Cryptocurrency

Ellcrys supports a native digital currency used for disintermediated value transfer, on-chain governance and as a medium of exchange within the our ecosystem.

Native Coin

The native coin is an inflationary currency that is mineable through our mining 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”)
  • Symbol: ȅ (Unicode = \u0205)
  • Initial Supply: 1,500,000,000 (1.5 Billion)
  • Mineable: True

Repository Coins

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.

  • Mineable through Proof-of-Work
  • Can be inflationary or deflationary
  • Optional support for pre-mined supply.
  • Fair distribution.

Coin Distribution

The initial, pre-mined supply of the coin will be distributed as follows:

  • Founders - 14%
  • Ellcrys - 25%
  • Advisor - 1%
  • Public - 60%

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.

Use Cases

Transaction Fee

Ell will be used on the network to pay for the cost of processing transactions.

Medium of Exchange

The native coin can be used as a medium of exchange between people or machines.

Network Incentive

Ell is distributed as rewards to network participants as an incentive to continue to support the network.

Network Security

Used for acquiring stakes in a consensus process to serve as an economic measure to discourage bad actors.

Repository Governance

Projects on Ellcrys may require participants to acquire stakes to increase individual voting power.

Compensations

Ell will be used to compensate contributors to a project that employs the skills of freelancers.