Idea look interesting, good luck.

Thank you!

the idea is cute nice, I would wait for roadmap. By the way, is there prototype already done? I see some projects on github account...

Availability and censorship are not problems on Github (yet). The core problem Ellcrys aims to solve is collaboration between people who are interested in working on a project without having to trust fellow collaborators with the project's assets like secret/API keys, source codes, payment accounts, revenue etc. Imagine two or more individuals who met online and would like to build a small web service, one that will potentially generate revenue. There is going to be issues of trust. If the project is hosted on Github, then who gets to be the sole admin/owner of account? Who decides what is merged and deployed? Who owns and manages the hosting accounts, Paypal/Stripe and Google Analytics accounts etc. This is what Ellcrys and the ecosystem we will build will solve. By decentralizing a project from the source code level and allowing consensus to be reached through blockchain enabled governance tools, we can fix the trust issues and allow people to freely collaborate on any kind of open source projects or business venture. Having a decentralized Git hosting services is super important. The great thing is that the rest of the blockchain ecosystem can host projects on a decentralized Git system and move decentralization a step forward.


Yes. This is something we are interested in implementing as a way for project owners to earn some compensation for their continuous effort and support for the open source ecosystem. But this kind of reward will be paid by the client pulling the repo.

Thanks!

There are two ways to 'mine' coins:

• By running an Ellcrys client/node and getting rewarded through our Universal Node Reward (UNR). With Universal Node Reward, the network rewards all nodes with new coins based on how active/available they had been in the previous month. Nodes that form a consensus group (delegates) will get additional coins.
• With StackMint, you take a photo of your national banknotes (USD, EUR, GBP etc), send them to a network node and exchange it for new coins after your banknotes must have been validated. Read this article to learn more.
  

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I like the idea of the universal node reward and the stack minting, but how do you validate the banknotes for the StackMint process?

Validation is a two phase process.

The first phase will be performed on-chain by nodes collecting transactions containing images of banknotes and passing them to an image analyzer to detect and filter out obviously invalid banknotes. This on-chain validation is supported by a currency analyzer trained to detect any unwanted/unsupported banknotes or denominations. When a banknote successfully passes through this process, a fingerprint is derived and stored on the blockchain along with the image (stored on IPFS). The fingerprint constructed is unique to every banknote. If a banknote with matching signature is sent to the network, it will be rejected. No two banknotes will ever be accepted.  

The second phase is crowd-powered. This involves users with compatible wallet applications pulling partially validated (banknotes that have passed on-chain validation) banknotes for manual verification. When a user (wallet owner) pulls a banknote, they must stake some coins as a proof of their honesty and send their approval/disapproval votes. When a certain number of votes are received for a single banknote, the majority vote determines the final validity of the banknote. Users who end up in the losing side will forfeit their stake to the winning majority. The winning majority shares the validation stake and get a share of the new coins generated. After certain point in time, the amount of stake required increases to serve as a difficulty function.

That is the current process for validation. We are still working on this and expect it to change.

What turnover are you referring to? Please clarify.