Slovenia-based startup Eligma announced on Tuesday that its initial coin offering (ICO) will begin April 17, 2018. Eligma’s goal is to unify the online shopping experience across retailers and empower consumers to price out products with the help of artificial intelligence (AI). The crowdsale will distribute 60 percent of the 500 million /ELI, in a token generation event which is already underway in a presale phase, aiming to raise USD 24 million in ETH.
Fresh off an initial investment of 1.5 million euro in September 2017, the team plans to release a minimum viable product (MVP) in August 2018, targeting a June 2019 launch date.
The project aims to give users a single login with which one can shop and compare goods from many stores across the internet, according to the company’s white paper. Eligma promises to create a massively detailed product database and aims to use machine learning to help consumers determine the true value of, and lowest price for, virtually any type of goods they search for. Finally, the company wants its token, the /ELI, to transact a universal, decentralized ecosystem of loyalty rewards.
Eligma is nothing if not ambitious—the product roadmap laid out on their website stretches through 2021 and includes expansion into multiple countries’ shopping markets—especially for a company that has yet to deliver an MVP. But after having won the award for Best Pitch at Crypto Summit 2018 in Zurich, according to the company’s blog, the team is hopeful it can deliver.
Founder and CEO Dejan Roljic said, in a statement: “After twenty years, online shopping is still failing its target market: product research is time-consuming, multiple registrations for stores are required, fixing prices for second-hand listings isn’t easy and, looking ahead, payments with cryptocurrencies are generally not possible. Eligma fixes those problems with a single, unified approach. We’re harnessing AI and blockchain resources to change the way shoppers discover, purchase, track and resell all sorts of items online.”
If the serial entrepreneur can make good on his massive vision, the fractured shopping environment we know today will be unified under one roof.
To learn more about Eligma, visit https://www.eligma.io/.
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