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Ellcrys Is Building A Blockchain For Trustless, Censorship-resistant Software Development

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  1. Prezzy

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    Hi guys, i want to introduce us to a new platform that's bringing a decentralized solution to one of the biggest set of people on the internet - the developers. The platform is Ellcrys and it is focused on developing a decentralized code repository. iIn this thread, i will show you more about thme and how they want to achieve this. also, we will see in details, what they have in store for users of the internet!

    First of all, Here are the important links about Ellcyrs

    My BitcoinTalk Profile Link:
    View the profile of oprezy
    Announcement Thread on BitcoinTalk: ELLCRYS:Blockchain For Building Community-owned Softwares and Organizations
    Website: Ellcrys - Decentralized Version Control For Makers
    Whitepaper: https://storage.googleapis.com/ellcrys-docs/Ellcrys-Whitepaper.pdf


    What is Ellcrys?
    upload_2018-2-2_5-8-50.png-Ellcrys Is Building A Blockchain For Trustless, Censorship-resistant Software Development
    according to the information on their website, Ellcrys is a decentralized version control system for building open source software and services. Ellcrys builds on git by decentralizing repository objects across nodes on a blockchain network allowing people across the world to collectively build software products. You may be wondering, What is Ellcrys' consensus method? According to the developers, Ellcrys will be based on Delegated Proof of Stake. Also, Developers will be able to build smart contract applications on a git branch, load and process transactions.
    watch this introduction video to understand ellcrys better:


    Ellcrys is a software collaboration network that allows anyone in the world to start, join or contribute to open source software and organizations. Ellcrys allows users to create decentralized git repositories that are censorship resistant, highly available and can be owned by many people. Repositories can include all kinds of codes for different purposes such as web services, smart contracts, mobile app libraries/packages, frameworks etc. An individual contributing to a project will be compensated by the Ellcrys network with coins.
    They can also be compensated by project owners or maintainers.

    How does the Ellcrys network incentivize node operators?
    Apart from reward given to block forgers, Ellcrys introduces Universal Node Reward (UNR)
    for compensating node operators. UNR is a monthly reward sent to nodes who have achieved a certain
    availability level for a month. The minimum reward is 1ȅ (90% availability) and maximum ȅ5 (99.999% availability).

    What is a Community Contract?
    A community contract describes an open software project owned by many people across the world and govern by the Ellcrys blockchain. It includes a decentralized git repository, a balance account and
    can be decentrally administered using governance tools provided by Ellcrys.

    Who is this for?
    Communities building open source software products where open, transparent governance is a requirement. Open source maintainers looking to earn revenue from paid branches and issues. Open source contributors interested in compensation when they contribute to an open source project.

    Does the network reward open source contributors?
    Yes. We think incentivizing people to contribute to open source will really help to get people more interested in growing open source. The network will reward people with coins when their pull request is approved.

    How will the network prevent spamming?

    Like every blockchain out there, transactions require a small fee as a measure to reduce abuse. Pushing codes to the network will attract a fee. If your pull request is accepted, you get back your transaction fee and some additional coins.

    Why a decentralized Git host. What is wrong with Github?
    Seriously, nothing is wrong with Github and other similar git hosting platforms.
    Infact, we did not set out to build a decentralized version for the sake of making them obsolete.
    Ellcrys aim is to enable communities build software products transparent; Hosting repositories on Github would mean we had to become brokers between Github APIs and collaborators. This approach could expose projects to censorship by Ellcrys or Github.

    On Ellcrys' SMART CONTRACTS

    A git branch can contain functions that may be compiled and executed against transactions. These kind of functions are known as smart contracts. Ellcrys smart contracts are repo-addressable; This means that transactions are addressed to the repository they were loaded from as oppose to the contract address. This allows for future upgrades without breaking dependent applications. Transaction originators can still send transactions to old versions of smart contracts if the latest version is not preferred. Ellcrys will support development of smart contracts using languages such as Javascript, Go, Ruby & Python.

    What is Universal Node Reward?
    Universal Node Reward is the standard, monthly reward awarded to nodes on the network for the resources they contribute. Only nodes with high availability will be eligible. UNR is necessary since Ellcrys does not share transaction fees with nodes, instead fees are transferred to the UNR account.

    How fast can Ellcrys process transactions?
    Ellcrys is based on delegated proof of stake consensus which allows a small number of
    validators process blocks quicker. This consensus method allows for faster block processing within a few seconds.

    What is task-based pricing?
    Task-based pricing allows projects to sub-divide work into smaller tasks with varying compensation
    to be paid to implementers. Developers pick tasks, complete them and get paid the reward
    associated with the task.

    COIN & STACKMINT

    The Ellcrys native coin is known as "Ell" (plural: Ellies, symbol: ELL). There will be a total coin supply of
    10,000,000,000 (Ten Billion). Ellies are distributed through a process known as StackMint


    StackMint allows millions of people from all parts of the world exchange their national banknotes for ELL. StackMint aims to provide a fair distribution model where everyone can constantly receive bits of Ellies without needing to purchase expensive hardware as seen in PoW systems.

    What happens to my banknotes after they are scanned?

    Your banknote will be invalidated on Ellcrys. Why you will still be able to spend your physical notes as usual, you or anybody in possession of the canned banknote will never be able to access more value on Ellcrys.

    How can I tell if a banknote has been scanned?

    You will be able to do this using any mobile wallet application that is able to access the Ellcrys network.

    How much ELL will I receive for scanning my banknote?

    The amount of ELL you receive will be determined by an exchange function run by every node on the network. The function takes into account the amount, estimated number of scanners and time.</p>

    What currencies and denominations are supported?

    We will support an initial set of currencies (and denominations) consisting of the top 30 largest economies of the world. Subsequent network upgrades will add support for more sets of currencies.

    How does Ellcrys prevent counterfeits?
    Every node on the network will include machine learning backed measures to detect invalid banknotes. Banknotes deemed valid will be sent to off-chain validators who manually validate and stake money on their results. A banknote is considered
    valid if majority off-chain validators approves.

    How can I participate as an off-chain validator (staker)?
    Anyone with a wallet application that implements the validation protocol will be able to stake, validate and earn some ELL.

    ELLCRYS:Blockchain For Building Community-owned Softwares and Organizations
     
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