Artificial Intelligence

Machine learning and artificial intelligence are at the core of our technological development. Eligma’s solutions are based on a variety of algorithms.

Product matching
Machine learning of product recommendation and the matching algorithm rely on large quantities of data. There are two key stages to the algorithm:

  • Recognition of the best-match product based on user input. In this, our algorithm processes several data sources (user inputs, knowledge on the user, product popularity in the area, etc.).
  • Finding the best alternatives for the selected product. The idea behind it is to suggest the best price-to-quality ratio. This is done through our algorithm reading the blueprint of the product and then comparing it with other products in our database. This is the next step of the current specification-based alternative product algorithms on the market.

Value-prediction algorithm
We are currently developing two areas of predictive modelling:

  • Current product value estimation
    We are focusing on correct estimation of the product price. This requires state-of-the-art machine learning methods: sophisticated gradient boosting methods, random forests, deep NNs, etc.
  • Future product value prediction
    In this predictive model, we are focusing on predicting the price of the products in the course of time. This is based on several types of machine learning methods. We approach the problem as a time series prediction and evaluate different methods and distance functions suitable for the task at hand. We have therefore started with ensembles of predictive clustering trees for time series prediction (coupled with quantitative distances, dynamic time warping distance, and cosine similarity). We will also use other standard methods used for time series prediction (forecasting).

Chatbot
We initially intended to use one of the already existing chatbot frameworks to use for chatbot functionality for our discovery features. After testing them, however, we started a branch of chatbot framework development within our company. This was done because all the frameworks on the market had some limitations that could affect our end product functionalities. Our first chatbot will mainly be used to guide you through the process of product discovery, but the framework itself is developed in a way that can easily be trained in additional interactions.

Blockchain

The core concept of blockchain technology is transparency and decentralization. At Eligma, we utilize this technology to make the world of commerce more transparent. We are currently developing several blockchain features that will be implemented into our products.

Blockchain-protected data
The idea behind blockchain-protected data is to have the data stored on a sidechain and use the Ethereum main chain for its protection. All our solutions are "main-chain ready", meaning that if the costs of using the main chain as a holder of complete data ultimately become more affordable, we can transfer the entire side chain into the main chain.

Blockchain will be used across a range of our solutions and will first be introduced with Digital Item Profiles (DIPs) − digital containers that can store several records and references to digital documents with the information on an item’s purchase (Proof of Purchase), original item profile and description, repairs, warranties, resales and other events that can be collected and tracked.

Decentralized sale on the blockchain
We are also developing a system that will help protect transactions between two parties. We will use the smart contract as an intermediary between the payer and the recipient of funds (seller). The smart contract will withhold the funds until a mutual agreement between the two parties has been reached in terms of required product characteristics. Then, the funds will be released.

Decentralized loyalty
We are setting up our loyalty infrastructure in a completely decentralized manner. Anyone will be able to join in on the loyalty as a rewarder or as a recipient, with our native ELI as a loyalty value holder.

We will consolidate merchants in an integrated open-loop universal loyalty system and provide a simple and convenient user interface with a customer-centric approach. There will be no need to register with a standalone loyalty program of each merchant and the users will be able to redeem the acquired ELI tokens with any other network member.

The main purpose of our loyalty system is to reward loyal users for actions that benefit the party handing out loyalty points or, in our case, loyalty tokens. Our infrastructure will enable several parties to benefit from this program and offer users incentives for their participation.

Payment and shopping solutions

Crypto payment gateway
We have already developed a decentralized payment gateway that enables users to send or receive payments in multiple crypto currencies. Payments through our gateway are highly encrypted and therefore much more secure than traditional payment solutions.

Our uniqueness is in the facts that we offer merchants FIAT settlement and that all the transactions made through our gateway are immediate. With this feature, we are one of the few crypto payment providers on the market that offer solutions suitable not only for online but also for traditional retail.

Elipay mobile app & POS crypto payment solution
Elipay is a system that enables instant crypto payments at offline and online stores. As a holistic solution, it consists of a POS solution for merchants and of a mobile app for users. The Elipay app will not remain a standalone payment solution, but will be further developed into an all-in-one shopping app.

Payment solutions pipeline
We have several add-ons in our pipeline and some of them are already in the development phase.

The three main solutions that will be developed are:

  • Payment cards integration
    We are strong believers and supporters of both blockchain technology and crypto currencies but are aware that a mass adoption is not there yet. Therefore, we will implement some traditional ways of payment such as credit and debit cards.
  • Partial payments
    We want to offer users the possibility to pay by using multiple currencies for a single purchase (example: 40% in BTC, 30% in ETH and 30% in USD).
  • Crypto-based loans
    The main idea behind crypto-based loans is the fact that crypto owners don’t want to sell their crypto funds as they see them as an investment. For those, we will implement a solution that will enable them to get FIAT loans secured with their crypto funds.

Other shopping solutions
We strive to provide our users with a state-of-the-art shopping experience. We are therefore working hard on developing other shopping solutions, such as single-click listings on second-hand shopping sites and a unified shopping account with which the user will no longer need to register with different online stores in order to buy and sell there.