[ANN] Elitium - A Digital Economy to Lead a Life of Independence, Value & Growth

[elitium.io]

The four pillars of Elitium are integral to the New Digital Economy. Aside from cards and its benefits, our staking program offers more gateways to earn and collect interest. Easily learn how to stake, spend, trade, and invest with us.

Our recent blog outlines how you can earn with Elitium and how taking part in this opening can grant you more independence, value, and opportunities in the industry we all love.

Read more here: https://www.elitium.io/blog/how-can-you-earn-with-elitium

[elitium.io]

This is a very good and new idea. I hope the project will be a great success

Thanks for the kind words Nami. For further updates and real time discussion, join our Telegram group: https://t.me/elitiumofficial

[elitium.io]

as I know in my country there is a credit card that says MarterCard or Visa.  while on this card, I can't find it written on the ELITIUM card.  like a credit card that I have a MasterCard and also makes it easier for me to verify my card when I use it in certain market place.  and another one in this ELITIUM card, I don't see any card number there.  can you explain?

I don't think this card is provided by one of them, In Indonesia we are also have payment gateway called "GPN" that provided by Bank Indonesia, on GPN card you will not see MC or Visa. Same as Elitium card, this card provided  by Elitium it self, i think its not related with visa or mastercard. If someone want to use this card for payment, they need to use such as EDC provided by Elitium or something else (eg. barcode) that supported to accept Elitium card payments. CMIIW



One think that makes me want to ask to the team, in website this card spendable at 46m+ shop, this is already have a cooperation with elitium or just a goals atm?

There's a slight misconception here. Visa, Mastercard, or if you may, GPN, are the intermediaries, not the card provider. They acts as a "middle man" to bridge different financial institutions to verify transactions. The card provider themselves are still your own banks. This is where we can put Elitium at, as an equal to your own bank.

For a better understanding, let's say there's a customer who own an account in bank A and a seller who own an account on bank B.

As there are two different (and probably competing) banks, it should be impossible to communicate a transaction happened between the buyer and seller because there is no way bank A and bank B has an integrated system. This is where the intermediaries come: they communicate the transaction happened between seller and buyer to both banks.

Simply put, when buyer swiped their card, the card reader machine (presumably issued by bank B) will read information stored within the card such as issuing bank and account holder name, and forward this information to visa or MC together with the amount that'll be deducted. Visa will then forward this info to bank A to check if buyer has enough money on their account to be deducted. If so, payment succeed. Bank A will deduct the amount from buyer's account and forward this "money" to visa, which will forward them to seller's account on bank B.

In other case, there's a smaller circle where the buyer and seller has an account on the same bank. With this, they don't need an intermediaries like visa or MC as transactions happened internally within the bank. Bank C reads and confirm buyer has enough money, and then move the money to seller's account which also in bank C. But, if this is the case, then the card reader machine usually issued by bank C and can only be exclusively used to read card issued by bank C. If we swipe card from bank A or bank B to this card reader, it'll be marked as an error because C didn't use Visa or MC (or GPN) to forward and receive information from and to bank A or B. This, in a way, related to the later part of Masulum's post.


As for the second part of Masulum's post, I believe they refer to Visa's merchant, as evidenced by mu_enrico's quoted text, and not shops and companies which already partnered with Elitium

You really know your stuff.

Most cards are offered by third party providers and offer gateways via Mastercard or Visa (esp. in the crypto space). They act as pre-paid debit cards unless a concrete partnership with one of the fintech giants is made.

What are you referring to as "Bank C"? Really, it comes down to the user having Bank A or Bank B. In the US and most parts of Asia, they offer instant contactless settlements between banks such as Zelle or Promptpay. The card space in crypto is exceptionally exciting because it provides the best of both words; a wallet where you're able to transact contactless and convert to fiat, as well as spend physically at most merchants that accept Visa/Mastercard.

To answer Masulum's question- a lot of cards are whitelabeled for business, therefore do not need the official partner stamp. However, each authorization code on the back is special to each provider and can easily be differentiated. Like all ETH addresses starting with '0x'

You KNOW you wouldn't send Bitcoin to an address that starts with those two special characters...

