ELPH Token ICO: Decentralized Ethereum Blockchain Dapps Store?
Elph believes that users can now access blockchain-based apps in an instant manner. The approach taken by this relatively new start-up is by creating a portal that will link users to a wide range of crypto related matters including the likes of dApps, buying and selling CryptoKitties and simple tasks like keeping track of one’s current holdings.
According to the Co-Founder and CEO of Elph, Ritik Malhotra, the work set in place can potentially help the platform to become the “Netscape for crypto”. He, along with his team, believes that the small number of blockchain apps that currently exist will likely change, or even grow over time.
This also seems to be a shared belief among investors who believe in this project, as the firm managed to receive approximately $1 million during its round of financing. Such interest could be due to the team at hand, as Malhotra and Tanooj Luthra, Co-Founder and CTO of Elph, have experience within this field.
In particular, the duo were the ones to start Streem, which is now owned by Box since 2014. Furthermore, the latter has worked as the senior engineer at Coinbase, which alone opens doors to crypto knowledge as well as concerns that need to be dealt with.
Luthra described the simplicity behind using Elph, calling it an “app store”. He added that all one must do is
“You log, you see a bunch of decentralized apps, you click them, and they open up… we’ve done the heavy lifting in the background for you.”
One of the reasons why the duo has so much faith in Elph is because of Luthra’s experience at Coinbase. According to his statement, the entire project stemmed from a concern that Luthra was eager to find a solution for. He said,
“This huge boom of new, decentralized apps coming out that are hard for anyone to access or use who isn’t fairly technical… so we decided to simplify it.”
The company will also be publicly launching its beta today. Since the entire system is still fairly new to users, ease-of-use was emphasized. Mainly, one will be able to access dApps based on categories.
While this might be beneficial for Elph users, the way in which the portal’s value will be growing is through tokenization, where “maintainers” will be regularly working on the “app store” to increase enjoyment, provide more variety, and reward each user for reviewing an app with a token. The specs of token itself is yet to be announced.