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Author Topic: [Active] Masternode/Systemnode Proof of Stake consensus  (Read 760 times)

Crownfan

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[Active] Masternode/Systemnode Proof of Stake consensus
« on: May 06, 2018, 03:56:05 pm »
Dear Crown Community,


The Crown Core Team is delighted to announce that after pertinent research and availability of adequate resources, the Crown Platform is ready to go one step further towards implementing a unique consensus mechanism that has been referred to as The Third Way.

The Crown project has always had an innovative vision, which is one of the main reasons it decided to implement merge mining with Bitcoin through the SHA256D algorithm. Arguments for merge-mining were mainly ecological benefits and network security. While miners do not need any additional infrastructure to mine Crown, this has secured the network with up to 10-12% of the total hash rate of Bitcoin, the first and largest peer to peer blockchain network in the world.

Times have changed and so has the situation we are in. Mining has become the principal centralization vector of cryptocurrencies, with an industry that only allows big corporations to have a significant hashing power and mine blocks.

As a merge-mined Coin, Crown has also been affected by this. Crown is currently mined by a few very powerful mining pools, which has led to a massive centralization of 36% of every block reward into a few hands. Network stability is similarly affected when one of these big miners drops out or has network connectivity issues.

The Crown project no longer wants to be dependent on a few large mining corporations and thus has been working hard to make a new solution viable. We are now looking to present and publish this solution for discussion and voting to the Crown community:

Implementation of The Third Way - a unique masternode/servicenode based Proof of Stake consensus system - into the Crown Project.

- Moving to a Masternode / Systemnode based PoS system is a step towards the unique consensus mechanism that Crown is developing.

- The suggested consensus mechanism eliminates Proof of Work and makes transactions instantly verified by a distributed network of Masternodes and Systemnodes.

- Masternodes and Systemnodes are able to vote and participate in the network.

- Masternodes and Systemnodes carry out all of the relevant tasks for validation of transactions and propagation/security of the network.

- The implementation will be carried out hand in hand by an external and trusted team of developers with a proven track record of migrating projects to PoS, together with internal Crown developers.

- The Crown Developers will survey the changes and analyse every line of code, making sure the integrity of the blockchain is kept while acknowledging the process for further development.

A consensus change is something comparable to the modification of the constitution of a country. Crown is a community driven blockchain project and thus is committed to asking the members of this community if you are ready and agree to move in this direction. For this reason, the Crown Core Team has submitted a proposal that the community can now vote on.

YES: mnbudget vote-many a26efe84713df144888f284a9f40a474925af8c86634d79be37fb1e4b2b0ec7d yes

NO: mnbudget vote-many a26efe84713df144888f284a9f40a474925af8c86634d79be37fb1e4b2b0ec7d no

Should you currently have no voting rights but have concerns to raise, please do not hesitate to share them here or through any other Crown social media channels. The Crown Team will try to answer all questions as accurately and quickly as possible.

Once the voting period has passed and if the proposal is approved, the implementation time will be 4-5 months.

Thanks for your continued support of the crown project!

Edits to the document:
 
« Last Edit: May 06, 2018, 04:47:15 pm by Crownfan »