Hi guys, It is time for another wonderful #dev-xp-session with @ncodes of Ellcrys.
Joining us is Kennedy Idialu, CEO and Co-founder of Ellcrys. Ellcrys is a new blockchain that will allow people build community-owned software products and organizations. We are building a decentralized git hosting platform that will make it possible for people to contribute to open source projects where there may be no leader or headquarter and consensus is achieved through voting.
So quick introductions, @ncodes
I am Kennedy, a software engineer. I have been developing software applications for over 6 years. Before Ellcrys and my interest in digital currencies and blockchain, I was a software developer at DeliveryScience and the now defunct Save & Buy.
I started my journey with digital currencies and blockchains 3 years ago when I was interested in building a payment system backed by mobile airtime.
Awesome!! This is interesting. Thank you for intro.
Lets get down to the business of today. We have questions from some of our members.
So what is Ellcrys ?
Ellcrys is p2p protocol we are developing to allow for the decentralization of ownership of software products. We also aim to make it possible for people to build open, transparent and decentralized organizations.
What makes a "Good" Token and what makes Ellcrys unique at what they are doing ?
I think a "good" token is one that is useful and serves a core purpose on the platform it was designed for. A token whose purpose is not just a tool to raise funds but one that is needed to keep the system functional.
Ellcrys is unique because we are creating a way for people to truly share ownership for not just software, but other forms of digital assets. We are providing a medium for people to contribute and be part community-run projects - People will be able to participate in governance and share in any value created.
What use case will drive transactions on the network and would you say the technology modular and easy to use ?
At core, Ellcrys offers a decentralized git hosting system. Which will allow anyone host their git repositories immutably (forever) without fear of censorship. This is the most basic thing users will be able to do beyond sending financial transactions.
Since we are building on the git technology, it will be easy to use. Users won't need to change their current workflow.
Question from @cleopatra
I am hyped about the idea and I am guessing its still in development and not open to the public yet ?
I am glad you like the idea 🙂. We are still developing the protocol. Our repository is open and can be found here
So, how will this work ? I have a project I want to start. I create my UI/UX and upload to git, create my documentation and branches, then what ?
You could use the platform like you already do with Github. You'll be able to push/pull and create PR with your existing git tools. However, some projects might require the use of our official client.
Once you have your project on the network. You could create tasks, associate rewards to these tasks and offer it to anyone who provides a solution. Depending on what you want to achieve, You will be able to access other services from third-party service providers from our marketplace.
You can invite people to share ownership of the project with you and they will take part in the governance of that project. Together you will all decide what tasks to create, what branches to merge or deploy and what proposals to accept or deny.
These functions will be available via our CLI tool and a web interface.
Nice...your coins are available where or are they already in use ? and will they be able to be swapped with other coins like bitcoin ?
They are yet to be issued. Although, we have sold some in a pre-sale to members of our community. It will become tradable for other cryptocurrencies after our ICO
How does your adaption of blockchain meet the other key enterprise requirements? Scalability, Regulatory risk, Skills availability, Support.
The blockchain is a new technology with scaling and speed challenges. This is been solved slowly. We are more focused on building a blockchain that is first secured. Future iterations will improve scalability.
As an open and public blockchain, We are not primary building for enterprises at this time. Although, we plan to set up a structure to offer support to people. This is one variable in the ways we plan to monetize.
What do you think ? Will the success rate of ICOs be better or worse than tech startups ?
ICOs have a more relaxed time to reach product market fit and they typically raise more funds. Once the token is listed on exchanges, the teams are allowed sometime to build out the product. This is something most non-ICO startups are unable to do as they may be forced to begin to make money quickly.
But, when money begins to dry out, projects and startups fold. I don't think the success rate will be different.
Are open source, decentralized protocols (IPFS for file sharing across any applications, Etherisc for insurance, or OpenBazaar for P2P commerce) going to be more significant than their web equivalent (TCP/IP, HTTP, HTML, DNS, FTP, IMAP) ?
No. At least, not until the usability issues with decentralized technology are fixed. Centralized systems offer user experience that remains unchallenged by their decentralized counterpart. I think we will see people using decentralized and centralized protocols when they need them.
Do you think we will see more blockchain standards ? In the technology world, standards have a magical effect on user adoption. Do you think that applies to this industry also ?
Yes. Right now, there are a lot of teams building different variety of the technology. I think it is still early for standards but as the technology and its underlying primitives mature and become consistent in many blockchains, standards will come.
What will be the effect of new crypto funds entering the space ? and how does that apply to Africa or Nigeria ?
New funds coming into the space means more validation for the space and increased overall market value. It also means that teams will have access to funds for building products that would typically not be fundable if they went to traditional investors.
This also applies to Nigeria and Africa. We could see a situation where we are able receive funds for interesting projects that require huge capital to execute. But first, we must improve our image to tap into this in full.
Do you think countries or central banks will eventually create their own cryptocurrency ?
Absolutely. Countries will create their own cryptocurrencies. Countries like China are currently in research and development phase.
I think a lot of the countries today are waiting for the major economies to decide on a definite stance for cryptocurrencies. This is slowly coming into place. Once this is set, We will see a lot of government-run crypto projects.
With that question, we have come to the end of today’s session. This was really educative one.
We thank you @ncodes for taking out time to be part of us today 🙏🏽
We have come to the end of today’s sessions 👍🏽
Thanks, everyone for a wonderful session!! Until next time! Do have a wonderful day! 😃