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Eligma, a cognitive commerce platform, will be connecting existing e-commerces and second-hand marketplaces into a one-point-stop for users. By harnessing AI and blockchain technology, Eligma is changing the way users discover, purchase, track and resell items online.
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Token sale Live
Collected: 15,092 ETH
44%
General
Website: Visit
White paper: Read
Pre-sale Time: 20 Mar 2018 - 10 Apr 2018
ICO Time: 17 Apr 2018 - 08 May 2018
Whitelist/KYC: Whitelist & KYC
Country: Slovenia
Token info
Ticker: ELI
Platform: Ethereum
Token Type: ERC20
Available for sale: 300,000,000 ELI
Financial
Price: 1 ELI = 0.1 USD
Accepting: ETH
Soft cap: 3,000 ETH
Hard cap: 34,180 ETH
Bonuses: Up to 8%
Screenshots taken 7 Mar 2018
SEPTEMBER 2017
Idea for Eligma is born and first investment (1.5 M EUR) received.

20 MARCH – 10 APRIL 2018
Whitelist Presale.

MARCH 2018
POS system for crypto payments integrated in BTC City and v1.0 of the mobile wallet is launched.

17 APRIL 2018
Public Crowdsale.

DECEMBER 2018
Eligma’s AI-driven item discovery is launched in Slovenia.

APRIL 2019
User inventory module is added to the platform and DIPs are introduced.
MAY 2019
Decentralized item sale on a blockchain is enabled.

JUNE 2019
Geographical expansion to the UK market begins.

Q1 2020
First merchants start claiming loyalty ownerships.

Q2 2020
Second-hand "Automated listing" from user inventories are introduced.

Q1 2021
Crypto payment gateway is launched.

Q3 2021
Global unified shopping account.
Tim Soucek
Product Developer
Saso Kuntaric
Content Creator and Terminology Expert
Urska Celig
Marketing and Communications Coordinator
Dejan Roljic
Founder & CEO
Matjaz Sircelj
Digital PR and Social Media Consultant
Matej Gregorcic
Co-Founder
Joze Mermal
Co-Founder
Bostjan Mrak
Lead Machine Learning Engineer
Alexander Danilov
Chief Technology Officer
Ziga Toni
Chief Operating Officer
Timotej Polach
Chief Security Officer
Tomislav Mucic
Senior Blockchain Consultant
Andrej Plankar
Blockchain Business Consultant
Luka Planinc
General Counsel
Luka Prasnikar
Senior Blockchain Developer
Rok Babic
Senior Blockchain Developer
Matevz Caserman
Senior Blockchain Consultant
Jan Kalsek
Senior Blockchain Consultant
Ajet Redzepi
Senior Business Developer
Mitja Hegler
Senior Business Developer
Jure Sobocan
Art Director and UX/UI expert
Rok Kostanjsek
Senior Designer
Luka Paragi
Senior Designer
Dusanka Novakovic
Cognitive Scientist and Visual Communications Designer
Sara Draskovic
Head of Marketing and Communications
Melita Gulja
Communications and Content Creator Consultant
Peter Roljic
Product Developer

Advisors (12)

Mark Plesko, Phd
Andy Baynes, Msc
Jeff Arrillaga
Gary Dillabough
Maja Mikek
Jure Leskovec, Phd
Nick Zaharias
Herman Gyr, Phd
Ana Lukner Roljic, Msc
Peter M. Moricz
Mihael Mikek
Tanja Bivic
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AI-driven and blockchain-based cognitive 
commerce platform

WHITEPAPER v1.6

Be aware that any purchase of crypto tokens is extremely risky.
Never spend any funds that you cannot afford to lose. Make sure 
you read and understand this whitepaper, Terms of Sale and all 
possible associated risks.

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PLEASE READ THIS ENTIRE SECTION AND DO NOT TAKE ANY ACTIONS UNTIL YOU FINISH IT. The 
purpose of this whitepaper is to present a summary of Eligma’s business model, value proposition 
and an introduction to the Eligma crowdsale for potential token purchasers in connection with the 
proposed token sale. The information set forth below may be changed for any reason, may not be 
exhaustive and does not imply any elements of a contractual relationship. The sale and purchase of 
ELI tokens is governed by the Terms of Sale available on the Eligma website.

If you are in any doubt as to the action you should take, you should consult your legal, financial, tax 
or other professional advisor(s) and immediately navigate away from the Eligma website and do not 
contribute to the development of Eligma.

This whitepaper does not purport to be all-inclusive or contain all information that you may desire 
in examining the project. This whitepaper’s sole purpose is to provide relevant and reasonable 
information to you in order for you to determine whether to undertake a thorough analysis of the 
project and the company with the intent of acquiring ELI tokens. PURCHASE OF ELI TOKENS INVOLVES 
A HIGH DEGREE OF RISK, AND YOU SHOULD NOT SPEND ANY FUNDS IN THIS CROWDSALE UNLESS 
YOU CAN AFFORD TO LOSE YOUR ENTIRE AMOUNT SPENT. Please refer to the Terms of Sale for a 
more comprehensive list of possible risks concerning the ELI token purchase. All information and 
content provided in this whitepaper is to be used on an “as is” basis. In making a decision to purchase 
ELI tokens, you must rely on your own examination of the project and the terms thereof, including 
the merits and all different risks involved. Prior to making a decision regarding the purchase of ELI 
tokens, you should consult your legal, financial, tax or other professional advisor(s), as to all matters 
concerning this purchase, and carefully review and consider this entire whitepaper. You and other 
prospective token purchasers are encouraged to ask questions about Eligma, its business and the 
Terms of Sale of the crowdsale, and to request such data as may be necessary to enable you to make 
an informed purchase decision.

Nothing in this whitepaper, on the Eligma website or in the Terms of Sale will be deemed to constitute 
a prospectus of any sort or a solicitation for investment, nor does it in any way pertain to an offering or 
a solicitation of an offer to buy any securities in any jurisdiction. If you decide to purchase ELI tokens, 
please note that your purchase does not involve the exchange of cryptocurrencies for any form of 
securities, investment units and/or form of ordinary or other shares in Eligma or any other company. 
Furthermore, you as an ELI token holder do not receive any form of dividend or other revenue right 
that is guaranteed or participate in profit sharing scheme nor receive any right of ownership in 
Eligma Ltd. or any right to participate in the management of Eligma Ltd. It is for these reasons that 
we believe that ELI tokens are not securities and may be purchased by anyone. If you determine that 
ELI tokens may constitute securities subject to regulation in any country, we strongly advise you not 
to acquire them and suggest you immediately notify us of the possible risks. This document is not 
composed in accordance with, and is not subject to, laws or regulations of any jurisdiction that are 
designed to protect investors.

No regulatory authority has examined or approved of any of the information set out in this whitepaper. 
No such action has been or will be taken under the laws, regulatory requirements or rules of any 
jurisdiction. The publication, distribution or dissemination of this whitepaper does not imply that the 
applicable laws, regulatory requirements or rules have been complied with. No financial information 
contained in this whitepaper has been audited.

Eligma, its founders, team members and any third party involved in Eligma project do not warrant or 
assume any legal liability arising out of or related to the accuracy, reliability, or completeness of any 
material contained in this whitepaper or any accompanied material or statements. To the maximum 
extent permitted by the applicable laws, regulations and rules, Eligma, its founders, team members 

Disclaimer and Risk Disclosure 

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and any third party involved in the Eligma project will not be liable for any indirect, special, incidental, 
consequential or other losses of any kind, in tort, contract or otherwise (including but not limited 
to loss of revenue, income or profits, and loss of use or data), arising out of or in connection with 
any acceptance of or reliance on this whitepaper or any part thereof, or any accompanied material, 
statements or information provided on the Eligma website by you.

All statements, estimates, and financial information contained in this whitepaper, on the Eligma 
website, in press releases or in any other place, accessible by the public, and oral statements that may 
be made by Eligma, its founders, team members and any third party involved in the Eligma project 
and acting on behalf of Eligma, that are not statements of historical fact, constitute forward-looking 
statements or information. Such forward-looking statements or information involves known and 
unknown risks and uncertainties which may cause actual events or results to differ materially from the 
estimates or the results implied or expressed in such forward-looking statements. These statements 
may be identified by words such as “expect”, “target”, “anticipate”, “intend”, “plan”, “estimate”, 
“will”, “should”, “could”, “would”, “if”, “may”, “possible”, “project” or words of similar meaning or 
form. However, these words are not the exclusive means of identifying forward-looking statements.

The law in certain jurisdictions may restrict or limit the sale and purchase of ELI tokens. These 
jurisdictions include but are not limited to Canada, People’s Republic of China, Singapore, South 
Korea and the United States of America (including Puerto Rico, the U.S. Virgin Islands or any other 
US territories). The ELI tokens are not being offered or distributed to, as well as cannot be resold or 
otherwise alienated by their holders to, citizens of, natural and legal persons, having their habitual 
residence, location or their seat of incorporation in the country or territory listed above or where 
transactions with digital tokens are prohibited or in any manner restricted by applicable laws or 
regulations. If such restricted person purchases ELI tokens, such restricted person has done so on an 
unlawful, unauthorized and fraudulent basis and in this regard, will bear negative consequences. 
Aforesaid persons that participate in the fundraiser by providing false information about their 
citizenship, residency place and nationality, will breach the Terms of Sale of ELI tokens and would 
entitle Eligma to request such persons to compensate any damages and/or losses suffered due to this 
violation. You agree that you purchase, receive and hold the ELI tokens at your own risk and that ELI 
tokens are provided on an ‘as is’ basis without warranties of any kind, either express or implied. It is 
your responsibility to determine if you are legally allowed to purchase ELI tokens in your jurisdiction 
and whether you can then resell ELI tokens to another purchaser in any given jurisdiction. You 
bear the sole responsibility for determining or assessing the tax implications of your participation 
in the crowdsale, purchasing, or receiving and holding ELI tokens in all respects and in any relevant 
jurisdiction. You represent and warrant to us that the contributed funds do not derive from any 
illegal activity and allow us appropriate Anti-Money Laundering (AML) Checks. You understand and 
accept that we may at any time and without any explanation reject any contribution on the basis of 
simple suspicion that the funds derive from illegal acts or that AML regulation was not honoured.

This whitepaper may be updated or altered with the latest version of the whitepaper prevailing 
over previous versions. Eligma is not obligated to give you any notice of the fact or content of any 
changes. The latest version of the whitepaper in English is available at the website https://eligma.io/. 
However, there is no obligation to update, supplement or correct this whitepaper or accompanying 
materials in any respect, or otherwise to provide you with access to any additional information. 
The information contained herein may from time to time be translated into languages other than 
English or used in the course of written or verbal communications with existing and prospective 
token purchasers, customers, partners, etc. In the event of any conflicts or inconsistencies between 
such translations and communications and this official English language whitepaper, the provisions 
of this English language original document will prevail.

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A word from our founder

“It’s nothing personal, it’s just business.” I strongly disagree. To me, 
entrepreneurship is a passionate belief and a personal mindset that 
can make all the difference between success and failure. It is the 
reason behind my actions, the source of my ambition, my dedication 
and my pride. And when you put so much of yourself, your time and 
your belongings in it, business becomes very personal.

Eligma is a dream I started dreaming a decade ago. Technological 

changes and rapid advancements made me think how everything around us is connected 
and how thoroughly the internet is changing the way we live. I recognized the advantages, 
but also the traps. One thing was obvious—in this era of data, consumers have too much 
to choose from and not enough time.

That is why Eligma is on a mission to connect all online commerce into a one-stop point 
and use the latest technology to help us all navigate in a consumption-oriented world. By 
harnessing AI and blockchain Eligma will act as our personal shopping assistant, giving us the 
overview of our belongings, but most of all helping us take back control and empowering 
our decision-making, which we as consumers have lost. The best thing: it will save us time 
that we all desperately lack.

Now, the dream of Eligma is becoming a reality with the help of three co-founders. We 
are all dreamers with one important distinction: we do not just imagine, but actually live 
our dreams!

