Blockchain to Decentralize Software Development

From this article you will learn how Ellcrys will create a collaboration network for building open source software products collectively using blockchain technology
22 January 2018   3633

Current web service providers limit organization accounts to only support a single owner who is granted unlimited access to add and remove users and manage the account and all resources. This is a fundamental issue that needs to be solved before decentralized, effortcentric internet organization is possible. On Ellcrys, a git repository is the centre of all collaborative endeavours, which is multiowned, and anyone can fetch its content, push contributions, verify and vote for pull requests and other proposals.

What is Ellcrys?

Ellcrys is a blockchain network that will allow anyone in the world start, join or contribute to open source software products and receive compensation for their contributions. Users will be able to create decentralized Git repositories that are censorship resistant, highly available and can be truly owned by multiple persons. Repositories can include all kinds of codes for different purposes such as web services, smart contracts, mobile apps libraries/packages, frameworks etc. Ellcrys blockchain decentralizes a git repository by bundling and distributing git objects across the network.

What is a Source-Level DAO?

  • A Source-Level DAO (SDAO) is a democratic enterprise where a decentralized source code repository is the epicentre of all collaboration and governance activities
  • Source-Level DAOs are a living, constantly evolving repositories that allow anyone in the world to contribute their skills (coding, design, testing etc) to a shared goal
  • Source-Level DAOs can be executed as smart contracts or deployed anonymously to AWS, Heroku etc
  • Source-Level DAOs deployed on centralized systems run autonomously without interference from the DAO contributors
  • Centrally deployed SDAO are extremely scalable and are deployed from the blockchain

SDAOSDAO

Ellcrys advantages

  • Decentralized Git Host: To enable open, trustless, democratic collaboration, Ellcrys leverages Git to allow anyone around the world to easily contribute to a project. Ellcrys blockchain decentralizes a git repository by bundling and distributing git objects across the network.
  • Polyglot App Hosting: Ellcrys is taking an approach that will bring transparency at the repository level. Collaborators collectively contribute to a repository and create proposals that authorizes any centralized polyglot hosting services of their choice, deploy and configure their application directly from the blockchain.
  • 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. Ellcrys will support development of smart contracts using languages such as Javascript, Go, Ruby & Python.
  • Open Source Software: Ellcrys will allow open source projects the ability to create paid branches that attract a fee to fetch. Maintainers and contributors can benefit from paid issues created by users. Contributors will earn coins when their pull request is accepted by project’s community.
  • Software Outsourcing: Ellcrys will level the playing field by allowing anyone outsource their software projects, set price as low as they can afford and allow independent developers take up task based on their preferred pricing.

Ellcrys RoadmapEllcrys Roadmap

StackMint Technology

New coins are introduced into the network through a process known as StackMint. StackMint is one of the fairest method of global coin distribution in that it allows anyone in the world to exchange national banknotes for new coins.

  • Anyone in the world can take a photo of any supported banknote using a mobile phone
  • Send the photos of banknotes to a network node for validation
  • Node on network analyse banknotes and rejects invalid banknotes
  • A second validation phase requires users to validate banknotes manually, users bet some coins and provide a validation result for a banknote
  • After validation and acceptance of the banknote, new coins are created and shared between the owner of the banknote and the validators

Ellcrys Stackmint TechnologyEllcrys StackMint Technology

Ellcrys Token Sale Information

Ticker: ELL
Pre-sale. from Feb 1, 2018 to Mar 1, 2018
ICO. from Mar 30, 2018 to Apr 30, 2018
–Token price. Pre-sale. $0.08
ICO. $0.1
Total Supply. Pre-sale. 800,000,000
ICO. 900,000,000

Ellcrys Tokens DistributionEllcrys Token Distribution

Soft Cap. Pre-sale. $1 Million
ICO. $5 Million
Hard Cap. Pre-sale. $30 Million
ICO. $55 Million
Bonuses. up to 35%
–Accepted currencies. BTC, ETH

Ellcrys Advisors

  • Victor Asemota - Co-Founder, Director at SwiftaCorp
  • Emeka Okoye - Senior Semantic Web Architect at Cymantiks
  • Lanre Oyedotun - Co-Founder/CEO at Delivery Science Inc
  • Chuka Ofili - Co-Founder, Chief Enterprise Architect at Delivery Science
  • Ebot Tabi - Senior Technical Consultant at Andela

Documentation

  • Whitepaper
  • GitHub

More Information

  • Website
  • Medium
  • Twitter
  • Facebook
  • Telegram

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3 ICOs of Extrabit banned by Alabama Securities Watchdog

Alabama Securities Commission (ASC) has ordered alleged cryptocurrency mining firm Extrabit to stop its token sale offering in the state
25 May 2018   97

The U.S. state's securities regulator, the Alabama Securities Commission (ASC), has supported its colleagues in Texas and New Jersey in hitting out at ICOs that are soliciting local citizens. The cease-and-desist order which was published yesterday  claimed that the agency has ordered purported cryptocurrency mining firm Extrabit to cease its token sale offering in the state.

The ASC declared the company has been illegally begging Alabama investors with what it considers an unregistered securities offering after it announced its token sale on the website of WSFA, an NBC-affiliated TV station recognized in the state capital, Montgomery. While presently the online advertisement appears to have been taken down, the agency said in the order that the firm originally claimed that investors in the pre-ICO phase could buy Extrabit's token "EXB" at half price.

The advertisement claimed that in order to take part in the pre-sale, the user should invest $20,000 and after the purchase, the tokens will be sent to MyEtherWallet within 48 hours. Then, Extrabit's white paper states that, since the firm generates its profits chiefly from mining bitcoin, zcash and monero, it pledges a 185 percent return on investment every quarter for investors who maintain a positive balance in their EXB wallet.

As well as offering unbooked securities, the ASC said the project made "materially misleading" suggestions to deceive investors. Extrabit is not the only token project that is targeting residents in Alabama. A Google search for "token sale" on the WSFA website currently comes up with over 200 press release-style ads from various ICO projects. 

The ASC has also checked two other token sale projects, called LEV and Platinum, with cease-and-desist orders entered on May 2 and May 18. Like with Extrabit, the agency charged the two projects of selling unregistered securities in Alabama while making vaporous promises to potential investors over the likely returns on investment.