Ellcrys will feature a native currency used for disintermediated value transfer, on-chain governance and as a medium of exchange within our ecosystem.
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.
A Repository Coin is a non-native currency that is owned and controlled by a git repository. A repository that requires a coin can register a coin which will allow it to be mined through PeopleMint merge mining. When a banknote is scanned in exchange of Ell, the scanner is allowed to specify one other repo coin they may be interested in. Repo coins are different from tokens in that they are mined through proof-of-work and are natively supported.
The initial, pre-mined supply of the coin will be distributed as follows:
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.