Jože Mermal dreamt of an area that would connect business, entertainment, shopping, 
well-being and innovations in one place. Today, he manages BTC City—a 400,000 m

2

 area 

in Ljubljana with more than 10,000 brands, 3,000 companies, 450 stores, 70 bars, restaurants 
and over 20 million yearly visitors. It is one of the largest shopping areas in Europe. In a 
country with only 2 million inhabitants, his dream became a definition of innovation, open 
mindset and commerce evolution.

Matej Gregorčič’s vision made him a living legend in the blockchain community. For him, 
entrepreneurship is like a competition at the Olympic Games—years of training and dedication 
leading up to one big race to win! He is the heart and mind of Viberate, a start-up that 
became the new standard and a synonym for top-notch crowdsale projects.

My whole life is also connected to start-ups and innovations. I have lived around the world, 
doing business and improving myself in the process practically everywhere I could. The dream 
of Eligma started in Shanghai and was at the time called Crowdering. Its main goal was to 

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connect people directly with factories, removing middlemen from the process. My path then 
led me to Amsterdam, where I got familiar with 3-D printing, and then to Slovenia, where I 
immediately founded the ABC accelerator. Three years after that, ABC was named the best 
start-up accelerator in Central Europe with new offices popping-up in Silicon Valley, Germany, 
Slovenia, Bosnia and Ukraine. It invested in more than 80 start-ups and raised more than 40 
million dollars to help turn the world into a better place in its own special way.

Many things need to come together for something as big as Eligma to happen. For our 
team, last summer was crucial. Talk over a coffee challenged me to stop wishing and start 
making my biggest dream a reality. It meant a big change for me, as I was the CEO of an 
amazing company and I enjoyed my job tremendously. But I knew that I was willing to let 
everything else go for Eligma. Both Matej and Jože supported me 100 % and more. Jože 
brings his invaluable knowledge, experience and the BTC City infrastructure to test Eligma 
in the real world. On the other hand, Matej lives and breathes statistics, metrics, blockchain, 
crypto, but most of all, supports me to expand my limits.

When you put us three dreamers together, you get a guarantee that something extraordinary 
is about to happen.

Dejan Roljič, CEO and founder of Eligma

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Index

  

   1 Project overview    

 

 

 

 

 

    09

 

 

 

 

 

 

 

           

 

 

1.1 Discovery   

 

 

 

 

 

    

        09

 1.2 Inventory   

 

 

 

 

 

 

        09

 1.3 Universal Loyalty 

 

 

 

 

 

 

       10

 1.4 Vision 

 

        

 

 

 

 

 

10  

 1.5 

Mission 

        

 

 

 

 

 

11

    

 

    

   2 

Market 

research 

       

 

 

 

13

2.1 Market size   

 

 

 

 

 

 

        13

2.2 E-commerce trends   

 

 

 

 

 

        13 

2.3 Second-hand market 

 

 

 

 

 

        15

2.4 Dispersed online store ecosystem 

 

 

 

 

        16

2.5 Loyalty programs 

 

 

 

 

 

 

        17

2.6 Cryptocurrency payments   

 

 

 

 

        18

2.7 

Conclusion 

        

 

 

 

 

 

 

19

2.8 Main problems identified in the research 

 

 

 

        19

   

   

   3 

Eligma 

         

 

 

 

22

3.1 Discovery   

 

 

 

 

 

 

        22

3.2 Inventory   

 

 

 

 

 

 

        30

3.3 Loyalty 

 

 

 

 

 

 

 

        37

 

   

   4 Pilot project – Blockchain City   

 

 

 

    42

4.1 Online platform 

 

 

 

 

 

 

        42

4.2 Mobile wallet 

 

 

 

 

 

 

        43

4.3 User profiling 

 

 

 

 

 

 

        43   

4.4 Pilot project timeline 

 

 

 

 

 

        44

 

   

5 Business model and execution plan   

 

 

    46

5.1 Business model 

 

 

 

 

 

 

        46

5.2 Project development 

 

 

 

 

 

        47

5.3 Scaling of the product 

 

 

 

 

 

        48

5.4 Project roadmap 

 

 

 

 

 

 

        49

   

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Index

  

   1 Project overview    

 

 

 

 

 

    09

 

 

 

 

 

 

 

           

 

 

1.1 Discovery   

 

 

 

 

 

    

        09

 1.2 Inventory   

 

 

 

 

 

 

        09

 1.3 Universal Loyalty 

 

 

 

 

 

 

       10

 1.4 Vision 

 

        

 

 

 

 

 

10  

 1.5 

Mission 

        

 

 

 

 

 

11

    

 

    

   2 

Market 

research 

       

 

 

 

13

2.1 Market size   

 

 

 

 

 

 

        13

2.2 E-commerce trends   

 

 

 

 

 

        13 

2.3 Second-hand market 

 

 

 

 

 

        15

2.4 Dispersed online store ecosystem 

 

 

 

 

        16

2.5 Loyalty programs 

 

 

 

 

 

 

        17

2.6 Cryptocurrency payments   

 

 

 

 

        18

2.7 

Conclusion 

        

 

 

 

 

 

 

19

2.8 Main problems identified in the research 

 

 

 

        19

   

   

   3 

Eligma 

         

 

 

 

22

3.1 Discovery   

 

 

 

 

 

 

        22

3.2 Inventory   

 

 

 

 

 

 

        30

3.3 Loyalty 

 

 

 

 

 

 

 

        37

 

   

   4 Pilot project – Blockchain City   

 

 

 

    42

4.1 Online platform 

 

 

 

 

 

 

        42

4.2 Mobile wallet 

 

 

 

 

 

 

        43

4.3 User profiling 

 

 

 

 

 

 

        43   

4.4 Pilot project timeline 

 

 

 

 

 

        44

 

   

5 Business model and execution plan   

 

 

    46

5.1 Business model 

 

 

 

 

 

 

        46

5.2 Project development 

 

 

 

 

 

        47

5.3 Scaling of the product 

 

 

 

 

 

        48

5.4 Project roadmap 

 

 

 

 

 

 

        49

   

   

Team          

53 

6.1 Founders 

        

 

 

53

6.2 

Team 

         

 

 

54

6.3 

Advisors         

 

 

58

   

7 Strategic partners   

 

 

 

 

     

 63

  

7.1 

BTC 

         

 

 

63

7.2 

Spartan 

solutions 

       

 

 

63

7.3 

Netis 

         

 

 

64

7.4 

Viberate         

 

 

64

7.5 

ABC 

 

         

 

 

64

7.6 

AmaZix       

 

   

 

 

65

7.7 

Icecat 

         

 

 

65

Token 

crowdsale        

67

8.1 

General 

information 

       

 

 

67

8.2 Phase I: Public presale   

 

 

 

 

 

   68

8.3 Phase II: Public crowdsale 

 

 

 

 

 

   69

8.4 ELI token distribution   

 

 

 

 

 

   70

ELI 

funds 

distribution       

72

9.1 Development phase distribution 

 

 

 

 

   72

9.2 Marketing phase distribution   

 

  

 

 

   73

9.3 

Scaling 

phase 

distribution 

      

 

74

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8

Eligma will rely on artificial 
intelligence for giving you what you 
could never buy - time.

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9

1  Project overview

Eligma was born as a response to several key trends and problems identified in traditional 
retail as well as online shopping, where the use of the latter has exploded in the recent 
decade. The goal of our project is to offer a set of previously impossible or unanticipated 
solutions to discover, purchase, track and resell items. This is now viable thanks to the 
development of artificial intelligence and blockchain technology.

These three main pillars, discovery, inventory and loyalty, will enable Eligma to become an 
AI-driven and blockchain-based platform that acts as a personal commerce agent.

1.1 

DISCOVERY

Discovery will use a deep neural network-based product recommendation engine to find the 
best deals for products users are looking for. Through a unique algorithm that will compare 
products based on their specifications and characteristics, Eligma will also offer alternative 
solutions that match the users’ requirements. Through Eligma’s chatbot, finding the right 
product will only take seconds. There will be no need to search for products in thousands 
of online sources anymore. 

Users will be able to manage any online store account through Eligma’s unified shopping 
account. A single shopping cart and checkout process will suffice to complete purchases 
in multiple online stores at once. Users will be able to use a simple interface to authorize 
Eligma to register with selected online stores on their behalf.

Eligma’s cryptocurrency payment gateway will enable users paying with cryptocurrencies, 
even if the online store they are buying from does not support them yet.

And to round up the discovery process, Eligma will create a blockchain-tracked Digital Item 
Profile (DIP) for every item purchased through the platform, where users can store several 
records, including Proofs of Purchase.

1.2 

INVENTORY

Every DIP will be automatically written into the user’s inventory. In order for the user to 
have an overview of all the items in his household, he will also be able to manually add 
elsewhere purchased items.

Within the inventory, users will be able to see the AI-predicted current and future item value. 
Eligma’s household trading agent will notify users when the best time to sell the product 
is. It will automatically generate and publish listings on selected second-hand online stores 

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10

with a single click. If a user chooses to replace that product, Eligma will even propose a 
suitable replacement.

To make C2C transactions safer for the user, Eligma will offer two solutions to both trading 
parties. With its Escrow service, Eligma will act as a trusted intermediary and ensure fairness 
of contractual terms. The second option is a completely decentralized sale on the blockchain, 
where both parties will make a deposit into a smart contract as a guarantee. These deposits 
and the buyer’s payment will remain locked until the contract terms are fulfilled.

1.3 

UNIVERSAL LOYALTY

With both discovery and inventory pillars established, Eligma will consolidate retailers 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 users will be able to redeem acquired 
ELI tokens with any other network member.

Unlike the existing loyalty systems that give points, Eligma will transfer value into ELI tokens 
and credit them directly to the user’s wallet. Users will be able to earn loyalty tokens not 
only by performing certain actions on the platform, but also by making purchases at any 
other online or offline merchant, included in the program, or by simply buying them on 
an online exchange.

Although the majority of platform features will be free, some of them will only be unlocked 
with ELI tokens. With the adoption of cryptocurrencies, ELI tokens will be used for purchases 
at all merchants involved in our loyalty program.

Eligma is anticipated to become a generally recognized and accepted platform for online 
shopping. It will be entering a market, where the amount of sales reached 2.3 trillion U.S. 
dollars in 2017 and is anticipated to double in the next four years (Statista, 2018).

1.4 

VISION

Eligma will serve as a jack-of-all-trades when it comes to e-business. By connecting blockchain 
and business, we will create a modular platform for commerce and save time that users 
spend on searching and purchasing products by utilizing artificial intelligence. It will advise 
users, which item to buy by taking into account item components, quality, price, shipping 
time and costs as well as other factors. It will enable users to securely and transparently sell 
their used items on multiple second-hand markets at the most appropriate time through 

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11

their personal item inventories - Eligma will transform every household into a business. All of 
this will be possible thanks to the innovative use of existing AI and blockchain technologies.

1.5 

MISSION

Eligma’s mission is to optimize the online shopping experience and through it help people 
save the one thing that can not be bought - time. Eligma will strive to offer transparent 
and secure C2C trades, decentralized loyalty program and help bring cryptocurrencies into 
mainstream.

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Online shopping is experiencing 
rapid growth worldwide. 

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13

2  Market research 

2.1 

MARKET SIZE

Online shopping is one of the most popular online activities worldwide. In 2016, retail 
e-commerce sales worldwide amounted to 1.86 trillion U.S. dollars and e-retail revenues 
are projected to grow to 4.48 trillion U.S. dollars in 2021

1

2.2 

E-COMMERCE TRENDS

The habit of buying products online has exploded in the recent years. There are two main 
reasons for that happening: the expansion of internet access across the world (in December 
2017, 54.4 % of the world population was using internet

2

) and people becoming more 

accepting of online shopping as technological changes have made it more convenient and 
easier. Online shopping does not know geographical and time boundaries. Customers can 
now place orders internationally and 24/7. The possibility to shop at any time and the ability 
to compare prices and find better deals are the main reasons consumers rather shop online 
than in physical stores

3

.

