Crown Coin explained

Interview with Daniel Ames, Crown Development Team

Executive Summary:

Why are Crown nodes an interesting investment?

If only I knew about Dash when Dash was trading at 1/10th at the price it is trading today! I would have bought enough Dash to setup 100 nodes and would have spent the rest of my days globe-trotting. Whilst that opportunity is missed there are promising coins which offer the same functionality. One of them is CrownCoin.

There are hundreds of altcoins out there why create another one?

Our project is unique, with a distinct approach and that it will offer a uniquely usable decentralised asset and application platform. Separately, Crown represents an opportunity for a group of crypto veterans to work together without barriers for the first time.

What is the fundamental difference between Crown Coin and other Cryptos?

There are several differences.

Firstly, the current blend of fundamentals is unique. No other coin to our knowledge has an incentive paying service network and a direct relationship with the Bitcoin blockchain itself through merge mining.

Merge mining uses a feature called AuxPow (Auxillary Proof of Work) which enables a relationship between two blockchains for one to trust the other’s work as their own and accept AuxPOW blocks. The benefit of this to Crown is that the Crown network can be secured and benefit from the vast mining infrastructure investment that Bitcoin has enjoyed. The benefit for miners is that it allows them to mine Bitcoin and Crown at the same time with no increased mining costs.

Secondly, our medium and long term road maps aim to make Crown the first project to achieve the block chain holy grail…universal mass appeal and usability.

Finally, the Crown development team bring an incredibly strong and diverse range of industry experience and are bound by code of conduct intended to sustain openness and to prioritise innovation and responsibility to investors and users above all else. Perhaps unusually, the Crown development team know each other in real life having flown to neutral ground in London for a meeting in December 2016. Several members of the development team have been working on the concept for the final product for nearly three years after meeting whilst working on other projects.

Who will benefit most from this fundamental difference, the users, the miners, the developers or the founders?

In order for a project to truly succeed, all involved parties from users and miners to investors need an incentive to be involved. We believe that our project approach has a good chance of benefiting a wider range of involved parties than other projects to date. However, our belief is that if you make a product usable and attractive to a large user base, the rest will fall into place.

How did Crown start? What is the motivation behind it?

Crown itself has a history that closely reflects the evolution of the block chain market place so far.

Crown was launched as Crowncoin in 2014 as a European centric payment and investment vehicle. This model, like countless other projects of the time, did not see significant adoption as Bitcoin consumed that market.

The founders have a significant emotional investment in the project and a strong belief in the future of blockchain technology which has seen continuous development and Crown coin rebranded to Crown with a new team of developers with a new vision, a global appeal and above all what we think is going to be a market changing product.

The change to a new team was gradual and in stages. Some original team members left to work on other projects while others remained to keep the project alive and introduce new features such as Timestamping (an embedded notary function within Crown). As people began to see the new vision for Crown, more and more people have decided to get involved in different capacities. We are happy to say that some original team and community members are renewing their interest in the project after recent progress and events.

A significant motivation for the Crown team is that we believe that certain areas of cryptocurrency development are leading the industry into a cul de sac. We’re not afraid to do things differently. Without wishing to sound cryptic, we hope to elaborate what we mean about this in future technical papers.

How many Crown coins exist?

At the time of writing there are 12,367,109 CRW in circulation with an emission rate of approximately 600 CRW per hour. 60% of mined coins are paid to miners, 40% to Throne/Masternode operators.

The Crown Blockchain can be viewed here: https://chainz.cryptoid.info/crw/

Is there any possibility of changing this limit?

It is technically feasible but there are no plans to change the coin supply and the development team would be opposed to a proposal to do so.

Is there a company or a foundation behind Crown? Where is it incorporated?

Not at this time, however we acknowledge that it would not be possible for the Crown project to enter into agreements with legal entities without being incorporated. The development team are currently identifying the most appropriate jurisdiction to be incorporated in.

