ALLUXE | Decentralized Luxury Platform

Blockchain. The code is stored in the blockchain, a register that captures information about all
transactions with cryptocurrencies, to guarantee compliance with the agreement between the
parties. The code is based on the laws of logic, cryptographic conditions and tools, such as public

and private keys (this is a little more complicated, but it is similar to phone numbers and passwords
in terms of functionality).
A smart contract is formed by the platform automatically based on the information specified by the
customer and partner, including the details of the transaction and the characteristics of the goods.
To sign contracts, methods similar to those used for signing the sending of funds in crypto currency
networks are used. The contract comes into force after being signed by the parties.
The developed Smart contracts exist only within the blockchain environment, the executable code of
which will have private access to the main smart contract of the platform for entering records of
interaction between process participants. Each smart contract, in fact, is an encapsulated
transaction crypto wallet, acting as the guarantor of obligation performance by the parties to each
other.
At the initial stage of the product implementation, all standard contracts with a minimum set of
terms will be described with the help of smart contracts, which will be finalized and adjusted if
necessary at the launch of the ALLUXE platform. Gradually, as the ALLUXE platform develops, the
logic of smart contracts will become more complex and cover an increasing number of conditions,
describing even the non-typical terms of contracts.
Using cryptographic technologies to create smart contracts, reliable protocols, is necessary to
achieve several goals. One of them is the monitoring of interaction data between partners and
customers, converting them into permanently stored and nonforgeable records. The other is the
embedding of privacy through encryption, incoherent communications and mutually confidential and
secure computational protocols.
Ultimately, we get an inviolable digital contract, which provides all options for the outcome and
eliminates the possibility of fraud, if all parties to the contract fulfill their obligations.