Statista, “Retail e-commerce sales worldwide from 2014 to 2021 (in billions of U.S. dollars)”, 2017

Miniwatts Marketing Group, “Internet World Stats”, 2018

KPMG International, “Global Online Consumer Report”, 2017

2015

2016

2017

2018

2019

2020

2021

1 548

1 859

2 290

2 774

3 305

3 879

4 479

7.4 %

8.7 %

10.7 %

11.6 %

13.1 %

14.6 %

15.5 %

Retail e-commerce sales worldwide from 2015 to 2021 (in billions of U.S. dollars)

E-commerce share of total retail sales from 2015 to 2021

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14

Reasons consumers shop online instead of in stores

The BigCommerce

4

 survey revealed that 67 % of Millenials and 56 % of Gen Xers prefer to 

search and purchase on e-commerce sites rather than in store. Both groups spend on average 
6 hours shopping online per week. 

Ability to shop 24/7

Convenience

Price-related

Push from offline

Ease of selection

Free shipping

Only option to buy

Price comparison

Better prices

Saving time

Convenience

Greater variety/selection

Free shipping offers

Convenience of having

everything in one place

Locating hard to find items

Avoiding crowds

Avoiding checkout lines

Products are not sold

 

in my city/country

58 %

54 %

46 %

40 %

39 %

29 %

29 %

27 %

20 %

15 %

15 %

11 %

MILENNIALS

67 %

33 %

56 %

44 %

41 %

59 %

28 %

72 %

GENERATION X

BABY BOOMERS

SENIORS

IN-STORE

ONLINE

6

6

4

2.5

HOURS PER WEEK SHOPPING ONLINE

BigCommerce, “Omni-Channel Retail in 2017”, January 2018.

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15

2.2.1 

Purchase decision

More and more people value their time and that is why online shopping is growing at such a 
high rate. Retailers are transforming their stores into showrooms and sending their customers 
to finish the purchase process online. Preferences to buy in-store vs. online are different 
amongst different categories, but with every year the percentage of online sales is growing.

Source: PwC, “Total Retail 2017”, 2017

2.3 

SECOND-HAND MARKET

The second-hand market has its own specifics, but is growing rapidly. With companies like 
LetGo raising incredible amounts of money (Letgo raised $175 million U.S. dollars

5

) in the 

used goods segment, it is apparent that this market has a lot of potential.

However, both sellers and buyers are facing risks when performing such transactions. Even 
eBay admitted that there is something wrong, as their system was built on the assumption 
that most people are honest

6

. A large number of frauds are making consumers hesitant to 

sell or buy on second-hand markets as those markets are doing a poor job protecting them.

Techcrunch, “Letgo raises $175 million for its used goods marketplace”, January 2017.

The Guardian, “Ebay accused of failing its sellers as fraudulent buyers manipulate the system”, May 2017.

28 %

Books, music, movies & video games

Consumer electronics & computers

Health & beauty (cosmetics)

Sports equipment/outdoor

DIY/home improvement

Furniture & homeware

Household appliances

Clothing & footwear

Jewellery & watches

Grocery

Toys

60 %

43 %

37 %

36 %

30 %

30 %

33 %

40 %

32 %

23 %

39 %

51 %

47 %

44 %

52 %

59 %

56 %

51

 

%

49 %

70 %

37 %

Online

In-store

Prefer

ence to buy in-stor

e vs

. online

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16

2.4 

DISPERSED ONLINE STORE ECOSYSTEM

According to a research done by Omer Rachamim in 2014, there were 12-24 million online 
stores in the world, but only 650,000 out of them were generating annual sales of more 
than a thousand U.S. dollars

8

.

With all the online stores available, one of the main drawbacks is the necessity to register 
to complete a purchase. Nowadays people are losing track of stores where they are already 
registered and statistics show that 23 % of shoppers would not complete the purchase if 
they had to register again

9

.

 To solve these problems, online retailers are trying to provide a more personalized experience, 
as it is very likely that such an experience can increase the number of purchases.

Number of online shoppers that believe it is easier to find more interesting products on 
personalized online retail stores

10

:

Number of online shoppers that are more likely to return to a site that recommends products

10

:

Consumers are embracing this; retailers are incorporating better engagement and adding a 
social component, AR and VR, machine learning, speech recognition and visual search, different 
delivery options, simplicity over complexity, blockchain technologies and cryptocurrency 

10 BILLION US DOLLARS

Annual net revenue of eBay, currently the largest used goods marketplace, 
has grown by 7 % in 2017 and has reached almost 10 billion U.S. dollars

7

.

Statista, “eBay’s annual net revenue from 2013 to 2017 (in millions of U.S. dollars)”, 2018.

Omer Rachamim, “How many stores are there in the world?”, December 2014.

VWO, “eCommerce Survey”, 2014.

10 

Khalid Saleh, Invesp, “Online Shopping Personalization - Statistics and Trends”.

59 %

66 %

Number of online shoppers that believe it is easier to find more 
interesting products on personalized online retail stores:

Number of online shoppers that are more likely to return to a site 
that recommends products:

59 %

66 %

Number of online shoppers that believe it is easier to find more 
interesting products on personalized online retail stores:

Number of online shoppers that are more likely to return to a site 
that recommends products:

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17

payments. More than 85 % of consumers said that they are more likely to shop with retailers 
that deliver personalized and connected cross-channel experiences. People would rather 
buy from a retailer that recognizes them and recommends options based on their previous 
purchases and their habits. Personalization is expected to undoubtedly increase sales in 
the future

11

.

2.5 

LOYALTY PROGRAMS

While almost half of all loyalty programs are established in the retail industry, one of their 
main drawbacks is that they are not connected and not monetary by nature. All suffer from 
being too similar to others and not innovative enough. According to research, the number 
of loyalty program memberships in United States tripled in the last decade. An average 
American was a member of at least 10 different loyalty programs back in 2016, but more 
than half of those memberships remained inactive, confirming that the loyalty program 
industry is facing issues

12

.

Number of individual Loyalty Program Memberships in the US

13

Due to the number of unconnected loyalty programs, it has become impossible for the 
average user to track them, redemption rates are low and small providers find it hard to 
cover their high operational costs.

11 

Swirl Networks, Inc., “Mobile and shopping preferences”, 2015.

12 

Statista, “Number of individual loyalty program memberships in the United States from 2006 to 2016 (in  

 

billions)”, 2017.

13 

Marketing Charts, “There Are An Estimated 3.8 Billion Individual Loyalty Program Memberships in the US.  

 

More Than Half Are Inactive”, July 2017.

2006 

2008

Total number of individual memberships

Percent of active memberships

1.3 B

40 %

1.8 B

44 %

2010

2012

2.1 B

2.6 B

44 %

2014

3.3 B

42 %

2016

3.8 B

46 %

YEAR

46 %

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18

Credit cards

Electronic payments (PayPal)

Debit cards

Cash on delivery

Bank transfers

Gift cards or vouchers

Mobile Payments

Cryptocurrencies (Bitcoin)

 

Other

42 %

39 %

28 %

23 %

20 %

15 %

14 %

3 %

3 %

2.6 

CRYPTOCURRENCY PAYMENTS

Cryptocurrencies are becoming more and more recognized amongst the wider population and 
are slowly stepping into the mainstream. According to research, credit cards remained the 
online shoppers’ preferred payment method worldwide in March 2017 and cryptocurrencies 
reached 3 %

14

.

Preferred payment methods of online shoppers worldwide as of March 2017

14 

Statista, “Preferred payment methods of online shoppers worldwide as of March 2017”, 2017.

15 

Statista, “Can you imagine using cryptocurrencies (i.e. Bitcoin) for payments?”, 2017.

16 

Bloomberg, “Bitcoin Acceptance Among Retailers Is Low and Getting Lower”, 2017.

This percentage is anticipated to increase, since the last research conducted in July and 
August 2017 in Germany already showed that 11.4 % of participants are expecting to use 
cryptocurrencies for conducting payments in the future

15

.

One of the main reasons, why the adoption of cryptocurrency payments is slow, is the fact 
that big online merchants are not implementing this payment solution yet. As of July 2017, 
Bitcoin was accepted at just three of the top 500 online merchants

16

.

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19

2.7 

CONCLUSION

Research shows that the online shopping market is growing yearly and that people are 
already losing a lot of time searching for the right product. The offer is vast and the online 
shopping ecosystem is very dispersed. The second-hand online market is blooming and will 
probably grow even faster if certain seller and buyer security measures are implemented.

2.8 

MAIN PROBLEMS IDENTIFIED IN THE RESEARCH

Online product research and shopping are time consuming

People spend a lot of time researching online to find the product and the deal that suits 
their needs, but even the most persistent ones cannot check all the online store offers. Users 
are never certain, whether they found the best possible deal.

User privacy issues

Users disclose personal data with every store, where they want to place an order. Their every 
move on the store’s website is also being monitored. This means that stores are collecting 
extensive behavioural data about each user and can connect that data directly to the person.

Registration with every online store is required

Users have to separately register with each online store they want to shop in. Due to this 
inconvenience, they can be discouraged from placing an order in a new online store. Keeping 
track of different accounts can be a hassle and therefore consumers are returning only to 
stores, where they are already registered.

Keeping track of household belongings

Users do not have an overview of what they own and how much their belongings are worth. 
Every household has many products that still have value, but are never used and people 
forget about even having them.

Creating second-hand listings for faster sale conversions

When trying to sell used items, users are having problems setting the appropriate price and 
selecting a second-hand market with the highest probability of finding potential buyers. 
Usually they list products on some of those markets and forget about the listing, as it rarely 
converts into a successful sale.

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20

Payments with cryptocurrencies are not possible

With growing wealth held in cryptocurrencies, the demand for conducting payments in those 
currencies is growing. Very few online stores stepped into this direction, even though all the 
indicators are showing that in the future cryptocurrencies are going to become mainstream.

Vast number of individual loyalty programs

Big retailers have introduced loyalty programs a long time ago, but those programs are not 
connected. This means that in order for users to really benefit from a program, they have 
to keep track of every one of them, which is next to impossible. 

Incomplete or inaccurate product descriptions

Most online stores provide their own descriptions. The quality of those descriptions varies 
from store to store and it is very hard for users to know which one of them is relevant. In 
most cases, when users are searching for products with a higher price, they have to first visit 
the manufacturer’s website to find the description they can trust.

Lack of a personalized approach

Despite the adoption of new technologies, most online stores are still not embracing the 
personalized shopping experience approach. In many cases, online stores are displaying 
inappropriate products to the wrong customers and it is up to the users to browse the store 
and find the product that best suits their needs.

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Eligma will offer the best quality / price 
ratio in a market consisting of billions 
of products.

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22

3  Eligma

Eligma will be an AI-driven and blockchain-based cognitive commerce platform that will 
change the way people discover, purchase, track and resell items online. With its unique 
features it will offer users a “one-place”, where they can shop in all the online stores 
anywhere in the world, check the value of items in their household and learn the best time 
to sell them. Eligma will offer users a completely decentralized universal loyalty program 
and help transform every household into a business.

Eligma contains three main pillars: discovery, inventory and loyalty, described in the following 
subsections.

3.1 

DISCOVERY

The first pillar of the Eligma platform is Discovery. It is the core of the platform and its 
unique AI algorithms will enable us to develop future smart solutions.

DISCOVERY

• AI-calculated item value
• Household trading agent
• Automated second hand listing
• Decentralized sale on blockchain

INVENTORY

• Universal loyalty program
• Users are rewarded for contributions
• Every merchant can join
• ELI tokens as a payment option

LOYALTY

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23

BACK-END

SERVICES

MERCHANT

GATEWAY

PRODUCT

DATABASE

PRODUCT

DATA

SEARCH

ENGINE

1.

2.

CRAWLERS

API DELIVERY

3.1.1 

Databases / Data Warehouse

In order to start with AI development and the machine learning process, we are initially 
building a complete architecture of the platform, which uses a high-performance database 
as a precondition.

This whole architecture is designed in a way that is able to serve an unlimited amount of 
data entries and user requests. To ensure a better presence in different markets, the platform 
will have multilingual support.

Eligma’s first building block will be a data warehouse that consists of the following elements:

• 

Product database;

• 

Online store database;

• 

User profile, inventory and behaviour data database;

• 

Purchases and Proof of Purchase database.

