💸Funding

Decentralization through crowdfunding

In today's world, many new blockchains are emerging. The community perceives them as an easy way to make money on investments. The significant factors for investment decisions are: what VCs take part in the project, what services will switch to this blockchain, how much marketing money is in the budget, and so on.

All of these factors apply only to centralized projects, where the major investors fully control not only the development of the project but also the distribution of profits. And in the blockchain area, it was not always like that.

The advantages of distributed systems have been evident to the public since the success of Napster in 1999. However, people were not eager to run node programs to support them because it required keeping a home computer turned on 24/7. That is why Bitcoin originated primarily as a system with incentives for participants.

Initially, it was an experiment to create a decentralized system in which working nodes get rewards. By the way, this is why Bitcoin's consensus is called Proof of Work (PoW). Accordingly, there were no monetary barriers for new participants - on the contrary, anyone with a computer was welcomed and could become a miner without any costs.

In turn, the slogan of the increasingly popular today Proof of Stake (PoS) consensus is like this: "We do business on blockchain technology, and you can also invest." The meaning turned upside down! If it used to be "participate and get paid," now it is "pay if you want to participate."

The Elysium Team wants to bring back the spirit of cryptocurrencies' dawn! We have adopted Bitcoin's approach as our basic creed: Elysium is a unique decentralized system that solves real-world problems and needs as many support nodes as possible. The difference is that Elysium is a scalable blockchain, so each additional validator, besides providing more security to the system, will also add throughput.

That is why any person with a computer will be able to become a validator in the Elysium network, and no financial investments will be required for that. But this will be possible only a while after the launch of Elysium.

A successful project nowadays needs funding for developers' salaries, advertisements, bug bounties, hardware, and so on. Many modern blockchains use VC funding, but this approach has significant drawbacks.

VCs often seek to maximize their financial returns, which can lead to conflicts of interest with other stakeholders in the project. The chief investor may insist on making decisions in his personal interests, which may interfere with the project's development. But the main problem with VC funding is that it makes projects centralized, which is opposed to the initial idea behind cryptocurrencies.

The most decentralized method to receive investments is crowdfunding. And we take it to another level. We introduce a concept of initial validators which will secure the Elysium network for at least the first year. These initial validators will be like the first Bitcoin miners getting a minimum of 10% of the future Elysium capitalization.

The main idea is that the closer the launch - the fewer risks investors have, so there will be more and more people willing to jump on the leaving train. These laggards will need to pay to catch up with those who have supported the project since the beginning.

This approach makes it possible to:

• avoid centralized investments from VCs;

• turn founders' vision into reality;

• reward people who supported the project the most;

• launch Elysium decentralized as much as possible.

Therefore, we are building a strong community of enthusiasts simultaneously with blockchain development. And if you want to be one of the initial validators - you are welcome!

FAQ

Don't you have tokens of the future blockchain for sale?

No. Elysium is not a PoS blockchain that could be decentralized only through token distribution. All Elysium tokens will be distributed among validators when the blockchain is up and running.

How exactly will you raise funds?

We need the Elysium blockchain decentralized as much as possible from the very beginning. To achieve that, we have launched the Pioneers Program.

To join it, you will need an access key NFT. Selling these NFTs will help us fund the blockchain development.

How much money do you need to build Elysium?

We are aiming for $1 000 000 to develop a blockchain.