Smart Contracts

Elitium Is Building An Ecosystem, Here’s Why.

When we talk about Elitium, we often talk about it in terms of being an ‘ecosystem.’ Why? Because Elitium includes a host of products, services, and features that work together to create something self-sustaining.

In doing this, users can enter Elitium, interact with the elements, and create value for themselves in a never-ending cycle — and such an ecosystem fits perfectly with our overall mission… 

To help people ‘Discover value.’

 

Explore The Elitium Ecosystem

At the heart of the ecosystem sits our native cryptocurrency, EUM

The digital currency that powers fast, secure, and borderless payments throughout the platform (while also giving users a level of anonymity: purchases just show as ‘Elitium’ on statements).

Further, EUM is the cog that drives our smart contracts forward (we introduced smart contracts in an earlier post, we’ll cover them in more detail in a second) — but we use EUM in more than just payments and processes.

We use it to:

  • Activate new customers: through a ‘Refer & Earn’ program; or,
  • Reward active users: for spend on the platform and on the Elitium Card (think ‘credit card cashback,’ but better), or staking.

 

Ultimately, EUM can become a useful, stable, and reliable currency that has value beyond the bounds of the Elitium ecosystem. However, with Elitium, EUM users know they always have a means to create value that’s never more than a few clicks away.

When it comes to growing a balance of funds or booking money-can’t-buy-experiences, there’s no better place than the Elitium ecosystem.

Now, About Those Smart Contracts

A key feature of our ecosystem is its unprecedented efficiency. What enables this is Elitium’s bespoke smart contracts.

Let’s start by looking at what a smart contract actually is.

Simply put, it’s a few lines of computer code that executes a contract automatically. But what makes it so… smart?  Well, the contract conditions are delivered by the blockchain, making the process both transparent and secure. Why? 

Because every party has to complete their part of the agreement when the conditions are met: be it completing a payment or refund, or delivering certain services. And as the contract is managed via a decentralized service, there’s no need for a lawyer, a bank, anyone.

Which gives smart contracts three big benefits:

  • They’re cost-effective: no paying a middle-man to handle the paperwork
  • They’re quick: no waiting around for a process to clear
  • They’re secure: all documents are stored on the blockchain

There are the basics. Now, let’s turn to a real-world example.

Use Case: How To Rent A Yacht On The Blockchain, Today.

In the context of yacht charters, a smart contract can help tenants set sail quicker. And help businesses save time and money by eliminating most of the admin.

In fact, smart contracts automate most of the rental process by handling the endless back-and-forth between the tenant, the owner, and the broker — meaning renting a yacht with Elitium looks as simple as the below:

The introduction of smart contracts in yacht charters improves the experience no-end by eliminating nearly all the steps via a pre-programmed agreement. And thanks to the way our ecosystem works, we can offer bespoke smart contract technology to partners across industries, not just yacht charters.

…meaning we can improve hundreds of lengthy processes beyond all recognition.

 

Want to learn more? Read the details in our White Paper.