Architecture of Eligma’s Data Warehouse

Eligma will use a product data collection service to automatically collect and update data 
from suppliers, manufacturers, online stores and other content providers. We will introduce 
the users’ contributions feature for growing our database later.

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24

3.1.1.1  Product database

Every product in our continuously growing product database has more than 300 data fields 
and the database itself is carefully categorized in accordance with the global categorization 
standard. Eligma’s database already includes more than 20 million unique products that are 
currently available on the global market.

We have partnered with the world’s leading product data provider IceCat NV from the 
Netherlands, who started the product data collection and processing in 2001. As manufacturers 
provide most of the data, Eligma will reduce the risk of false data to the minimum.

3.1.1.2  Online store database

The next step in gathering data is to connect our product database with online stores. Eligma 
has established a team of senior developers who are focused on setting up, upgrading and 
maintaining this database. Two different approaches will be used for gathering data:

• 

Connecting to open APIs of online stores;

• 

Developing parsing services to scrape the data from online stores.

Eligma will not be collecting entire datasets from online stores because some of that data 
might be incomplete or inaccurate and because we already possess the correct product data 
in our product database (such as title, description, specification, etc.). Eligma will be focused 
on collecting data, specific for each individual online store:

• 

Price

• 

Shipping countries

• 

Shipping options

• 

Shipping price

• 

Shipping duration

• 

User reviews

• 

Timestamp

• 

Warranty details

3.1.1.3  Matching algorithm

Our matching algorithm will compare the data gathered from online stores with the data 
written in the product database. When a match is found, the algorithm will create a new 
entry in the existing database. We will analyse most unmatched products using a deep 
neural network, which will help us match them based on their similarity metrics score. If the 

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25

Data gathering

Gather product
information from
online stores

1

Product Matching

Search for product
information in the
Eligma product
database

2

Check Status

Product already
exists in the Eligma
product database

3

4

Check Status

Product does not
exist in the Eligma
product database

3.1

3.2

product is not found in our database, we will still collect the data and try to find a match 
manually (we will have a dedicated team for product matching). By using this method, our 
system will gain additional knowledge through the process of machine learning and thus 
improve the matching algorithm. If the manual matching is unsuccessful, we will create a 
new product in the product database and validate the input fields. Only when the validation 
is successful, will we put the product in our product database.

3.1.2 

AI-driven global product discovery

At the core of the Eligma platform is an AI-driven module that will help users discover the 
best deals for desired products at any online store considering their preferences. It will 
use several sources of user data to achieve the optimum results. Eligma will also connects 
the offline and online worlds together in order to upgrade the shopping experience and 
ensure that each user really finds the best deal. We are developing the following features:

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26

Current price

1000 $

User may offer

750 $

Eligma searches 

through time period

Eligma discovers the 

product

User purchases the 

product

• 

Global product discovery 

Our platform will display global discovery results based on the search input and 
knowledge about the user (preferences set in the profile, user behaviour data 
analytics, current inventory, location, etc.). Eligma will also suggest alternative 
products, for which the AI predicts a better-fit probability by comparing the price 
vs quality ratio and other preferences;

100 % MATCH

1400 $

89 % MATCH

1100 $

76 % MATCH

800 $

Alternative products

Searched product

• 

Eligma’s chatbot 

Eligma’s “on-demand” multi language chatbot will tailor simple questions to better 
refine discovery results;

• 

Product hunter 

Users will be able to select the product they want and define criteria under reach 
they are willing to purchase it. Eligma will perform regular lookups in all the online 
stores and when it finds the product that fits the criteria, it will notify the user and 
guide him through the purchase process;

• 

Code scanner

To connect online and offline shoppers, Eligma will develop a code scanning open 
source code to be used use within the Eligma mobile app or through the APIs 
implemented in any third party application. With it, users will be able to scan the 
barcode (EAN, UPC) or QR code of a product displayed in a physical store. The app 

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27

SIMULTANEOUSLY SHOP

 

EVERYWHERE

Amazon

eBay

Alibaba

will recognize the product using the existing Eligma`s database and provide users 
the exact description of the product and best ways to purchase the product.

• 

Wishlists

Wishlists are lists of items usually bought together at the same time. Eligma will 
generate these lists using smart product matching algorithms. Wishlists can also be 
generated by the community.

3.1.3 

Unified online shopping account

Eligma will enable users to simply and securely connect to all the online stores and manage 
all their purchases from one unified account.

It is common for organizations today to implement a so-called unified access management, 
through which they can access many different applications to fulfil their needs. Eligma will 
implement a similar concept to enable users to manage their online store accounts. Through 
Eligma, users will be able to perform the following actions in any online store:

• 

Add products to their shopping cart;

• 

Place an order;

• 

Register with a new online store;

• 

Login to online stores;

• 

Make a payment;

• 

Update user profile information;

• 

Remove an account.

With this feature, Eligma will eliminate the need to memorize all the online store login 
credentials and having to jump from one online store to another to find and purchase 
everything you need. Eligma’s “one-cart” interface will enable users to add products from 
different online stores in one unified shopping cart and to only go through the checkout 
process once.

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28

3.1.4 

User privacy and security

User privacy and security are extremely important to us and for this reason multi-layered 
security, preventing internet-related fraud and identity theft, will be implemented inside 
the platform. All transactions will be monitored and compliant with PCI Security Standards 
enhanced with an additional cryptographic security layer.

For an even better protection of user privacy, users will be able to simply erase all the 
connections between their private information (name, last name, address) and their behavior 
with a click of a button. This means that if a user uses Eligma for all his shopping needs, all 
the available data on that user’s shopping habits will be deleted from the web, if the user 
so decides.

Eligma will be in compliance with General Data Protection Regulation (GDPR) from its 
inception and user data privacy will be respected according to the required standards.

3.1.5 

Cryptocurrency payments

In order to make the discovery process complete, Eligma will offer users a wide array of 
payment options. Apart from the common ones (Paypal, credit cards) we will also enable 
cryptocurrency purchases through Eligma’s internal cryptocurrency payment gateway. This 
means that users will not need to wait and hope for those online stores to implement it.

According to research, the percentage of consumers that are willing to 
pay in cryptocurrencies is increasing. Last year more than 11 % of people 
confirmed that they are expecting to use cryptocurrencies for payments in 
the future.

SECURITY: All funds will be separated to hot and cold wallets and supported by highly secure 
offsite backups.

3.1.6 

Blockchain-tracked Digital Item Profile (DIP)

Items purchased on Eligma will gain a unique designated Digital Item Profile (DIP) that 
will be stored in a blockchain protected database - our implementation of a decentralised 
database that utilizes the InterPlanetary File System and is protected by the Ethereum 
network and its blockchain (sidechain). After that, hashes from the DIP will be written into 
the Ethereum blockchain. DIPs will be organized as digital containers that can store several 

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29

 

SIDECHAIN

SMART

 

CONTRACT

HASH 1

HASH 2

HASH 3

...

...

...

HASH 3

HASH 2

PRODUCTS

USERS

HASH 1

ETHEREUM (MAIN) 

BLOCKCHAIN

ELIGMA

DATABASE

 DIP 1
 DIP 2
 DIP 3

BLOCK 3

BLOCK 2

TRANSACTIONS

records and references to digital documents with the information on purchase (Proof of 
Purchase), original item profile and description, repairs, warranties, resells and other events 
that can be collected and tracked.

Records inside DIPs will be stored in a time sequence and include timestamps and hash 
of the previous record, forming a small blockchain ledger of transactions inside each DIP. 
Records will also be signed with the creator’s private key, adding verifiability of the issuer 
to each record.

3.1.6.1  Proof of Purchase / Claim of Ownership

The initial document in a DIP can be either a Proof of Purchase, created automatically when 
a product is purchased through Eligma and serves as a certificate, or a Claim of Ownership 
that is created when an item is purchased elsewhere (offline or in other online stores) 
and manually added to an Item Inventory of an Eligma user. A claim of Ownership can be 
upgraded into a Proof of Purchase only if the user initiates this request and uploads the 
required documentation that will be manually verified before approval. In addition to 
information on buyer/claimer, DIPs will be able to store technical information about the 
product, alleged condition, price and other applicable information.

DIPs will be publicly accessible and browsable, enabling all Eligma users to research a history 
of each item, although some information will be encrypted and accessible only to the record’s 
creator (example: buyer ID and Proof of Purchase or Claim of Ownership). Although Eligma 
does not guarantee that all events in DIPs that follow the Proof of Purchase and are recorded 

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30

or scraped from data & service providers will include truthful and accurate information, they 
can be used to create a valuable record of a digital footprint for each product.

If a user adds an item with an already existing DIP to the inventory, previous records about 
the item’s history are automatically connected. Users can also add modifications of the 
product that change expected features or condition of that item. 

3.2 

INVENTORY

Our inventory module will provide an interface for recording details about the users’ personal 
belongings. In order to have an overview of all the items in a household and their value, users 
can add items to their inventory, which will be saved into a sidechain in the following ways:

• 

Automated inventory

After a user purchases a product through the platform, a DIP will be assigned to 
the item together with Proof of Purchase and Eligma will automatically list the item 
in the user’s inventory.

• 

Manual input

User can add a product that was purchased elsewhere manually through a simple 
interface. If the product is recognized and it already exists in the product database, 
Eligma will automatically fill the product data (title, description, specifications).

• 

Reverse inventory lookup

An online store that partners with Eligma can notify all it’s previous customers 
about creating DIP on the platform. Users will receive a mail with a link, leading to 
a simple interface for claiming Proof of Purchase.

Inventory is private to the user, unless a user chooses to share it with the 
community.

3.2.1 

AI-predicted item value

Eligma’s unique machine learning software will predict the estimated current value of the 
item based on several different factors:

• 

Local market value;

• 

Local market demand;

• 

Age of the item;

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31

• 

Condition of the item;

• 

etc.

Eligma will additionally also predict how the product value will behave in the future.

Household value

When users will have their inventory properly setup and filled with items 

they own, Eligma will be able to tell them the value of their household 

belongings in time.

3.2.2 

Second-hand market

Every household will be transformed into a business

In order to fully transform households into businesses, our crucial next step will be to 
implement second-hand online stores to the platform. These stores will also be managed 
from the unified shopping account.

3.2.2.1  Household trading agent

Eligma will manage your personal belongings

By combining knowledge of the future value of the product in the household inventory and 
the replacement product`s price on the market, we will be able to predict the best time to 
sell that product and buy the replacement. This process on Eligma is fully automated via a 
trading agent that notifies the user about upcoming sell suggestions upon request.

TIME

PURCHASE TIME

BEST TIME TO SELL

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32

3.2.2.2  Automated listings

One click to list your products everywhere

When a user decides to sell an item from his inventory, he will be able to create a universal 
listing, stating its condition, asking price, shipping preferences (local vs. international), payment 
options (fiat vs. crypto) and additional security options. Eligma will offer a one-click solution 
that will automatically generate and publish this listing on all selected second-hand markets.

Eligma’s unique second hand market solution will make certain steps 

much simpler, faster and more transparent. While the sale can be 

completed in a traditional manner, Eligma will offer two exclusive 

features to make the whole process safer for its users. 

3.2.2.3  Eligma as an Escrow service 

When a user will be creating listings on the platform, he will be able to select the Escrow 
service as a possible feature to conclude the deal. This service is provided by Eligma and is an 
additional precaution for both the seller and the buyer. Listings, created with this option on 
the Eligma platform, will still be pushed to other second-hand online stores and published 
there. For the time of delivery, Eligma will withhold the buyer’s payment and the seller will 
have to deposit ELI tokens as a guarantee.

All offers, insured by this feature, will be highlighted on the Eligma discovery engine, thus 
giving them an enhanced level of visibility.

In the case of a dispute, Eligma will mediate between the seller and the buyer and demand 
additional explanations and proofs that each of the parties fulfilled their part of the contract. 
Through Eligma, the order can be canceled and both the funds and the product returned 
to their original owners if the dispute cannot be solved or the purchase can be executed 
under newly agreed terms (i.e. lower price). 

The Escrow service will ensure that in the event of a dispute Eligma will act as a trusted 
intermediary and ensure fairness and observance of all contractual terms.

