The Protocol

A hybrid protocol that leverages Proof-of-Work, Proof-of-Stake and human work. Fast transaction throughput, inclusive and resistant to forks.

Read White Paper

Curious about the technical details of Ellcrys?
Read our white paper to know more.

Read White Paper

Hybrid Consensus

Our consensus algorithm features a combination for proof-of-work and proof-of-stake consensus to create a more secured and inclusive system. Proof-of-work miners create and propose blocks, while proof-of-stake miners validate these blocks before they are considered valid. Hybrid consensus system increases the security of our network by requiring 50% network hashrate and 50% voting tickets to perform a majority attack on the network. PeopleMint introduces a block observation role where users implicitly vote for blocks while attempting to change currency notes to coins.

Keep proof-of-work partipants in check.
Attacks are expensive to execute and sustain.
Forks are rare and expensive to sustain.
Participants are incentivized via inflation.

Scalable

Inspired by BitcoinNG, we will implement a leader-based block creation mechanism where a miner assumes temporary role of creating blocks for the network for a short period. Miners become leaders by mining a proof-of-work block to begin their regime; During a regime, they can create blocks faster and at shorter intervals without delays associated with traditional proof-of-work consensus.

Higher block creation rate.
High transaction throughput.
Low latency.

Fair, Symbiotic Mining

We will implement a fair coin generation protocol that will enable anyone to create new coins by scanning national currency notes. People who scan banknotes are known as Scanners and those who validate are known as Validators.

Banknotes act as fuel needed to create new coins per block.
Proof-of-work miners need a resource (banknote) that is costly to acquire but accessible to everyone.
Every banknote undergoes two validation stages before they are considered valid.
Fair distribution: Anyone can scan or validate banknotes.
Scanners and validators contribute to network security as chain observers.

High Finality

Most proof-of-work blockchains feature probabilistic finality; Ellcrys is not different, However, the incorporation of PeopleMint, which introduces a chain observer role where humans notorize blocks reduces the time to attain transaction finality.

Factors that determine the best chain on Ellcrys:

The chain with the highest USD value of validated currency note.
Have the chain with most proof-of-stake tickets/votes.
The chain with the most proof-of-work

Key Highlights

Hybrid Consensus

PoW and PoS consensus with human-driven mining and block scoring mechanism.

Costly To Attack

It is economically costly to attack a mature PoW/PoS hybrid consensus system.

High Throughput

Leader-based block creation scheme allows for faster blocks and transaction throughput.

Fair Coin Distribution

New coins created via inflation will be distributed fairly using PeopleMint protocol.

Community

Join our official Discord community Join Discord

Explore Docs

Our documentation provides information about our projectl Read Docs

Blogs

We write about everything you need to know about Ellcrys Visit Medium