What is the level of pre-mine and why?

There was no pre-mine. All owned CRW have been bought on the open market.

What bounties are available and for what kind of work?

The Crown development team have created and are funding a sizeable development fund to attract appropriate talent to work on the project. If you would like to be involved, please contact us or just get stuck in on Github!

Bounties are being offered regularly, announcements will be made on Twitter and on the Bitcointalk thread.

What is the use of Crown Thrones or Crown Nodes? 

Thrones (soon to be renamed Trons) are masternodes that will form the backbone of the decentralised asset and application platform. Please look out for our upcoming technical papers to see how the role of Thrones is going to change in the future.

What are Thrones or Trons?

Thrones, shortly to be renamed Trons in honour of Hal Finney’s work on the computer game version of the movie, are special servers that form the second tier of the Crown network. Trons were originally based on the Dash masternode code written by Evan Duffield but the Crown team are changing the way that Trons work as part of the Crown Revolution project.

Trons can be set up by anybody with 10,000 CRW to be used as non-risked collateral. The purposes of this collateral is to provide a financial impossibility for a 51% attack to happen which is the hypothetical situation that one entity can own enough of the network to game the system.

Trons are the backbone of the digital asset and application platform. They provide the computing power and network diversity that will run the applications and services. In return for operating a Tron, the owner is rewarded with a percentage of the block reward. This is currently set at 50% of the block reward but will be reduced to 45% of the block reward in order to fund run development projects in the future. The spending of this funding will be decided by community voting and transparently verifiable via a blockchain based governance model. Anybody who operates a Tron will be able to propose a project to receive funding.

As the project progresses, Trons will play an increasingly essential role in the Crown network and as usage of the network increases, Trons will be revenue sharing with applications running on the Crown network.

What is the current ROI for the Crown Trons?

Notice: The value of your investment may increase or decrease.

These figures are valid as of the 3rd Feb 2017

10,000 CRW non-risked collateral is required to operate a Crown Tron. 10,000 Crowns are currently valued at 160 USD.

A Crown Tron currently earns approximately 15 USD per month. The current operating cost of a Tron is 4 USD per month.

Do you know of a Crown Trons Service provider?

Node-VPS.com, operated by a Crown Core developer provides a fully hosted and cost effective hosting solution. We are holding discussions with another node hosting service and hope to have an announcement soon.

You can see how many Trons are in service at any given time by looking at the block explorer at https://chainz.cryptoid.info/crw/.

Who is the lead developer of the project?

This will vary depending on the phase of the project. The lead developer will be the team member with the most experience in a particular area. Currently, Infernoman is leading work on the core. Chaositec is working on architectural principles and Urban Idler is investing his time in the application platform design.

Who are the other core developers?

A full core team list can be found here: http://crown.tech/our-team

What is the roadmap for the development of Crown?

Crown have just released a series of 6 whitepapers outlining our project approach. The programme of work is estimated to require 48 months of development.

The whitepapers can be found here http://crown.tech/whitepapers

On which version of Dash is CrownCoin based? Will it be using Dash Evolution?

Please note that Crown Core is based on Bitcoin Core and not based on Dash Core. However, Crown currently uses masternode code from Dash 0.12.x

Crown does not plan to use Dash Evolution but will watch with interest to see how Dash is innovating within their own project.

Can/Will future enhancements of Dash be automatically be incorporated in Crown?

Crown believes in code reuse if the new function offers value, however our development plan is different to Dash which means there is no plan to use future Dash features. As a team, we don’t believe in doing things the same way as others just because that was the way it was done before.

Where can readers find out more information on Crown Coin and Trons?

Please, read our whitepapers, visit our website or drop by our Bitcointalk thread if you would like to find out more.

Mining  returns from running 1 Crown Tron

We thank Daniel Ames for this interview.

All investment ideas on InvestItIn.com, are not a recommendation to buy, it is for informational purposes only. The only thing we recommend is due-diligence.