If the deal concludes successfully, the event is written in a DIP, a new Proof of Purchase is 
generated on the Eligma sidechain and a new hash is added to the blockchain. In the case 
of a returned item, DIP is upgraded with a flag, stating that there was a dispute regarding 
the product condition. By doing so, we prevent the seller from selling the product several 
times without changing the description of its condition.

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Seller lists second hand offer with Escrow option and buyer accepts and pays Eligma

1

SELLER

DECISION TO SELL

ESCROW OPTION

ELI DEPOSIT 

E

BUYER

PAYMENT

Seller sends product

2

SELLER

BUYER

ELIGMA

E

OFFER

ELIGMA

OFFER

Buyer validates product and confirms the trade

3

SELLER

BUYER

ELIGMA

OFFER

TRADE CONFIRMED

PRODUCT VALIDATED

C

C

E

C

Eligma releases the payment + takes Eli token for its service

4

SELLER

BUYER

ELIGMA

OFFER

PAYMENT RELEASE

E

C

How will Eligma Escrow service work?

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3.2.2.4  Decentralized sale on blockchain

Eligma will additionally develop and offer a mechanism to execute a purchase or any trade 
process in a completely decentralized way using smart contracts on a blockchain.

This option will provide a tool for exchanging a payment in cryptocurrencies between a seller 
and a buyer, who previously created a trade agreement either through the Eligma platform 
or by using other means of communication, like online chat, forums or online boards.

Complete process of a product sale between a buyer and a seller will be conducted directly 
through a smart contract, meaning there is no central authority to intervene - even Eligma 
has no control over the process.

Both the buyer and the seller have to establish a motivation to successfully fulfil contract 
obligations by placing a deposit in ELI tokens. This deposit is released after the smart contract 
is concluded, forcing both parties to reach an agreement regarding the trade.

Steps for creating a smart contract:

1. 

Seller and buyer negotiate the deal (product, price in cryptocurrency,  shipment, 
delivery etc.) through the Eligma platform or through other communication 
channels.

2. 

Seller will be able to use the Eligma Decentralized Application (DAPP) to 
construct a smart contract on an Ethereum blockchain. In order to create such 
a decentralized offer, this information will have to be entered into the DAPP:  

• 

seller’s Ethereum public address,

• 

buyer’s Ethereum public address,

• 

payment in a cryptocurrency for the item.

3. 

DAPP will calculate an amount of ELI tokens, needed to be deposited by the 
seller and the buyer, proportional to the payment amount. How does the 
seller create a smart contract:

• 

He signs and broadcasts a transaction through a DAPP, spending a 
small amount of Ethereum (gas) and 

• 

deposits a corresponding amount of ELI tokens to a Smart Contract 
as a guarantee.

4. 

Buyer can accept the offer with depositing the below stated to the smart 
contract:

• 

Payment for the product in a determined cryptocurrency and 

• 

a matching amount of ELI tokens.

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The result of this process is a smart contract that is fully under the control of both the seller 
and the buyer. They both are motivated to resolve the contract, as their deposits remain 
locked until they reach an agreement about closing the contract. As both parties have put 
down the deposit, it is in the  best interest of both to conclude the deal, otherwise both of 
them will lose their deposit.

Ways of resolving a smart contract:

Positive closing

Once the buyer receives the product, he will be able to confirm that the product was received 
in the expected condition by “closing” the smart contract with a confirmation transaction. 
In this case, both deposits are released and returned to the buyer’s and seller’s addresses, 
while the payment in cryptocurrency is sent to the seller’s Ethereum address.

Closing with an alternative proposal

Seller and buyer can also negotiate to close the smart contract in an alternative way by 
splitting the payment. This way, a negotiated percentage of the payment is returned to 
the buyer and the remaining percentage is transferred to the seller. Both deposits are then 
returned to their originating Ethereum addresses. Alternative closing is a convenient way 
for closing an agreement when a buyer receives the product, but it is not in an expected 
condition or has minor errors.

A proposal for an alternative closing can be set by sending a transaction to a smart contract 
from either the seller or the buyer and the counterparty must accept the proposal with a 
confirmation transaction.

Annulation

Seller and buyer can also agree to “annulate” the smart contract. In this case, the payment 
and the deposits are returned. In order to cancel the contract, a proposal must be broadcasted 
with a transaction to the network from either the seller or the buyer and the counterparty 
must accept a proposal with a confirmation transaction.

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Seller deploys Smart Contract on Ethereum Blockchain

1

SELLER

SMART CONTRACT

ELI DEPOSIT 

E

Buyer accepts an offer

2

SELLER

BUYER

SMART CONTRACT

ELI DEPOSIT 

PAYMENT IN CRYPTO

E

E

C

Seller ships a product and buyer confirms delivery

3

SELLER

BUYER

SMART CONTRACT

CONFIRMATION OF 

PRODUCT DELIVERY 

SELLER SENDS THE PRODUCT

E

E

C

Smart contract resolves

4

SELLER

BUYER

SMART CONTRACT

ELI DEPOSIT 

ELI DEPOSIT 

PAYMENT IN CRYPTO

E

E

C

How will decentralized sale on a blockchain work?

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3.3 

LOYALTY

We will provide a universal loyalty program by introducing the ELI token. With both discovery 
and inventory pillars established, Eligma 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.

Unlike the existing loyalty systems that give points, Eligma will transfer value into ELI tokens 
and credit them directly to the user’s wallet. The growing number of customers using ELI 
tokens and the increase of the market share of blockchain-based services and infrastructure 
will make users want to use their ELI tokens for additional purchases. Users will also be 
receiving regular reports and offers from the stores where they made their purchases, which 
will also serve to incentivize their further actions.

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

ELI

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3.3.1 

Merchant to User

Merchants will have a merchant account on the platform and with it the opportunity to 
reward their loyal customers. With our tokens, merchants will be able to use common ways 
of rewarding or even be more creative when rewarding their customers. Some of those 
possibilities are:

• 

Every purchase is rewarded

When a customer purchases something, the merchant can give away ELI tokens as 
a “cashback” reward. This option is possible for either online or offline purchases.
Merchant’s benefit: Growing sales

• 

Backtrack rewarding

As the Eligma system is already gathering information about customers’ purchases, 
merchant will be able to decide he wants to reward everyone, who bought a certain 
product from him in the past.
Merchant’s benefit: Better recognition and positioning, which result in better future 
sales.

• 

Product rewards

Merchant can announce that every purchase of a product during a time period will 
result in an ELI token reward for the customers.
Merchant’s benefit: Better sales of a specific product he wants to promote or sell out.

 
These are just few examples, but in the future decentralized loyalty will enable merchants 
to come up with a new innovative ways to reward their loyal customers.

3.3.2 

Eligma to User

The Eligma platform has different objectives when it comes to loyalty and therefore offers 
rewards on different layers to benefit the growth of the platform:

• 

Purchases on the Eligma platform

Eligma will reward ELI tokens for purchases through the platform.
Eligma’s benefit: More sales through the platform result in more revenue and Eligma 
will be sharing part of that revenue with the users.

• 

Registering on the Eligma platform

Users will receive a welcome reward in ELI tokens when registering on the platform.
Eligma’s benefit: New users.

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• 

Detailed profile information

When users add additional information, Eligma will reward them with 
additional ELI tokens. A simple interface will guide users through the 
profile expansion process.
Eligma’s benefit: More information results in better platform AI predictions.

• 

Adding items to the inventory

Users will be awarded ELI tokens for manually adding items to their 
inventory.
Eligma’s benefit: Growing potential for second-hand trades.

• 

Uploading receipts

Users will be rewarded with ELI tokens when they upload receipts through 
the Eligma’s mobile app or the platform itself.
Eligma’s benefit: A growing database which results in better machine 
learning results.

• 

Referrals

Referral rewards will be awarded for referring new users to the platform. 
For each rewarded action that a friend carries out, the user who referred 
him will get an additional reward.
Eligma’s benefit: New users.

• 

User online store referral

When a user referral results in a connection of an online store with the 
platform and this online store makes its first sale through Eligma, the 
user is rewarded with ELI tokens.
Eligma’s benefit: Expanding the online store database and growing 
revenue.

3.3.3 

User actions rewarding other users

• 

Wishlists resulting in sales

When a created wishlist results in a direct sale, the user who published 
the wishlist will be rewarded with ELI tokens.

• 

Social media actions

When a social media share or a post results in a direct sale, the user who 
created the post will be rewarded with ELI tokens.
Using smart contracts, we will setup a function that will release a fixed 
amount of ELI tokens daily, which will be distributed through the Eligma’s 

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reward plans. Rewards will be adjusted to correspond to the distributed percentage.
Users will be able to withdraw ELI tokens to their private Ethereum wallets or online 
exchanges and trade with them.

3.3.4 

Token usage

Although the majority of the platform features will be free, some will consume ELI tokens 
from the user’s or merchant’s balance. Users will be able to add them to their platform 
balance, either with performing rewarded actions or with a deposit of ELI tokens, bought 
on an online exchange. ELI tokens, spent for performing these actions, will be transacted 
to a fund, dedicated to reward plans.

Users will be able to utilize tokens on the Eligma platform for several purposes:

• 

Product hunt

When ordering a product hunt, a certain user’s balance of ELI tokens will be locked. 
If Eligma discovers a product that fulfills the user’s requirements, tokens will be 
released to Eligma and returned to the user otherwise.

• 

Second-hand listings

Users will have the option to push an item in their inventory to all the second-hand 
online stores, connected to our platform. Eligma will require users to utilize ELI 
tokens to perform this service. 

• 

Escrow fees

When a seller creates a listing and selects Escrow service as a possible feature to 
complete the sale, he will be required to deposit ELI tokens for the service.

• 

Decentralized Item Sale

When a seller and a buyer decide to complete an item sale in a decentralized way, 
they will have to deposit the amount of ELI tokens, equivalent to the item price, as 
a motivation to successfully fulfil contract obligations.

• 

Advertising

ELI tokens can be utilized for advertisement space on the platform.

• 

Other Eligma solutions

ELI tokens will be used for other Eligma’s solutions in both the offline and online 
worlds. The first such solutions will be the POS systems and the marketplace for 
our partner company BTC.

• 

Purchasing selected items

Eligma will offer a limited amount of pre-selected items, which users will be able 
to buy with ELI tokens only.

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Eligma will use blockchain 
technology and AI to create the 
ideal customer experience. 

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4  Pilot project - Blockchain City

Every great project needs to start small – on the appropriate testing grounds. We wanted 
a physical area with a lot of different stores, restaurants, business premises and a lot of 
people movement. It was very fortunate that we did not need to look far. BTC City lies in 
our office vicinity in Ljubljana, Slovenia and encompasses more than 10,000 brands, 3,000 
companies, 450 stores and 70 bars and restaurants. It annually hosts over 20 million visitors, 
who can also enjoy a food court, a recreation centre, a waterpark, a theatre, a cineplex, 
hotels and a casino.

We have successfully cooperated with BTC in the past and when we approached them with 
the idea, we discovered that we can write our story together–offline and online. The stars 
aligned perfectly with the name as well, so we are calling it Blockchain city and using it as 
our laboratory.

BTC is currently operating strictly offline and our first goal is to bring cryptocurrencies and 
blockchain technologies into the mainstream by creating a unified marketplace, where 
paying both with fiat and cryptocurrencies will be possible. This will simplify payment and 
business processes and enable the creation of a central warehouse, from which any item 
can be shipped.

Additionally we are enabling offline retailers to implement our POS solution that will 
combine with the mobile wallet and operate as a cryptocurrency payment processor. BTC 
City is already home to multiple blockchain companies and Eligma will expand its capabilities 
to host future blockchain companies and projects with great potential.

After successful testing, we will have enough data to transfer all the technologies and 
concepts from our testing ground to larger cities, where potential is limitless.

4.1 

ONLINE PLATFORM

The first phase of the online platform is already developed and is currently operating in 
test mode. It already supports payments in some cryptocurrencies (BTC, BCH) and more will 
follow shortly.

The platform is curated by the enterprise start-up BTC and is enabling users to purchase 
products, offered by the offline retailers in the BTC area. Items offered by the retailers are 
currently limited to so called »Special deals«. Users can also browse through a complete 
catalogue of products that can be bought in the BTC City area.

