4 Steps to Creating a High-Quality Blockchain Project

As the number of cryptocurrency projects in the space grows, it’s becoming increasingly important to understand what a quality coin looks like.

The current crypto landscape is littered with garden-walled projects, coins with unfavorable token economics, or simply no incentive to hold or use them – aside from pure speculation.

Investors and developers alike are beginning to understand the need for lower barriers to entry, increased safety, as well as straightforward incentives for users to adopt a currency.

Considering all of the above, Elitium has carefully developed an ecosystem around their native EUM coin. The coin’s purpose, accessibility, safety, and incentives are all designed to generate sustainability of the project, as well as value to all platform users.

1.      Fulfil a Purpose

Rather than just be a tool for speculation, Elitium has ensured that their EUM coin has a clear purpose:

  1. Enable the utilization of smart contracts on the platform, which significantly reduces administrative work
  2. Settle payments, fees, and reward payments on the platform
  3. Reduce transaction fees for users, as opposed to the high fees associated with cross-border fiat payments.

2.      Improve Accessibility

Other platforms tend to facilitate a garden-walled environment, where users find it difficult getting in or out of the ecosystem. Instead, the Elitium platform enables easy access for all users and potential users to convert into EUM from fiat currency, and vice-versa.

EUM holders and users enjoy the luxury of getting in and out of the ecosystem as desired, without getting “stuck” in the system.

3.      Create Rewards and Incentives

We don’t want users to rely merely upon speculation, or encounter risks from inflation. Rather, we should incentivize EUM token holders and users to stay active within the ecosystem.

The platform incorporates a loyalty program, which functions in a similar manner to cashback rewards used by credit-card companies. Users are rewarded with EUM coins, based on a percentage of the total amount they spend within the platform.

We will also implement systematic token burns, which will involve periodically burning a portion of the total EUM supply in a verifiable manner. This reduction in supply will provide a deflationary effect, improving the value of the remaining EUM coins.

4.      Boost Safety

Hacking and phishing attacks deter many potential cryptocurrency users from entering the space. To provide extra peace of mind, Elitium has implemented an insurance mechanism, through the “backup” coin, EUMI. Via this mechanism, users who have lost coins due to malicious activity can submit claims for reimbursement of funds.

 

A Harmonious Ecosystem

Elitium creates an ecosystem which strongly benefits both its consumers and partners. This sets itself up for a long-lasting, sustainable model which will continue to provide value for all stakeholders.

We believe that combining our all-inclusive marketplace with a powerful coin model and  incentives will put us a cut-above in terms of project quality – protecting investors and users alike.

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