Introduction to Crown and CrownPlatformCrown at a glance:TOTAL SUPPLY:
42 MILLIONCURRENT SUPPLY (APPROX.):
18 MILLIONHASHING ALGORITHM:
SHA-256D (PoS proposed)BLOCK HALVING:
OCTOBER 2018REWARD DISTRIBUTION:
(1 BLOCK PER MIN.)
4.5 - MASTERNODES
3.6 - MINING
1.0 - GOVERNANCE
0.9 - SYSTEMNODES
10 - TOTAL BLOCK REWARDNODE COLLATERAL REQUIREMENT:
10,000 - MASTERNODE
500 - SYSTEMNODESUMMARY
- Crown is a fork of Bitcoin that was created in 2014 and underwent a community takeover in March 2016. It can currently be merge mined with Bitcoin.
- Crown features two incentivised node layers: Masternodes for transaction processing, as well as Systemnodes for application hosting on the upcoming CrownPlatform.
- Crown also uses a governance system which operates in a similar way to Dash.
- Due to the nodes and governance, it is often wrongly assumed that Crown is a fork of Dash. This is not the case, and is one of the things that makes the project unique.
- Crown decided that in order to deliver a global application platform, the blockchain should be more transparent. Darksend was therefore disabled in 2017.PURPOSE
The primary objective is to build an application platform on which users can ‘hook into’ the Crown blockchain by utilising the existing systemnode layer. This will eventually provide access to API tools that can be used to communicate with the Crown network. Benefits of this are that there will be no code language limitations on applications or websites hosted on the systemnode network (unlike Ethereum, for example). Systemnodes are essentially empty Linux servers, which means it is possible to implement or migrate code for new and existing services with relative ease.WHAT MAKES CROWNPLATFORM DIFFERENT?
Many application platforms are currently under development and are taking different approaches to their respective products, so it is easy to miss what Crown are working toward. Initial Coin Offerings tend only to offer a single use case, as opposed to Ethereum, which is currently dominating the application space.
Ethereum does have it’s issues, though; one factor that could limit long term adoption is their proprietary code base, Solidity, which few programmers are proficient in (compared to alternative coding languages). This could potentially restrict the rate at which new and existing services proliferate on the network, resulting in Ethereum falling behind as more universal application platforms begin to emerge. There will be no coding language prerequisites for access to CrownPlatform. It is expected that programmers will be able to work within their desired codebase and will only be limited by the type of server they choose to be hosted on and the API tools available.
Perhaps the most controversial issue surrounding Ethereum is whether it will be classified as a security by the U.S. Securities and Exchange Commission. It has been anticipated by the Crown team for some time that global financial authorities would begin to draw distinctions between fairly launched cryptocurrencies, pre-mines and ICOs. Crown was fairly launched in 2014 with no pre-mine or ICO, so is not exposed to this risk.
Crown takes the approach that regulations and legal accountability structures already exist around the world, therefore the network should facilitate compliance with these where practicable. As a result, a carefully planned registration and ID verification process have been cemented into the development path of CrownPlatform. This process aims to dissuade nefarious activity on the network; furthermore, it transfers the risks associated with illegal operations away from the network as a whole, placing them instead with the ID verifier, application provider and systemnode owner hosting that particular application.
Should you do not want to participate in the network registration process, that is entirely your decision! You can still host your masternodes and systemnodes as usual and generate block rewards. This procedure is only required if a business (or individual) wishes to provide hosting for CrownPlatform applications, or would like to rent space from a host in order to run a CrownPlatform application.HOW WILL CROWNPLATFORM WORK?
Crown envisages an ecosystem of responsible and accountable entities that carry out their affairs while observing the law of their respective jurisdictions. Systemnode owners that wish to offer services on CrownPlatform will be required to apply for verification from special ID verifiers that are appointed by the governance system. Application providers will also require the same verification in order to operate.
This process will include a user agreement between the parties that fully encompasses the obligation to comply with any relevant laws that the parties may be governed by. The verifier may also request that candidates produce their company or personal information, contact address, phone number, email etc.
Once the verifier is satisfied, a unique verification hash will be issued to the successful candidate. This hash (and the network privileges associated with it) can be revoked if the verifier finds there to be any activity that is illegal or unlawful.
To become a verifier it is necessary to submit a special type of proposal to the governance system and obtain permission from the Crown network. Ideally, the verifier role should be undertaken by data management professionals that are competent with storing and handling sensitive information. Network participants may at any time vote against the verifier if they are seen not to be fulfilling their duties. Verifiers will likely charge a fee for their services and will operate independently as individuals, businesses or charitable organisations.
Crown hopes to see large demand for obtaining verification on the network, which could potentially make the ID verifier position itself lucrative, enticing more competition into the market and driving up service standards. It is recommended (but not necessary) that CrownPlatform users obtain a minimum of 3 unique verification hashes. Having a greater number of unique verification hashes provides more assurance that you will not lose access to the network if any of these hashes are revoked (as a result of an ID verifier ceasing to exist, for example).IS CROWNPLATFORM LEGAL?
All CrownPlatform users are responsible for conducting their business in accordance with any laws or regulations that may apply to them.
ID verifiers assume some degree of responsibility for ensuring that users they have verified are using the network for its intended purpose. If a verifier suspects any illegal activity, they should take reasonable measures against such activity (e.g. revoking the users unique verification hash, filing a report with any relevant authorities, etc.).
