Ellcrys is a Nigerian project aimed at creating the platform for the building of open decentralized transparent self-governed organizations. These organizations are supposed to be managed through shared ownership. The platform will provide the security of sovereign data of the entities (individuals and communities) maintaining shared ownership. More than that, Ellycrys is going to keep the source code, financial data, and governance decisions transparent for the communities. The critical feature is that there is no place for any kind of censorship on Ellcrys.
One of the examples of possible use cases of this platform is creating a new digital currency on the basis of Ellcrys. Other possible projects can be associated with gaming, healthcare, finance, and so on. The creators can attract contributors and form the team via the platform and decide on the working conditions, structure, the governance model, and so on. Additionally, Ellcrys provides repositories for the open-source codes.
The Ellcrys protocol utilizes a hybrid type of proof-of-work/proof-of-stake consensus. The blocks are proposed by miners and get validated by stakeholders. The native token of Ellcrys is called Ell. The company had to cancel the airdrop in October 2019 due to numerous reasons but in spite of this, it was announced that the Ellcrys team keeps on working and developing their product.
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