 We will gradually transform the online store platform into a true marketplace of all the 
retailers that are a part of the BTC City ecosystem. At that point, the retailers will be able 
to manage their own profiles and item portfolios.

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4.2 

MOBILE WALLET

With a tailor-made mobile wallet and POS systems, we will also enable offline users to 
use cryptocurrencies as a payment option in retail stores. As the adoption of POS systems 
amongst retailers within the BTC City area is growing, it is slowly but surely becoming the 
first fully covered cryptocurrency shopping centre.

Our mobile wallet possesses all the basic functionalities of mobile wallets:

• 

Storage of different cryptocurrencies and tokens;

• 

The ability for users to transfer funds to other wallets;

• 

The ability for users to use it as a payment option on crypto payment-supported 

 

points of sale;

• 

The ability for users to view the transaction archive.

Beside these functionalities, it also offers users some additional features that will help us 
gain more traction and collect more detailed and more accurate user data:

• 

List of stores in the BTC City area;

• 

Store details (opening hours, exact location, type of store, contact information, etc.);

• 

Simple navigation to the stores;

• 

Special discounts for mobile app users;

• 

Notifications of special deals in the BTC City area.

To create a full service solution for the retailers, our POS systems will help introduce 
cryptocurrencies to a wider public. These POS systems also accept payments with third party 
mobile wallet solutions, but their main benefit will be visible when users will pay using 
our mobile wallet, as those payments are free of transaction fees. Every purchase is also 
rewarded within our loyalty program.

Our POS system is a web-based application and can be run on all modern operating systems 
on desktop and tablet devices.

4.3 

USER PROFILING

User profiling is a key ingredient in developing a strong AI algorithm for relevant search 
results. This process is growing daily and exponentially. As we will need a lot of user data 
even before Eligma’s launch, we used our partnership with BTC d.d. to develop the above-
mentioned solutions.

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We will use both solutions to gather data on user/customer behaviour and purchasing 
habits. The platform itself will be gathering online behavioural data and the mobile wallet 
will serve for collecting offline data. This data will then be used for the machine learning 
process to produce more precise user profiling in Eligma.

4.4 

PILOT PROJECT TIMELINE

Our pilot project is already in motion and we have finished the development of beta versions 
of the mobile wallet and the POS system. Our first integrations for real-life testing in retail 
stores in the BTC City area will begin in March 2018. During this testing phase, we will be 
carefully monitoring the product and making improvements where necessary. This testing 
phase will end in Q3 2018 and by then we are planning to have at least a 10 % coverage 
in the area.

In April 2018, we will launch the beta version of the online platform-BTC marketplace. 
We will be testing the platform through the summer of 2018 and then launch a national 
marketing campaign in September 2018.

We are striving to have the whole pilot product up and running in the beginning of 2019, 
with retail stores coverage of at least 30 % in the area.

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Project roadmap presents our 
ambitions and goals on a timeline 
leading up to the year 2022.

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5  Business model and  
 

execution plan

5.1 

BUSINESS MODEL

At Eligma, we will implement several business models in the B2C and C2C segments.

5.1.1 

Affiliate Program

Eligma’s main revenue stream will at first come from an affiliate program that is performance-
based. While Eligma will serve as a window to all the different online stores and marketplaces 
by merging them under one roof, the affiliation program will track the sales in stores, to 
which users will be redirected and Eligma will receive a commission on those purchases. This 
module is very popular amongst sellers, since they benefit in terms of marketing, visibility, 
site visits and consequently higher sales. It enables additional marketing that is free, until 
the purchase is actually made.

Item on Amazon

Item on Ebay

Item on Alibaba

Item on Etsy

Pay $

ELIGMA

AMAZON

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5.1.2 

Commission-based

When Eligma implements a unified online shopping account, revenues will be made 
through a commission-based model. Digital contracts will be signed with online stores and 
marketplaces. For every order, placed through the Eligma platform, a commission will be 
charged to the seller.

5.1.3 

Advertising

Eligma is entering the online retail market that is anticipated to reach 4.48 trillion in 2021. 
With a constantly growing user database, Eligma’s advertising space will lead to excellent 
ad revenue opportunities.

Eligma will offer different advertising modules according to different posting places, sizes, 
frequencies and durations. This feature will be payable with fiat currencies as well as more 
popular cryptocurrencies. When advertising will be compensated with ELI tokens, users will 
receive additional advertising rewards.

5.1.4 

Third party Integration

Eligma’s product and online store database will grow exponentially by incorporating additional 
APIs, adding manual product entries and using machine learning. Database will thus soon 
become appealing for other companies. They will be able to access Eligma’s database via 
APIs in accordance with monthly agreements set.

5.2 

PROJECT DEVELOPMENT

Our team is well aware of the complexity of the project, and therefore a clear project 
development plan has been set in place. Its execution will have to be very methodical, 
as we need to prepare a product that will support the scaling of server capacity and the 
product itself.

5.2.1 

Wishlists / Categories

In order to focus on parsing algorithms that will provide us with updated data on products 
and online stores, we decided to test them in narrower groups called ‘wishlists’.

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PLAN:

1.  Set first wishlists for focused data collection
2.  Develop AI / machine learning algorithms for those wishlists
3.  Test those algorithms on the market
4.  Adapt the algorithms based on real use-case tests
5.  Add new wishlist / category
6.  Rollout tested wishlists / categories on new markets with new online stores

5.2.2 

Data growth and blockchain

Our next step in scaling the item will be including wider sets of categories and moving wishlists 
into one of the platform features. By doing so, we will expand Eligma from a narrow product 
discovery provider to a provider that will enable discovery of entire product categories.

In this phase, Eligma will already operate as a channel, where you will be able to discover 
the best deals according to your needs and will include an option to discover alternative 
products using AI algorithms. Product purchase will be completed on the seller’s website. 
In the same phase, we will also start introducing the user inventory functionality and start 
putting DIPs on the blockchain.

5.2.3 

Unified online shopping account

Further in the future, Eligma will start developing an interface, where users can manage 
other online store accounts without visiting them.

5.2.4 

Decentralized Loyalty program

To create a complete circle, Eligma will add a completely decentralized loyalty program, 
where users will be able to create loyalty programs with their favourite sellers, brands, 
offline stores, service providers, etc.

5.3 

SCALING OF THE PRODUCT

Eligma will launch the testing phase for the product in Slovenia, where we will connect 
to about 25 online stores. During this test phase, we will gather valuable data that will be 
key for further development of the platform. We will be able to estimate the precision of 
the discovery results and the possibility of finding a better deal on some of the unlisted 
online stores.

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Based on that data we will have the opportunity to scale in one of two ways - geographical 
scaling or precision scaling.

5.3.1 

Discovery results and precision scaling

Scaling for better discovery results is very straightforward-the more sources (online stores) we 
have, the better the precision is. This kind of scaling will always be improving, as we will be 
constantly adding new sources. In addition to that, Eligma’s machine learning and artificial 
intelligence will improve with experience gained and thus provide better discovery results.

5.3.2 

Geographical scaling

Slovenia will only be a testing ground to optimise Eligma for our intended market entry 
strategy. Our first target for the product launch is the United Kingdom. With taking the 
results of beta launch testing in Slovenia into account we will improve the product and use 
the following strategy for penetrating the UK market:

1. Scrape global online stores that deliver to the UK;
2. Scrape additional local online stores;
3. Adapt the product using gathered data;
4. Launch the product;
5. We will continuously keep adding additional online stores.

The same process will be used for further geographic expansion, until Eligma is present 
worldwide. 

5.4 

PROJECT ROADMAP

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Our team consists of various experts, 
who are passionate to actively 
contribute to the overall success of 
the project. 

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6  Team

6.1 

FOUNDERS

Dejan Roljič, Founder & CEO

Dejan began his entrepreneurial journey as a teenager in a successful San Francisco based 
start-up before continuing his path in Shanghai, China. There he founded a company 
focusing on the controlling process for manufacturing facilities in Asia and bulk product 
delivery. He quickly built a united controlling network of over 250 factories in China and later 
continued the company’s expansion in the EU. After returning to Europe, he founded a 3D 
printing start-up and at the same time began investing in various innovative companies. He 
later founded the ABC Accelerator, an accelerator dedicated to high-tech companies from 
the South and Central Eastern European regions with offices in Ljubljana, Silicon Valley, 
Munich, Kiev, and Sarajevo. As off today, ABC and Dejan invested in more than 80 startups 
from around the world. Dejan also co-owns a software development company with a 120 
employees. He has been involved as an advisor in several successful token sales and actively 
helped companies build their business and raise funds.

Matej Gregorčič, Co-Founder

Matej has been an entrepreneur for most of his life. He founded a marketing agency and 
took it from selling ideas in a shared office space to becoming one of the biggest event 
management agencies in Slovenia. His company won numerous awards at marketing festivals 
and did pioneering work in digital marketing back when Facebook was still considered a 
small website. Working with big international clients, his team members never missed a 
deadline. He specializes in team leadership and strategic planning, utilizing knowledge he 
gained studying mathematics and economics. He recently led the Viberate team through 
one of the most successful token sales in the region.

Jože Mermal, Co-Founder

Since 1993, Jože has been successfully managing the BTC company as the President of the 
Management Board. Based on his initiative, a BTC City-one of the largest business, shopping, 
entertainment, recreation and cultural centres in Europe was established. Spread over 
than 400,000 m

2

 it yearly attracts more than 20 million visitors and due to its holistic offer 

it represents a real city within the City of Ljubljana, Slovenia. Under his management BTC 
founded ABC Accelerator, Slovenian Science Foundation and the International management 
school IEDC Bled. 

Over the years BTC and Jože have been involved in more than 300 social projects (culture, 
science, education, humanitarianism and sports) that merged over 1 million different people 
and institutes. He received numerous awards for his visionary work and contribution to the 

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development of business and innovative ecosystem (2017 Honorary Citizen of City Ljubljana; 
2016 Manager of SE Europe, etc.). Since 2016 Jože is also President of the Supervisory Board 
of company Krka d.d., one of the leading pharmaceutical companies in the region.

6.2 

TEAM

Alexander Danilov, Chief Technology Officer

A world-class software engineer with more than 10 years of experience in IT and a solid 
knowledge in building web-services and development processes. He acquired most of his 
knowledge leading projects related to billing systems, data processing algorithms, user 
interface and APIs. He has a particularly deep knowledge in software architecture design 
and development of high load services. He leads with contemplative calmness.

Boštjan Mrak, Lead Machine Learning Engineer

Machine learning engineer with a deep learning specialization and software development 
background. Started his career as an enterprise software developer. One of his first projects, 
which started right before the start of the new millennium, was a product matching system, 
used for price optimization in online electronics stores. He later used that knowledge in 
building a complete eCommerce system for one of the largest sports nutrition stores in 
Slovenia. After eighteen years as a full stack software developer, he dedicated the last 
two years to applied artificial intelligencein the subfields of computer vision and natural 
language processing.

Žiga Toni, Chief Operating Officer

Serial marketing and technology entrepreneur for more than a decade. He has expanded 
his own businesses overseas to United States and helped to establish a strong presence of 
startup accelerator ABC Silicon Valley in San Jose, California. His in-depth development 
knowledge also intrigued his interest for blockchain technology and cryptocurrencies.

Timotej Polach, Chief Security Officer

System Administrator with 10 years of experience in the IT business, telecommunications 
and anti-fraud. Participating in Big Data projects as a system analyst and project manager 
helped him acquire a strong technical background of systems development life cycle, made 
him capable of seeing the big-picture and armed him with a proven ability to solve complex 
problems. He is also a licensed sports shooter with a passion for firearms.

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Luka Planinc, General Counsel 

Ditched his corporate career for the excitement and diversity of startup challenges. He has 
been tackling legal matters of start-ups for the past 6 years. He co-founded 3 international 
start-ups and led the ABC Accelerator’s expansion to Germany. Specialized in corporate law, 
Luka makes sure that all companies under his watch are in proper compliance with the law. 
His latest passion are legal challenges of token sales.

