Eligma Review

Eligma

According to Forbes Advisior, “a cryptocurrency is a digital, encrypted, and decentralized medium of exchange. Unlike the U.S. Dollar or the Euro, there is no central authority that manages and maintains the value of a cryptocurrency. Instead, these tasks are broadly distributed among a cryptocurrency’s users via the internet.”

Digital money, digital gold or digital store as they are referred to, these are the currencies of today. Though it has not gain complete widespread acceptance, these currencies are acceptable for a good number of high level transactions. They have no physical form.

Aside the two most popular cryptocurrencies bitcoin and ethereum, today there are over sixteen thousand crypto-currencies available. Crypto currencies can be used to purchase a wide range goods and services depending on the vendors or sellers.

Cryptocurrency uses blockchain technology. Blockchain is a type of digital ledger, not like the regular ledgers, the transactions in blockchain are recorded in codes. It operates by recording transactions on a block, which are then linked in a chain of previous crypto transactions. The blockchain makes it possible for authorities who do not trust each other to be able to carry out transactions.

Before adding transactions to the blockchain, to have to be verified through two methods. The two methods are Proof of Work and Proof of Stake. The Proof of Work method functions like a race. Individual miners or systems have to first solve a mathematical equation through a set of algorithms, the fastest systems or miners get rewarded for their time and effort with small amount of cryptocurrencies before adding the transactions to the blockchain. The proof of work method requires an enormous amount of computational power and at times, miners might not even break-even.

Meanwhile, the Proof of Stake method runs differently from the proof of work. In this method, the miners place cryptocurrency stakes which allows them to be part of the mining process. This method reduces the amount of computational power that is required to mine the cryptocurrencies, while at the same time, the number of cryptocurrencies that they can mine is limited to the amount of cryptocurrencies they stake.

Before verifying any transaction, both methods of mining cryptocurrencies rely on consensus. The role of consensus comes to play to ensure that a major authority must have checked and approved the transaction.

Presently, people either use cryptocurrencies to make purchases or they use them as platforms for investment. To be able to make payments or purchases with cryptocurrency, one needs a sort of crypto-wallet. Crypto payments are never instanteneous as they have to be verified.

Because of the complexities involved in trading with cryptocurrencies, the spread of crypto transactions have been restricted. In a bid to make the process seamless and easier, certain start-ups have sprung up to bridge this gap. This brings us to one particular start-up, Eligma, which is the focus of this material.

Eligma is a crypto exchange that is solely focused on providing “its all-in-one crypto solution has the potential to disrupt the world of payments, by not only allowing shoppers to use various contactless payment methods but also to enable merchants to benefit from the smooth sales process.”

Eligma is a crypto exchange platform that was started in 2017. The platform offers a range of services which include advising clients on upgrading their existing products with blockchain features, providing them with the latest information, they provide feasibility tests on products and services, and a range of other services.

Since its inception, Eligma has successfully completed four Funding rounds. Eligma’s most recent funding round which was made through Bitcoin.com saw the cryptocurrency start-up realising a sum of 4 million euros. The investment which was said to have boosted Eligma’s total evaluation to around 50 million euros was gotten from Roger Ver. Roger Ver who is known by many attributes, some of which are angel investor, bitcoin evangelist, bitcoin jesus, etc.

Prior to the most recent investments, Eligma had received funfing from several investors, the likes of bitcoin.com and Pangea Blockchain Fund. Pangea Blockchain Fund is Swiss-based fund agency, it offers funds to intellectual and provides finance capitals to international early-stage blockchain companies.

Eligma is doing this by creating a payment infrastructure that enables stores, both local and online to accept instanteneous crypto payments through its GoCrypto network. By leveraging on the blockchain technology, the GoCyrypto platform  establishes communication standards for crypto payment networks and commercializes the use of crypto payments through its unified payment protocols.

Eligma platforms makes it easier for crypto merchants to accept crypto payments, this happens while they still maintain their business models. Elly is a new crypto wallet that is operated by Eligma. Elly makes it possible for users to send and receive crypto payments through the application and also exchange money with other users owning crypto wallets.

Eligma’s GoCrypto platform works by generating a QR code, which is then scanned by the crypto wallets of buyers. Upon confirmation of a transaction,  the merchants receive the amount of the settlements which come exchanged in their local currency.

GoCrypto token is used to connect merchants, cashier systems, crypto wallets and crypto users from anywhere around the world. It is accessible and can be used by any Elly to make transactions on local and online stores while even getting rewards after they have made their purchase. Eligma is committed to its aim of integrating the GoCrypto into as many B2B processes, merchant settlements and other loyalty programs as it possibly can.

Eligma has steadily risen to the point it now connects with the largest payment platforms, while securing a good number of partnerships. As a result of its current level, Eligma now has access to process any card, digital and crypto.

Another area of success for the start-up is in its spread. The GoCrypto platform eligma is now spread and operational on more than 60k locations in 64 countries and has a population of more than 150 million users.

One of the products which is being delivered by Eligma is its Free point of sale, Web POS software. The POS software is accessible through browsers, integrated POS that supports traditional ERP softwares, as well as Plug-in POS –  suitable for online stores.

One of the most notable in all of Eligma’s achievements is its participation in the Slovenian Bitcoin City Project. According to trendingtopics.eu the “Slovenian Bitcoin City Project is is the first commercial complex that hosts a business and shopping ecosystem based on developing and integrating AI, blockchain and cryptocurrency solutions.”  Currently, Eligma’s point-of-sale systems and its Elly crypto wallet are now used in many of the retail stores in the park.

On the longrun, Eligma looks to become a global enabler that ensures seamless and secure crypto payments, while it positively influences the way people perceive the value. A press release by Eligma states, “With the ability to process any kind of payment, we can now also start setting up a tokenomics model that is not only connected to crypto payments, but also to various traditional payments, except cash. We are keeping our mission alive now more than ever by putting crypto payments on par with traditional card payments.”

With a lot of promise, Eligma continues to break frontiers while working tirelessly to ensure it delivers on its vision and mission.