Should an ID verifier fail to carry out its duties in a manner that is satisfactory, the onus is on the network to vote ‘no’ on that particular verifiers ‘special’ proposal in the governance system. Once enough ‘no’ votes have been cast, the verifier will lose the ability to issue new unique verification hases, and any that have already been issued will be rescinded.Use Case Example #1 - VPS Provider
An existing VPS provider purchases 500 CRW and creates a systemnode, then registers their business in order to obtain a unique verification hash for their systemnode. They migrate their servers over to their new systemnode and are now able to utilise the API tools available on CrownPlatform.
The VPS provider uses their own code (e.g. OpenVPN) to manage and partition the systemnode server into smaller virtual machines which are then rented out to provide revenue. The VPS provider employs login and payment API tools that enable customers to create and manage their account, as well as settle invoices using Crown as the payment vehicle. Benefits of this application include the potential to fully automate the business and receive block rewards from hosting a systemnode to increase profits of subsidise the business.Use Case Example #2 - Gaming Server
A online gaming server purchases 500 CRW and creates a systemnode, then registers their business in order to obtain a unique verification hash for their systemnode and their application (the gaming server). They set the server up to use the block reward obtained from the systemnode to fund tournament winnings and events. Additionally, the business could create a community website for users to see things like player statistics, tournament results and any other relevant information. Advertising could be sold on this website to provide additional revenue.API CAPABILITIES
Some key functionality that Crown’s API tools will enable include:
- User account creation (sign up/login using a public key/username and password).
- Crown blockchain can be used to record and process transactions.
- Multi-signature escrows can be used utilised to facilitate payment terms agreed between parties.
This list is not exhaustive - the Crown team believes the potential number of API tools that could be developed in the future is innumerable.Recap: Questions & AnswersQ1: Why do systemnodes require verification if they want to offer services?
A1: The network needs a way to manage and respond to illegal activity. The ID verifier will confirm the identity of the individual or business, then create a hash of any documentation. The verifier should take reasonable measures to prevent illegal actions, including revoking a users unique verification hash.Q2: Why trust ID verifiers?
A2: ID verifiers are bound by the laws of the jurisdictions they operate in. Some due diligence will be required when selecting which verifier to submit your personal information to. Try to use verifiers from jurisdictions with strong data protection laws. Q3: Why move my website to a systemnode instead of a standard VPS?
A3: A standard VPS is essentially a blank canvas, whereas a systemnode offers the option of accessing the CrownPlatform API tools. If you also run the systemnode you will earn block rewards, too.Q4: What is the relationship between systemnodes and applications?
A4: Application providers can host their services on the systemnode network once they have been verified by one of the networks ‘special’ ID verifiers. The application provider would agree to the systemnode owners terms of service.Q5: Who controls CrownPlatform?
A5: No one entity will have control over the network, Crown will be completely decentralized. Q6: When will CrownPlatform be ready?
A6: The Crown team are currently working on upgrading the network from Bitcoin Core 0.9 to 0.16. Governance being overhauled away from bug ridden Dash code. Once this work is complete, work on CrownPlatform will begin in earnest with testnet expected to be running in late 2018/early 2019.PROPOSED CONSENSUS CHANGE (PoS)
The Crown team have unveiled plans to move network consensus from the existing Proof of Work system (PoW), to a new type of Proof of Stake (PoS) system. A proposal to change consensus in this way has been submitted to the governance system for consideration. This proposal currently has enough yes votes to pass and work will begin once this is confirmed after the voting deadline.
The proposed PoS system will rely on masternodes and systemnodes to form consensus on the network. The current 3.6CRW mining block reward will be distributed between both node networks once PoS is implemented.Currently, block reward distribution looks like this:
Miner 3.6CRW (Collateral: N/A)
Masternode 4.5CRW (Collateral: 10,000 CRW)
Systemnode 0.9CRW (Collateral: 500 CRW)
System-nodes actually a generate a greater block reward than masternodes, relative to the initial collateral requirement for each. As indicated above, one masternode will generate 4.5 CRW per block - however the same collateral could run 20 systemnodes which would instead generate 18 CRW per block. This is a deliberate action in order to incentivise smaller holders to create systemnodes that will support the upcoming CrownPlatform.
Once the new PoS system is implemented, the block reward distribution is expected to be as follows:
Masternode 7.38CRW (+2.88 CRW)
Systemnode 1.62CRW (+0.72 CRW)
This is expected to have a significant impact on node counts, creating a much stronger network for the new PoS system to thrive. Collateral requirements will remain the same.INFRASTRUCTURE AROUND CROWN
Many third party services accept Crown or offer statistic services to the community:Main Exchange
Bittrex - https://bittrex.com/Statistics
Crown Central - https://crowncentral.net/
Crown Today - https://crown.today/
Official Block Explorer 1 - https://crw-bitcore.crown.tech/
Official Block Explorer 2 - https://crw2-bitcore.crown.tech/
Chainz Block Explorer - https://chainz.cryptoid.info/crw/
Masternodes Pro - https://masternodes.pro/
MN Rank - http://mnrank.com/
NodeVPS - https://node-vps.com/
CrownVPS - https://crownvps.com/
NodeSupply - https://nodesupply.com
Stke - https://stke.io