Tomislav Mučič, Senior Blockchain Consultant

A pioneer in blockchain with decades of experience in IT security and Project Development. 
By bridging the wisdom of tradition with technology innovation he is a paramount counsel 
to token sales and businesses who recognize blockchain as a new layer of internet.

Andrej Plankar, Blockchain Business Consultant

Sees blockchain as the new digital alphabet that will rock the business world. With a degree 
in Economics, Andrej is a good connoisseur of today`s industry challenges. As an early adopter 
of the blockchain technology, he is now a prolific entrepreneur, a co-founder and advisor 
of several successful token sales, including Viberate, SportyCo and InsurePal.

Rok Babič, Senior Blockchain Developer

Rok started his tech career as a developer at a leading ERP provider in South East Europe. As 
soon as he came across the blockchain, he was hooked and spent the next years developing 
and maintaining solutions on top of Bitcoin and other altcoins. He found his true passion, 
though, with the release of Ethereum, when he started developing decentralized applications 
on top of the platform. After a few successful projects, he co-founded Spartan Solutions, a 
company that aims to become a leading decentralized solutions provider and integrator in 
the region. After successfully executing a number of decentralized solutions, Rok primarily 
focuses on promoting decentralized apps, planning the architecture of blockchain-based 
solutions and consulting startups in the blockchain space.

Luka Prašnikar, Senior Blockchain Developer

Experienced blockchain developer with several years of experience on mining operations, 
crypto payment solutions and crowdsale platforms. Armed with an extensive knowledge 
of ERP, CMS and CRM systems he tirelessly builds technology bridges between back-end 
systems and blockchain ledgers.

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Matevž Caserman, Senior Blockchain Consultant

A passionate blockchain believer and a tireless analyst of business models. Started his blockchain 
career as a whitepaper copywriter, he now continues to supervise the implementation of 
new ecosystems in accordance with technological and legal limitations.

Jan Kalšek, Senior Blockchain Consultant 

Jan is an experienced blockchain consultant, specialized in supporting ICO/crowdfund projects 
in early stages of their existence. A creative brainstormer, business modeler and a brand 
developer, constantly seeking for unique approaches and solutions.

Ajet Redžepi, Senior Business Developer

With nearly 20 years of entrepreneurial experience in the field of sales, IT, telecommunications 
and pharmacy, Ajet contributes the invaluable competency only a seasoned professional 
can. His outstanding leadership abilities and subtle empathy keep the team together in the 
toughest times. Enthusiastic about crypto world from the very beginning and an early investor.

Mitja Hegler, Senior Business Developer

Mitja started his career by implementing post-conflict rehabilitation and development projects 
worldwide. In the last 8 years, he developed numerous strategies and implementation plans, 
gained extensive experience in raising funds and successfully managed teams in high-pressure 
and volatile situations. With strong leadership skills and a proven efficiency, Mitja joined the 
team to enrich creativity, improve partnership relations and optimize business operations. 

Jure Sobočan, Art Director and UX/UI expert

With over 10 years of experience, Jure is a seasoned graphic and UX/UI-designer who 
constantly strives to find creative solutions to visual communication problems. Currently, he is 
focusing on blockchain technology information design, making Eligma simple to understand 
and easy to use. Jure helped companies such as Bitstamp and Hive Project become more 
understandable to a wider audience.

Rok Kostanjšek, Senior Designer

Product designer with multiple design awards. Studied and graduated from Industrial Design 
& Business Economics. Founded his first start-up when he was 19 and kept his entrepreneurial 
spirit throughout.

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Luka Paragi, Senior Designer

Luka is an experienced graphic and UX-designer with a passion for visual problem solving. 
Throughout his career he has worked with a range of diverse clients ranging from small 
businesses to large government projects.

Dušanka Novaković, Cognitive Scientist and Visual Communications Designer

As a cognitive scientist and designer Dušanka implements her knowledge of the mechanisms 
and processes underlying perception, memory, attention and decision-making into user 
experience design in order to achieve impact and key business objectives.

Sara Drašković, Head of Marketing and Communications

Sara has over 10 years of experience in the public relations and marketing. She has successfully 
led several projects and carried out numerous marketing campaigns for non-governmental 
organizations, in the public sector and in a multi-national corporation. The startup world, 
where she finds creative space and inspiration to work on projects that will have a huge 
impact on the way we do things, proved to be the right fit for her. 

Sebastjan Pirih, Digital Marketing Consultant

With a strong focus, strategic mindset and a creative talent he is outstanding in developing 
out-of-the-box digital approaches in the fields of content marketing, social media and 
creative digital.

Melita Gulja, Communications and Content Creator Consultant

A digital native with years of agency experience in public relations and communications 
projects. She is excellent in developing and executing corporate strategy whilst manage 
messaging to help building and supporting company’s unique voice and reputation.

Matjaž Šircelj, Digital PR and Social Media Consultant

Digital media and community manager strategist, consultant and public speaker with two 
decades of experience in tech companies and advertising agencies. As an experienced 
communicator, he advises international companies and token sale projects in proactively 
managing their social media presence.

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Sašo Kuntarič, Content Creator and Terminology Expert

After attaining his bachelor’s degree from computer and information sciences, he decided to 
explore the fabulous world of words and letters. He has 15 years of experience in translation, 
transcreation and terminology projects for clients like Google, Adobe, Microsoft and others. 
After exploring and publishing articles regarding statistical machine translation, he turns 
his gaze to blockchain and cryptocurrencies. 

Urška Čelig, Marketing and Communications Coordinator

Urška has extensive experience in coordinating projects for the public sector and non-
governmental organizations. With her communicational, project management and 
organizational skills she will coordinate marketing projects and support our design team 
by coordinating and collating content. She is a strategic thinker with excellent interpersonal 
and communications skills who cherishes team spirit.

Tim Souček, Product Developer

While being challenged in many different entrepreneurship projects since he was young, 
Tim is an experienced marketing expert with specialties in international online stores. His 
true passions are creativity, the crypto world and everything digital.

Peter Roljič, Product Developer

Peter has dedicated a big part of his life to the start-up world, trying to learn everything 
and meet people from every possible industry. He knows exactly what any start-up needs 
and who to call to proceed smoothly. He has gained extensive experience in leadership and 
sales. He is a true team player and decorated with many different awards.

+ 8

  additional senior developers 

             

 + 3

  data scientists

6.3 

ADVISORS

Andy Baynes, MSc 

A consummate visionary and conductor of high impact strategies in a career that spans Sony, 
Apple and Nest-Google-Alphabet. He has almost 20 years of managerial experience, during 
which he worked directly with Steve Jobs, Tim Cook, Tony Fadell, Matt Rogers and thus built 
executive and operational experience across a range of business functions. Andy serves as 
an advisor to early stage technology companies and has lectured at Stanford University, 
Berkely Haas and Middlebury Institute for International Studies.

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Gary Dillabough

Managing Partner at Navitas Capital also serving as either a board director or observer on 
several boards. He was previously a Managing Partner at Westly Group, a board member 
of SCL Elements (Schneider Electric) and served in numerous roles at eBay for 10 years, as 
VP - Strategic Partnerships and later as GM - Sustainability.

Jeff Arrillaga

Executive Managing Director at the reputable Newmark Knight Frank and a member of the 
Association of Silicon Valley Brokers Hall of Fame. Jeff has immense experience with doing 
business at the highest levels in Silicon Valley.

Maja Mikek

Maja is a co-founder and Chief Financial Officer at Celtra, which she co-built from the ground 
up, helping to scale the business to its current success. She is a master of planning and 
managing companies’ financial resources while balancing bold investments with profitable 
end year results. Prior to Celtra, she headed marketing at the Elektronček group, the world’s 
leading manufacturer of electromechanical gaming devices. She was also a CRM Manager 
for Simobil, one of the largest mobile operators in Slovenia. She obtained an MBA degree 
(with honours) from Babson College, often ranked as the most prestigious entrepreneurship 
college in the USA.

Jure Leskovec, PhD 

PhD in Machine Learning from Carnegie Mellon University, an Associate Professor of Computer 
Science at Stanford University and Chief Scientist at Pinterest, leading Pinterest Labs. Jure’s 
specialties are artificial intelligence, machine learning, data mining, social networks, text 
and web mining, with special emphasis on applications of machine learning.

Nick Zaharias 

A passionate leader and entrepreneur with more than two decades of experience in 
building innovative and high-growth businesses. Nick serves as an Investor and Advisor at 
280 CapMarkets and is the former Managing Director at SignalFire and Managing Partner 
at Check Group LLC.

Herman Gyr, PhD

Herman is a founding partner of the Enterprise Development Group (EDG) and creator of the 
Innovation Blueprint, a model for engaging leaders in the transformation of their enterprise. 
He ran projects throughout the USA, Europe, Asia, South America and South Africa.

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Ana Lukner Roljič, MSc

Ana is an internationally recognized entrepreneur and a visionary, passionate motivator and 
corporate culture builder. She is considered one of the most influential women for the future 
and is currently the managing director at ABC Silicon Valley. Ms. Lukner founded Ana’s Little 
Star - the biggest and transparent non-profit organization in Slovenia, which is also active 
in California. She is an adept network builder, actively building a ‘’bridge’’ between Silicon 
Valley and Europe. Ana draws her inspiration from her patented life philosophy TruHoMa 
(True & Honest Mankind), now also becoming a global movement.

Sunny Saini

Sunny is a Commodity Manager at Google, responsible for supplier sourcing and performance 
management. Sunny is a key part of an end-to-end supply chain team that drives continuous 
improvement and ensures operational excellence in support of Google’s rapid growth.

Peter M. Moricz

Peter successfully navigated through some of the most severe financial crises of our time and 
developed a great expertise and reputation for effectively managing risk. His derivatives 
product knowledge is diverse, having spent over 20 years trading US and European Fixed 
Income, FX, equity indexes, crude oil and gold futures. Recently Peter’s career has focused 
on risk and compliance issues. Between 2014 and 2016 he was Vice President at JP Morgan 
Private Bank in London, where he was responsible for compliance with all US, UK and EU 
regulatory requirements, leading sales and execution supervision in line with industry 
standards. He also worked with Regtech, Fintech companies and Co-Founded a Trade Finance 
Blockchain company called ChainX.

Mihael Mikek 

Mihael is founder and CEO of Celtra, a creative management platform for digital advertising. 
He has been its Chief Executive Officer and President since June 2006. He co-founded several 
companies in diverse industries such as IT, medical services and sports.

Mark Pleško, PhD

A prodigy nuclear physicist (co-discovery of matter turning into antimatter) and angel investor 
into another token sale company, Viberate. Mark is more than just an angel investor; he is 
actively involved in company’s strategic planning as well as day-to-day operation.

He is also the main founder and CEO of the high tech company Cosylab that is the world 
leader in large nuclear accelerator control systems, with yearly profit margins exceeding 30-40 

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%. Among Cosylab’s customers are the world’s largest national laboratories and 
international projects, such as CERN, the international fusion project ITER, SLAC 
at University of Stanford and KEK in Japan and several novel cancer treatment 
centers worldwide, which use protons and Carbon ion accelerators to kill cancer 
tumors with submillimeter precision.

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Our project is backed by five 
strategic founding partners.

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7  Strategic partners 

Alongside our experienced team, the project is backed by majorly relevant stakeholders and 
other respected partners. They all bring their know-how to the process of making Eligma 
a world-class undertaking. Our founding partners are one of the largest and most diverse 
shopping centers, a global start-up accelerator, a growing company that closed an extremely 
successful crowdfunding campaign and two leading blockchain development companies 
with extensive experience in token sale projects.

7.1 

BTC

The big vote of confidence for Eligma is the support and engagement of one of the largest 
and most diverse shopping, business, entertainment and leisure centres in Europe, BTC. BTC 
enterprise is a unique company with over 60 years of tradition and visionary leadership, with 
which it obtained a leading position in commercial property development and logistics in 
the region. It is best known for its BTC City – a city within a city of Ljubljana with its own 
Living Lab and ABC Accelerator.

