What is total max supply of ELC?
Is it POS or POW of what? What does reward structure look like?
There have been many discussions in this thread about how to do it correctly.
For now we have settled on
- ensuring the blockchain security using a reliable proof-of-stake scheme (here, only the fees are earned and no new coins are emitted)
- doing the proof-of-work thing (that means people perform work and get rewarded with coins that the buyer of the processing power had to spent when he broadcasted his work package) independent from the blockchain security, but with the cryptographic security that blockchains offer.
- to prevent "blockchain bloating" (which in inevitable when everyone can submit more-or-less large work packages) we go with a scalable mini-blockchain approach where old stuff can be purged safely.
The reason to go this "dual approach" was a special attack termed the "faster algorithm attack" (FAA) where malicious "buyers" could create an algorithm/work package which is very hard to solve but for which they know quicker, more efficient way to solve it. If the blockchain security would be tied to solving the buyer's work, the attacker could solve his own work using the faster method and so faster than anyone else resulting in him mining the majority of the blocks. This would then allow him to pull off a 51% attack easily and revert transactions / double spend coins / etc.
So to sum up:
The proof-of-stake miners ensure the blockchain security, but they only earn a little namely the tx fees.
The "real income" of the "miners" (or should we better call them "workers"?) is produced using the "proof-of-work scheme" in which users get rewarded for contributing processing power.