[holydarkness]

What are you referring to as "Bank C"? Really, it comes down to the user having Bank A or Bank B. In the US and most parts of Asia, they offer instant contactless settlements between banks such as Zelle or Promptpay. The card space in crypto is exceptionally exciting because it provides the best of both words; a wallet where you're able to transact contactless and convert to fiat, as well as spend physically at most merchants that accept Visa/Mastercard.

Ahh, no, you're a little bit mistaken here. There are instances where banks or other payment services who issues their own card, or app, which works only on their own network, between people who owned account on the same said financial entity. These cards works outside the plane of visa or MasterCard, usually offering better rewards (given by the issuing bank) but they're only acceptable on very limited merchants (seller) compared to visa's wide network.

[elitium.io]

Ahh, no, you're a little bit mistaken here. There are instances where banks or other payment services who issues their own card, or app, which works only on their own network, between people who owned account on the same said financial entity. These cards works outside the plane of visa or MasterCard, usually offering better rewards (given by the issuing bank) but they're only acceptable on very limited merchants (seller) compared to visa's wide network.

I see what you mean now. Banks act as the issuers and some banks do not use these payment networks (Visa/MasterCard) rather other card networks.

Where do you see these alternatives operating mostly out of? I've seen UPI out of India to be the most notable per capita and Russia also has a few alternatives.

Issuing banks seem to be racing to the bottom (or the top? Depends who you ask) when campaigning for customer acquisition. There's been a heavy decline in a lot of these credit card applications because most benefits are travel related. They need to focus on the much larger consumer market.

[mu_enrico]

Ahh, no, you're a little bit mistaken here. There are instances where banks or other payment services who issues their own card, or app, which works only on their own network, between people who owned account on the same said financial entity.

Yes, the competition is really tight with this FinTech products, for example, Venmo and OVO (In Indonesia). Sometimes it's funny when I see shops that have multiple devices to deal with multiple payment networks lol.


Anyways, how's the Elitium Capital progress?

I'm really curious about the tokenized shares. Thanks!

[elitium.io]

Anyways, how's the Elitium Capital progress?

I'm really curious about the tokenized shares. Thanks!

Elitium Capital is making great progress, the digital shares platform is on 99% and there is a lot going on in regards to strategic partnerships in the background.

We have 35 hotels in the pipeline already and plan to tokenize the first one this year. We will reveal further details as soon as the platform is live since there are some other launches coming up before.

Before Elitium Capital goes live we are going to publish V2 of the dashboard including following features:
- Optimized user experience
- KYC verification within minutes
- A stable savings program with up to 3.4% in rewards per year
- Ability to purchase Gold directly through the Elitium Dashboard

After that we make it accessible through the Elitium App and then we are ready for the big Elitium Capital Launch to add another pillar to the ecosystem.

All of these developments will be launched this year and will be updated exclusively here. Much love for the BitcoinTalk community.

[john1010]

The coming of this new technology is also the cause of dying of an old one.. Some of the coin that are launched way back 2012 onward suffered lost of support of their community because of this new innovation, unless this oldies will upgrade and innovate they will not be compete in this kind of technology.

[Arkann]

I really like the opportunity to receive passive income when investing in a very profitable project like your Elitium, but nevertheless, today it is possible to trade with your own EUM token on the exchange. According to today's data, the daily trading volume is $ 71,912.62 USD, but it seems to me that if you list on more rated exchanges, this figure will increase. What are your plans in this regard for the near future?

[elitium.io]

The coming of this new technology is also the cause of dying of an old one.. Some of the coin that are launched way back 2012 onward suffered lost of support of their community because of this new innovation, unless this oldies will upgrade and innovate they will not be compete in this kind of technology.

Just like any other industry. Especially in times like this, it can often be represented as a "survival of the fittest" mindset within companies. There are a lot of coins launched back in those times that have thrived and are doing better than before, but most have died out.

