Insurance is an aspect of payment systems which is often overlooked in the crypto space. One of the benefits of existing payment systems is the ability to reverse transactions which are malicious or accidental in nature.
Due to its mostly irreversible nature, cryptocurrency in general has had very limited options for insurance mechanisms.
One rare example of cryptocurrency insurance is found in Coinbase, who offer protection for all customers on funds which are held online. This is all great, however the exclusions are numerous. The insurance scheme fails to cover any losses resulting from compromised accounts, or funds held in cold storage.
Elitium appears to be an industry-first in terms of a more complete insurance mechanism, which protects users at the individual account level. This insurance mechanism covers mistakes made by the user, including malicious transactions from breached accounts. This comes without any additional costs to the user.
The concept may also extend further for paying members, who will also be covered for erroneous transactions made by mistake on the part of the user.
Crypto Isn’t Dead
Following an agonising bear market, Bitcoin and the greater cryptocurrency market are showing compelling signs of recovery.
Surging in price by of almost 30% in April alone, it could be very safe to say that the world is still very much interested in cryptocurrency.
For Bitcoin, however, price and real-world use may not always go hand-in-hand. Adoption and the ecosystem surrounding Bitcoin are still yet to become easily identified, or attached to a concrete use-case.
Even with a whole decade of existence under Bitcoin’s belt, nobody seems to be able to come to a consensus on its true purpose or use. There is no clearly-defined ecosystem.
If you pair this with its limitations on speed, scalability, and ease-of use, even more disagreement arises.
For a cryptocurrency to truly thrive, it requires a clearly-defined utility and ecosystem – something which very few coins can currently claim.
A Concrete Use-Case And Ecosystem
Where others fail, is where Elitium thrives.
Rather than build a coin which is searching for a purpose, the Elitium coin (EUM) specifically solves real-world problems and pairs with a concrete ecosystem.
The ecosystem consists of a mobile-compatible platform, which solves an entire range of issues in the luxury niche.
This begins with eliminating administrative-intense processes associated with many luxury rental and purchase agreements; this is enabled via EUM’s compatibility with smart contracts, automating a host of processes.
Further, the coin provides solutions to several pain points associated with traditional (fiat) currency and older cryptocurrencies. EUM settles fees and rewards within the Elitium platform, and provides speed, scalability, and extremely low transaction fees for users.
Survival Of The Fittest
Investment interest is still very much alive in the crypto world. With investors becoming better informed as time passes, projects with real-world adoption and networks which will thrive.
Does your favourite coin have a real world use-case and ecosystem?
Buy EUM today on Bitmart and STEX: