With strict capital controls in place by most countries to control the flow of money and charge high taxes, cryptocurrency gained usage in circumventing capital controls and taxes, leading to an increase in demand. Cryptocurrency has been able to present an easy to use digital alternative to fiat currencies. Offering frictionless transactions and inflation control, investors have been prudent enough to add these currencies in their diversified portfolios as an asset, as the size of the market does not represent a systemic risk. Cryptocurrency employs the use of cryptography that assures high-security processes and verifies transactions personal to each user. Hence, counterfeiting and anonymous transactions are impossible to achieve.
While this revolution is gaining wide acceptance, Ellcrys is building the technology that will provide the platform and tools to enable communities build organisations that are open, transparent, self-governed and co-owned by members who are able to manage shared resources whilst being able to compete with centralised organisations.
"Open source blockchain platforms help reduce the number of costs. The services provided by the blockchain community backing the project are worth more than investors may be willing to pay. Consider the cost of hiring white hat hackers to discover weak points or hiring developers to update a system in an ever-changing technology space regularly. Open source blockchains save a lot as most of the technological services are performed by supporters of the project.
Blockchain is arguably the most exciting technology of the 2010s so far. It has attracted much attention from the media and is responsible for the creating of a billion-dollar industry that did not exist before. Blockchain’s rise to its current status is no mean feat."
With that being said, Ellcrys protocol integrates both Proof-of-Work and Proof-of-Stake consensus algorithms to create a system where miners propose blocks and PoS miners validate these blocks.
But before we go any further, please check out this video presentation to get even more acquainted
Now that I have your attention, let’s get right to it.
What exactly is ELLCRYS?
As depicted above and as indicated on the official website of ELLCRYS, Ellcrys is building the technology that will provide the platform and tools to enable communities build organisations that are open, transparent, self-governed and co-owned by members who are able to manage shared resources whilst being able to compete with centralised organisations.
Furthermore, Ellcrys is on an online revolutionary mission to create a blockchain ecosystem that integrates Git to allow collaborators build software from anywhere in the world. The platform allows people or organizations to collaborate and create a software project. Anyone can even contribute to the creation of an ongoing project and get compensated by the network with coins. Collaborators push and pull code to and from the network, perform governance functions by creating, approving proposals and receive compensation from the network.
The emergence of Ellcrys, the existing conditions are not sustainable for the future of open source software. There is desperate need for an ecosystem which allows developers and community to collaborate and attain the fullest potential of software. That is exactly the purpose Ellcrys serves. Ellcrys is wired to reward all parties involved in such collaborations.
With Ellcrys, everyone is a boss who can work independently within a group. In Ellcrys, there is no one person who is in control of the collaboration: everyone is in control. Every collaborator pushes and pulls code to and from the network, perform oversight functions by creating, approving proposals – and ultimately receiving compensation from the network.
The results from the collaboration that Ellcrys offers are limitless. For the first time in the history of software development, collaborators from all over the world can spend more time on software projects, pushing the boundaries and building the greatest products for our world. Ellcrys has brought the future to our doorsteps!
Ellcrys marketplace is where service providers showcase and sell their products and services to Ellcrys organizations. Yes, decentralization is core in Ellcrys platform, but organizations within it are still able to purchase services through purchase proposals that get approval by members. The model employed by Ellcrys is a Proposal/Approval Voting scheme where contributors create proposals and solicit approvals from other contributors.
Ellcrys' mission is to create an ecosystem where open source collaboration goes beyond offering contributions during free or leisure time periods to one where collaborators can create profitable open source enterprises, allowing them to spend more time creating excellent products and improving the source ecosystem.
Organizational accounts from existing web service providers restrict access to entities to a single owner who is guaranteed unlimited access to add and remove users and manage the account and all resources.
In other services such as Github, Stripe, Heroku and hundreds of thousands more. In the future, this account model or organizational structure will not be viable.
Decentralized organizations in which there is no single owner or leader, neither trust nor headquarters.
This is a fundamental problem that needs to be solved before the Internet can be organised in a decentralised and effort-centered way.
For Ellcrys, a git warehouse is the focal point of all collaborative projects. It is an institution. By default. It is co-ownership, meaning that there is no owner, no leader, no trust and no headquarters. Everyone can search for their content, press contributions, check and vote on pull requests and other proposals.
A store may obtain a payment for the service rendered or a donation.
Contributors may collectively opt for a single income distribution and management scheme in a repository.
The following are the types of individuals that are most important to sustaining the Ellcrys ecosystem and ensuring its prosperity.
Decentralized Hosting Git
This platform can be used as a system to manage software versions. At the same time, decentralised management must be present in it. In the future, the company plans to host a repository of decentralized companies and protocols, such as ether or bitcoin, on its platform.
On this platform, software developers will be able to present their software to the public. At the same time with open source. This will allow millions of developers from all over the world to participate in the drafting of the project. But, at the same time, the creator of this miracle has the right to retain the copyright of his software. In addition, in the future they will be able to set a price for it. In addition, some developers will be able to perform certain tasks and receive payments for it.
Decentralised autonomous organisations
Communities can create decentralized organizations throughout the Git repository. These organizations will be able to work with mobile applications, web versions, smart contracts, libraries, etc. Decisions will be made as follows: the draft is initially proposed, and then voting continues. It is in this vote that a decision will be taken.
Product paid with open source
By promoting their offspring with open source. Developers can set prices for it, which people will have to pay for using this product. In addition, developers can receive rewards for their work on software improvements.
These validators are holders of network nodes that provide computing means to power and protect the network. In turn, they are paid with new currencies.
The collaborators are those personalities who are in charge of elaborating, managing and giving work to a repository.
The coin purse provides the liquidity required for collaborators and end-users of the coin to participate in Ellcrys' economy. Participants and end-users buy coins from traders to gain access to the network.
Service providers provide Ellcrys organisations with a number of specific benefits in exchange for coins. Some examples of services are cloud hosting and database, buying and managing domains, marketing and sales, etc.
About The Ellcrys Token
On Ellcrys, the native coin which is known as “Ell” (plural: “Ellies”). It is denoted by the ȅ. It is an inflationary currency with an initial supply of 1,500,000,000 and mineable through our mining protocol known as: PeopleMint.
Mineable through PeopleMint
Used as medium of payment for fees and incentives.
Required for PoS staking.
The native coin is an inflationary currency that is created through our coin generation protocol known as PeopleMint . PeopleMint is designed to promote equitable distribution of the currency. The coin can only be created by expending something very accessible and costly; For our protocol, this thing is a banknote.
Name: Ell (plural: “Ellies”)
Initial Supply: 1,500,000,000 (1.5 Billion)
Symbol: ȅ (Unicode = \u0205)
The initial, pre-mined supply of the coin will be distributed as follows:
Public - 60%
Ellcrys - 25%
Founders - 14%
Advisor - 1%
Founders allocation will be locked for 1 year. From the second year, 1/24 of the allocated share will be released every month.
1/2 of Ellcrys and advisors allocation will be immediately unlocked. 1/12 of the rest will be unlocked each month.
MEET THE AMAZING TEAM
Be a part of this incredible project. Download the whitepaper for the full scoop.
Till next time…
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Disclaimer: This article was published in terms of the bounty campaign. I am not a project team member or its representative but a supporter of this incredible project.