BTC City represents a unique smart city with more than 450 stores, covering 10,000 brands, 
3,000 companies, 70 bars and restaurants, a food market, 8,500 parking spots, a recreation 
centre and a waterpark, a theatre and a cineplex, hotels, a casino and many more. In 
addition to their rich business area, they are also extremely proud to be a part of Outfit 7’s 
success story, which was the first Slovenian unicorn. Furthermore, BTC manages close to 1 
million square meters of retail space. In 2017 alone, their Logistics department prepared 
and commissioned 585,605 pallets.

7.2 

SPARTAN SOLUTIONS

Spartan Solutions is a blockchain development company, dedicated to creating and supporting 
innovative and unique ecosystems for blockchain-based projects. Many successful token 
sale projects used their consultancy and development services that include implementing 
token and business models and reviews, UI & UX design, creating and testing customized 
smart contracts, cross-blockchain migrations and community and communications channel 
support. Their full-stack support is a valuable addition to every blockchain project in their 
pre- or post-token sale stage. Active involvement, reviews and contributions from Spartan 
Solutions’ employees is one of the most important proofs that Eligma’s progress is one to 
watch.

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17 

 Title awarded by CESA - Central European Startup Awards in 2017.

7.3 

NETIS

Netis is an innovation blockchain lab and a consultancy, specialized in cohesive solutions 
for businesses, seeking a competitive edge by using blockchain-based technology. A 
close-knit team of experts with years of experience in the crypto world is giving business 
partners a unique crypto market insight and a paramount network of most appreciated 
crypto professional. For Eligma, the team will bridge a wisdom of tradition with blockchain 
innovation accompanied with strategic advisory and implementation.

7.4 

VIBERATE

The accumulated know-how of our team is enriched with our fourth partner Viberate - a 
successfully crowdsourced live-music ecosystem and a blockchain-based marketplace, where 
music professionals and music lovers do business with one another directly.

They were founded and are managed by music industry veterans and now employ more 
than 60 people and are supported by the 2-time Grammy-Award winner Imogen Heap. They 
were the talk of the token sale community when they successfully raised 10.7 million U.S. 
dollars in 4 minutes 42 seconds with their token sale in September 2017.

7.5 

ABC

We draw our determination for Eligma’s success from our strategic partner, the Best Accelerator 
in 2017, the ABC Accelerator

17

. With several years of tradition and success stories, it has so 

far helped accelerate 84 startups, including Viberate, Symvaro, Facility, Nervteh, Appray, 
FruttaWeb, Hotailor, Panorganic, Kraftpal and SmartISCity to name just a few.

With offices in Silicon Valley U.S., Germany, Slovenia and Ukraine, ABC has reached global 
recognition and partners such as IBM, Microsoft, Cisco, Oracle, BMW, Amazon Web Services, 
BTC City, Petrol, Zavarovalnica Triglav, Telekom Slovenija, Lidl and many others. ABC has 
established itself as Slovenia’s premier start-up accelerator, attracting the finest talent from 
home and abroad. Through collaboration with other accelerators and support of Harvard, 
Berkeley and Stanford University as well others, ABC is offering us a very wide network and 
unique access to potential customers and partners, as well as contributing their investment 
and enabling a push to the global market, which is crucial for our big scale success.

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7.6 

AMAZIX

We are a group of professional crypto ICO consultants who have technical expertise, are  
excellent at support and led by an elite team of managers. Providing a turnkey service to  
crypto projects based on Bancor or on the Ethereum Network

7.7 

ICECAT

Icecat is an independent worldwide syndicator of e-commerce product content and product 
statistics. It is part of the iMerge e-commerce group.

Icecat produced millions of product data-sheets in all world languages and analyzes the 
performance of thousands of brands. Its statistics are based on billions of annual product 
data-sheets downloads by tens of thousands connected e-commerce websites: online shops, 
ERP systems, comparison sites, purchase systems, rating portals, and other applications. 

Data is stored in one single standardized format, which facilitates easy categorizing, filtering, 
searching and comparing of the products. It offers  very flexible data creation process and 
the possibility of further expansion to different product groups with high quality standards, 
high level of localization and consistency.

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Eligma token (ELI) crowdsale starts 
on 17 April 2018.

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67

8  Token Crowdsale

8.1 

GENERAL INFORMATION

• 

Eligma token (code: ELI) is a fully ERC-20 compliant Ethereum utility token and 
will be available in exchange for Ethereum (ETH) contributions

• 

Total number of ELI Tokens that will be generated during the Token Generation 
Event (TGE): 500,000,000

18

 ELI

• 

Number of ELI Tokens that will be distributed during the whole Token 
Crowdsale process: 300,000,000 ELI (60 %)

• 

Target sum of contributions in the Token Crowdsale process (hard cap): ETH in 
equivalent of 24,000,000 U.S. dollars

• 

Minimum sum of contributions (soft cap): ETH in equivalent of 3,000,000 U.S. 
dollars

• 

Offered Token exchange ratio: 1 ELI = 0.1 U.S. dollars

• 

Contributions validation time: 17.4.2018 8:00:00 UTC, according to the ETH/USD 
exchange rate as listed on coinmarketcap.com

Details:

The Know Your Customer (KYC) procedure, where contributors disclose their personal 
information, is mandatory in both phases before the contribution.

Our goal is to collect 16,000,000 U.S. dollars in the presale and an additional 8,000,000 U.S. 
dollars in the public crowdsale in equivalent Ethereum contributions. The ETH/USD exchange 
ratio can fluctuate, therefore these hard caps are just approximate values. Additionally, 
unsold tokens in presale period will be transferred to the public crowdsale phase with a 
different bonus, meaning that the total sum of collected contributions in ETH (in U.S. dollar 
equivalent) can deviate from the target sum.

Tokens, not sold in the presale phase, will be transferred to the next phase. Unsold tokens 
in the crowdsale phase will be transferred to a fund, dedicated to reward plans for Eligma 
platform users.

If the equivalent value of all contributions will not reach the soft cap, all contributions will 
be returned to the contributors’ Ethereum addresses.

Excess contributions in ETH, received after the individual phase hard cap is reached, will be 
bounced or returned to the contributing Ethereum addresses, reduced by the transactional 
costs (gas).

Contributors should NOT contribute ETH directly from online exchanges, as ELI tokens will 

18 

 This is a total number of all ELI tokens in existence. There will be no later issuance of ELI tokens. 

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68

be returned directly to those contributing address, which might not be able to accommodate 
our tokens. All contributors MUST contribute ETH from their private Ethereum wallets.

All dates are in the format: DD.MM.YYYY

For more information, please refer to the Terms of Sale available on our website  

https://www.eligma.io.

8.2 

PHASE I: PUBLIC PRESALE

This phase is dedicated to our close Community members and early contributors that will 
be able to obtain ELI tokens. We want to ensure that our ELI tokens will be well distributed 
among long-term supporters and users of our platform. 

Phase duration: 20.3.2018 12:00:00 UTC - 10.4.2018 11:00:00 UTC or until the cap of 22,900 
ETH is reached

Phase target sum of contributions: 22,900 ETH

Phase bonus: 15 % of additional ELI Tokens for all accepted contributions

Eligma however reserves the right to introduce an invite-only Private Presale contribution 
period, where the bonus for the duration of the Private Presale contribution period may 
be higher (at Eligma’s discretion). The ELI Tokens distributed during the Private Presale 
contribution period will not exceed 50% of all the available ELI Tokens assigned to the 
contributors. 

Target amount of distributed ELI Tokens: 216,000,000 ELI

Minimum contribution: 0.1 ETH

Maximum contribution: 80 ETH

Contributors will receive their ELI tokens after we set the ETH / USD exchange rate and by the 
time our crowdsale starts, but those tokens will be locked for the duration of the crowdsale 
and for a short confirmation period, in which we will check if the token distribution in 
all phases executed correctly. After successful validation of the process, all tokens will be 
unlocked and become transferable.

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8.3 

PHASE II: PUBLIC CROWDSALE

This phase is dedicated to the general public, HNWIs and small contributors.

Phase duration: 17.4.2018 11:00:00 UTC - 8.5.2018 11:00:00 UTC or until the hard cap is reached

Phase target sum of contributions: ETH in equivalent of 8,000,000 U.S. dollars

This target sum is only an approximation that can vary due to fluctuations in the ETH/USD 
exchange ratio. It will also be influenced by the fact that a total number of distributed 
tokens might increase by the amount of unsold tokens from previous phases

Phase bonuses: 

• 

8 % of additional tokens for the first 20 mio. ELI tokens

• 

6 % of additional tokens for the second 20 mio. ELI tokens

• 

4 % of additional tokens for the third 20 mio. ELI tokens

• 

2 % of additional tokens for the fourth 20 mio. ELI tokens

• 

0 % for remaining tokens

Target amount of distributed ELI tokens: 84,000,000 ELI + unsold tokens from previous phases

Minimum contribution: 0.1 ETH

Maximum contribution: The maximum amount of each contribution will be declared based 
on community requests before the public crowdsale starts

Contributors will receive their tokens immediately after we receive their ETH contributions, 
however those tokens will be locked for the duration of the crowdsale and for a short 
confirmation period, in which we will check if the token distribution in all phases executed 
correctly. After successful validation of the process, all tokens will be unlocked and become 
transferable.

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8.4 

ELI TOKEN DISTRIBUTION

There are tokens that will have a vesting period according to the following schedule:

• 

Tokens allocated to the team will have a vesting period of 2 years;

• 

Tokens allocated to the advisors will have a vesting period of 2 years;

• 

Tokens allocated to the future partners will have a vesting period of 3 years;

• 

Tokens allocated to the community and user growth will not have a vesting 
period.

60 %

Crowdsale

12 %

Community and

user growth

4 %

Future partners

5 %

Advisors

19 %

Eligma team

ELI

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71

For the purpose of prosperous 
execution of Eligma project, all funds 
will be strategically distributed.

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72

5 %

Daily operations

8 M $

5 %

Marketing

10 %

Growing our

database

10 %

Non-technical

development

70 %

Development

9  ELI Funds distribution

Our funds distribution will be divided into three groups:

• 

First phase - Development: 8,000,000 U.S. dollars

• 

Second phase - Scaling: 8,000,000 U.S. dollars

• 

Third phase - Marketing: 8,000,000 U.S. dollars

9.1 

DEVELOPMENT PHASE DISTRIBUTION

• 

70 % of contributions will cover the technical development costs of the 
platform;

• 

10 % of contributions will cover the costs of non-technical product development, 
including project management, team management and business development;

• 

10 % of contributions will cover the costs of adding new online stores into the 
database and internally curating existing ones;

• 

5 % of contributions will fund the first marketing phase, covering basic 
marketing operations, including advertising campaigns for user acquisition and 
branding;

• 

5 % of contributions will cover day-to-day operations, office rent, office 
equipment, travel expenses and legal fees.

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9.2 

MARKETING PHASE DISTRIBUTION

• 

25 % of contributions will cover the costs of direct sales to our target audiences, 
including direct calls and personal meetings;

• 

15 % of contributions will cover the costs of negotiating partnerships with 
additional online stores, including personal meetings;

• 

15 % of contributions will finance a global, ongoing PR campaign, targeted 
towards specialized and mainstream media;

• 

45 % of contributions will cover the costs of an ongoing global ad campaign 
covering all relevant media outlets, designed to increase our user database and 
assure platform liquidity.

15 %

PR

8 M $

45 %

Marketing

25 %

Business development

15 %

Partnership
negotiations

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74

9.3 

SCALING PHASE DISTRIBUTION

• 

30 % of contributions will cover the technical development costs of adding 
online stores from new markets into the database as well as adding additional 
languages;

• 

10 % of contributions will cover the costs of non-technical product development, 
connected directly to the global scaling of the product;

• 

15 % of contributions will cover additional travel expenses and setting up offices 
in new markets;

• 

10 % of contributions will cover the costs of negotiating partnerships with 
additional online stores, including personal meetings;

• 

25 % of contributions will fund the marketing on new markets, including 
advertising campaigns for user acquisition and branding;

• 

10 % of contributions will cover day-to-day operations, office rent, office 
equipment, travel expenses and legal fees.

8 M $

10 %

Daily operations

25 %

Marketing

10 %

Business

development

15 %

Opening
new markets

10 %

Non-technical
development

30 %

Development

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