[TheNerdCave]

Want to buy coins, ID Verification, Want to Stake ID Verification. No I'm not interested. Bye Bye

[holydarkness]

Ahh, no, you're a little bit mistaken here. There are instances where banks or other payment services who issues their own card, or app, which works only on their own network, between people who owned account on the same said financial entity. These cards works outside the plane of visa or MasterCard, usually offering better rewards (given by the issuing bank) but they're only acceptable on very limited merchants (seller) compared to visa's wide network.

I see what you mean now. Banks act as the issuers and some banks do not use these payment networks (Visa/MasterCard) rather other card networks.

Where do you see these alternatives operating mostly out of? I've seen UPI out of India to be the most notable per capita and Russia also has a few alternatives.

Issuing banks seem to be racing to the bottom (or the top? Depends who you ask) when campaigning for customer acquisition. There's been a heavy decline in a lot of these credit card applications because most benefits are travel related. They need to focus on the much larger consumer market.

I believe the major and most favorable bank in first or second world countries have this kind of service, as it offers a great benefit to the bank as a good marketing tool, while still benefitting customers with better rewards or lower fees, etc. although I never saw this "Bank C" goes overseas, with exception to AmEx.

And just like you said, one of the biggest obstacle on this kind of service will be the width of its service. They usually works on a narrow scope: regionally, no travel benefits, etc. while study founds that consumers actually prefer a wider scope (i.e. the availability to use the card in a lot of merchants) over more benefits (i.e. bigger reward points or lower tx fee). I read somewhere that this is one of the biggest obstacle that Walmart faced with their payment card.

On the fintech side, I believe most services work under this type of "bank C", where they issued their own service, reader devices, and network. And just like how it is with "bank C" in physical world, these services mostly also works regionally.

If I may use mu_enrico's example, I don't think Asians ever uses Venmo, just like American probably never heard of OVO. Venmo's parent company, though, is a different case. PayPal (Venmo became it's subsidiary around 2013) is probably the AmEx of fintech division, it works and known worldwide (probably with exception to China, AliPay is more known by the Chinese).

[mu_enrico]

@holydarkness I'm impressed with your serious posts on ANN thread, something that I don't see frequently

- KYC verification within minutes

This one is also my concern, especially with the misused of KYC data all these years. Perhaps the comment from @TheNerdCave says it all. However, I understand with the regulation (MLD5), KYC is inevitable for a legit business. Is there any way to do KYC safely? Since I am also somewhat reluctant to do KYC.

[AakZaki]

- KYC verification within minutes

As discussed in this forum about KYC, many of them are reluctant to do KYC unless the platform is used every day or every time, such as exchanges and that too some people do it.
I myself am not someone who doesn't want to do KYC but I limit my KYC to the platform I use every day or every time.
On the other hand, I think that this kind of Elitium credit card innovation makes me curious to have.  However, returning to the KYC procedure made me reluctant to do it.
Maybe I will only trade for this EUM Token if it is listed on a well-known exchange later.

[Chikito]

Easily learn how to stake, spend, trade, and invest with us.

I read up how to earn, I just curious about stake where get 6.5% annual by reward. My question, is rewarding every month?.

Also how much maximum and minimum EUM to stake?. and can we stake without buy in here. I mean, I bought from stex exchange then sending it to my dashboard if possible?.

Or should I staking it self by download EUM core wallet from github, I am not starting yet, cause I don't know how much minimum balance to begin staking on core. just downloaded qt and showed me 9 GB disk space needed.

[elitium.io]

This one is also my concern, especially with the misused of KYC data all these years. Perhaps the comment from @TheNerdCave says it all. However, I understand with the regulation (MLD5), KYC is inevitable for a legit business. Is there any way to do KYC safely? Since I am also somewhat reluctant to do KYC.

There are a few trusted KYC providers in the industry, such as Veriff and Onfido (among others). However, a lot of businesses in crypto provide internal KYC protocols that use software and are not shadowed by a legitimate CO. This raises a lot of issues with people's data when they're uploading residential documents, passports, and more. There should be a global standard for KYC/AML overhead when issuing digital currencies/platforms.

