of cryptocurrency is transferred to a smart contract but not released to the seller. And as soon as their goods are delivered and they are satisfied, the money is immediately transferred to the seller to mark the end of the order process. It’s a win win situation if we think it widely.

• Inventory management

Selling on Elementh blockchain is simple, member can use the special applications for sellers to set up their store in minutes. They can connect their accounting programs to the application, recognize stock balance, and bind it to a single naming system with merchandise cards that contains the complete data and features of your products. After that the information of their store will be available for all prospect buyers on Elementh network.

• Counterfeiting

Every item on the Elementh blockchain exist as a single entity. This is to solve the problem of counterfeiting. If an item with the same serial number is added to the system, any decentralized application can easily notify the buyer and manufacture of its unknown origin. This is easy because every manufacturer on the network can track the movement of their products and confirm their authenticity. As the members are can able to verify if the item is authentic.

• Credibility

Elementh blockchain transactions allows members to verify the claims of a seller as a buyer. If a seller claims to have original products from a particular manufacturer, you can verify their claims on the network. The system of goods of the Elementh blockchain allows each user to issue a particular item at a particular address with all its data. Since the blockchain contains the list of all the past and current items or products, if identical goods are present in the blockchain, the issuer will be notified immediately. Then, the issuer will have to indicate the number of items to be issued. With this system, duplicate goods are eliminated.

• Transparency

Elementh blockchain can be used by any service provider, store owner, manufacturer, and distributor to store data and track ownership. The data of every transaction on the Elementh blockchain is available to any member of the system. This is to help members rate the seller instantly and also build credibility over time.

ROADMAP

2012 — Establishment of MIIIX company

2012 — Investment from RSV Business Partners and business people

2014 — The number of product categories is 1000

2016 — In the MIIIX database there are 70 million SKUs in 30,000 product categories, 1000 stores from various industries, clients from small shops to the largest portals in e-commerce (Sberbank AST)

2017 — Transition to blockchain technology with introduction of opensource project Elementh

01/2018 — Private Pre-SALE (15.01–31.01)
 Whitelist only; min. 10ETH or 1BTC; max. 100 buyers;

02/2018 — Pre-ICO (01.02–14.02)
 min. 1ETH or 0.1BTC; max. 1000 buyers; 1EEE = 0.0001ETH; BONUS white list: Day one: 30%, Day 2: 15%

03/2018 — ICO (01.03–31.03)
 1EEE = 0.0002ETH; BONUS white list: Day one: 30%, Day 2: 15%

06/2018 — Alpha-Elementh version of blockchain

09/2018 — TestNet blockchain element

12/2018 — Launch of Elementh blockade

03/2019 — Launch of the first DAPP

It is quite interesting at first since i started reading and analyzing the project. Don’t be surprise if this can be a huge project in the near future as my got feeling tells me to grab some coins and HODL till it’s worth it. I’m impressed with the concept and the solutions for a real problem in retail business worldwide for sure. There is a lot of information and some updates that you can learn from this project in this respective links below:

WEBSITE: WEBSITE:https://elementh.io/
 WHITEPAPER:https://github.com/ElementhFoundation/Documentation/blob/master/ElementhWhitepaperEN.md
 FACEBOOK:https://www.facebook.com/Elementh-1371154296341075/
 TWITTER:https://twitter.com/Ahooleeman
 TELEGRAM:https://t.me/elementh_community

Link Profile: https://bitcointalk.org/index.php?action=profile;u=1024670