Dejan Roljič, Eligma: ICO Is Very Hard Work!
Eligma is a blockchain and AI-based platform that scans millions of online shops to find the best deals. As one of the payment options it enables purchases in cryptocoins, and to indicate its faith in the crypto market, Eligma has locked the ETH exchange rate at USD 800. “This is a completely normal move, otherwise the early investors would have lost too much value,” said the founder and CEO of Eligma, Dejan Roljič, at INNOtalks #4, organised by ABC Accelerator, Ljubljana, Slovenia on Thursday, 19 April. Its audience was the first to learn what Eligma will do with the tokens that remain unsold in the now ongoing ICO.
“True believers will invest in the project they choose regardless of the price,” said Dejan Roljič, adding that very good relationships should be maintained with investors and supporters. As Eligma is making prudent moves, for instance by being moderate in fundraising, he is confident that the business would grow organically. This is one of the reasons why Eligma wants a large pool of small investors rather than a small number of large investors: this helps reduce the risk of “one of the ‘big’ ones pushing the red button” during the project.
Based in Slovenia, Eligma is a crypto project that wants to revolutionise e-commerce and (personal) asset management. Its market is the entire world. Eligma will work as an intermediary that finds the best deals for the product a buyer is looking for. By the time of INNOtalks #4, on 19 April, two days after the start of the crowdsale, Eligma had raised 14,826 ETH.
Eligma to develop commerce of the future
Eligma will serve as a gateway to all global online shopping platforms and markets, giving users a chance to make purchases directly through its platform. As Eligma will also implement a cryptocurrency payment option, users will no longer have to wait for retail giants like Amazon, Alibaba and eBay to finally accept cryptocurrency, explained the team behind the platform that promises to scan the deals offered by several million online shops.
“When buying more expensive products, buyers will be required to make a refundable deposit which will be kept by Eligma until the end of the transaction as a guarantee,” said Roljič when asked about the potential gap between the payment and the actual price of the product and the risk that comes with it for Eligma as an intermediary. “But generally speaking, companies should learn to understand their clients. In future, today’s shops will very likely be reduced to some kind of showrooms, with retailers selling services rather than just goods,” said Roljič to illustrate today’s reality for retailers. No more than ten years from now, almost all of us will have some sort of a personal assistant just for shopping, while 25 years from now we are likely to have clones do the shopping for us.
Eligma’s tokens can be used to buy goods as well as, for instance, bonus points, similar to those we now collect in our favourite shops or cafes. BTC, a company that manages one of the largest shopping and entertainment areas in Europe, has been of the key partners of Eligma since the very beginning. According to Roljič, the BTC City is already turning into a “bitcoin city”.
Why most ICOs fail
All the tokens that remain undistributed in the crowdsale will be destroyed, Dejan Roljič shared exclusively with the audience at INNOtalks. His advice for those present at the event was not to ruin their lives trying to make millions, as it is not worth it. “ICO is very hard work,” he emphasised, adding that most of those who decide to raise capital through an ICO fail to meet their target.
“An ICO is easier to stage if you have a good product and a vision (Eligma has no operational platform as yet), also because ICOs usually attract the more general crowd rather than just large investors. Also, don’t expect your ICO to succeed if you don’t offer a solution based on blockchain. It is key for your team to develop the project well – and to be ready to invest in it. If not, nobody else will,” said Roljič.
Don’t go rushing into an ICO if you are not completely sure about your case, because:
- an ICO is so expensive you will immediately spend at least half of the funds you have available,
- it will take one-third of your health before your get through the first few months,
- nothing is free in the crypto world: everything costs money!
- the crypto market is a “Wild West” (this might change once it is regulated, but not necessarily),
- every single thing in the crypto world is highly risky!