[elitium.io]

- KYC verification within minutes

As discussed in this forum about KYC, many of them are reluctant to do KYC unless the platform is used every day or every time, such as exchanges and that too some people do it.
I myself am not someone who doesn't want to do KYC but I limit my KYC to the platform I use every day or every time.
On the other hand, I think that this kind of Elitium credit card innovation makes me curious to have.  However, returning to the KYC procedure made me reluctant to do it.
Maybe I will only trade for this EUM Token if it is listed on a well-known exchange later.

Exchanges, especially those based in Asia, require some form of government ID to withdraw funds. I can see that as being a hassle for a lot of people. We are all privy to keep our data safe and remain as private as possible when using some of these platforms.

Have you ever uploaded KYC data to a hacked exchange? That's what really gets people's boots shaking. It would be an absolute nightmare to witness a similar Mt Gox debacle in today's time with everyone's data plugged in...

[elitium.io]

I read up how to earn, I just curious about stake where get 6.5% annual by reward. My question, is rewarding every month?.

Also how much maximum and minimum EUM to stake?. and can we stake without buy in here. I mean, I bought from stex exchange then sending it to my dashboard if possible?.

Or should I staking it self by download EUM core wallet from github, I am not starting yet, cause I don't know how much minimum balance to begin staking on core. just downloaded qt and showed me 9 GB disk space needed.

Correct! Staking rewards will be distributed every month.

Regarding the limits; there is no minimum amount to stake. However, with the current significatn gas fees, we suggest to start staking with min. 100 EUM

And yes, you could easily buy on STEX and after transfer your funds to the dashboard. You are able to stake there to be fully secured and have a nice UI/UX (No tech complications or downloads needed).

For now, we recommend you to stake on BitMart (better UI/UX and volume than others). It will be the easiest method until v2 of our dashboard is live. Once operational, you can start staking automatically by simply holding EUM! Really cool stuff in the making and will take some time, but at least we have something operational thus far. It helps gathering feedback at early stages so we can help scale a better product for our community.

[Chikito]

For now, we recommend you to stake on BitMart (better UI/UX and volume than others).

I am not sure KYC required on Bitmart, but when I look percentage stake more than low from EUM dashboard https://www.bitmart.com/staking-detail/en?coin=EUM&reward=EUM Look better on EUM if use same KYC procedure.

Also, Have you tried to create bounty here?. Maybe it can be growing up value and growth.

[holydarkness]

For now, we recommend you to stake on BitMart (better UI/UX and volume than others).

I am not sure KYC required on Bitmart, but when I look percentage stake more than low from EUM dashboard https://www.bitmart.com/staking-detail/en?coin=EUM&reward=EUM Look better on EUM if use same KYC procedure.

Also, Have you tried to create bounty here?. Maybe it can be growing up value and growth.

Didn't use bitmart myself, but a small research shows they require KYC before any withdrawal, i.e. you can only watch market price if you don't want to do KYC

You are not required to complete the Identity Verification for tracking markets, deposit, and trading. However, to keep your and others’ accounts and assets safe, you will be required to complete Identity Verification before the withdrawal. Some special promotions and events are exclusive to BitMart KYC users only so make sure you complete the KYC as early as possible!

In regards to mu_enrico and AakZaki post of KYC, do I understand correctly that the KYC topic you were talking about was the internal KYC done by Elitium and not exchanges' KYC?

I don't  really follow worldwide's rule of LYC/AML, but as far as I know, KYC were only required after certain amount of funds were sitting on someone's account. If I am correct on this, then maybe Elitium should consider requesting KYC only when user reached these numbers, e.g. if I only have $0-$200 (let's say maximum number of fund one's account have allowed by gov without kyc is $200) then I can just use that account freely, to test their interfaces and services. Because IMO, having to do KYC right on the first time.of using a service will highly dissuade people to try

@holydarkness I'm impressed with your serious posts on ANN thread, something that I don't see frequently

LOL, thanks. I was interested on this topic