Crowncoin Update 11th September 2016

Thrones/Masternodes

Crowncoin is in the process of implementing a 2nd tier service network. 10,000 CRW is required as collateral to run a Throne. Thrones receive 40% of the block reward in return for providing a platform for services. At the time of writing, there are 115 Thrones on the Crowncoin network. If you have 10,000 CRW we encourage you to set up a Throne.  The more Thrones we have in operation, the greater security our first services will have.

Crowncoin Mining

To our knowledge, Crowncoin is the only crypto currency to be sha256 mergemineable and also offer a masternode service network. In the last few weeks Crowncoin has been added to several multipools and at the time of writing our network hash rate is over 600Th.  This is an increase of 400Th over our recent average.

Upcoming New Release

We will be performing a hard fork in the near future.  The spork that we executed recently was only a 90% success due to the fact that some old versions of the wallet were not kicked from the network.  The new update will remove the last three nodes that are operating on the incorrect version as we have been unable to contact the node owners.

Apart from the version enforcement, the new update will implement Darkcoin Gravity Wave Version 3.  We decided to implement this due to the fact that a merge mineable coin requires rapid difficulty adjustments to compensate for large pools switching coins meaning that our hash rate can jump by a Petahash or more at a time. Our goal is a consistent block time.

A formal new release notification will be posted on BCT and Twitter in the next day or so.

The First Services & Next Steps

In order to implement our first services, we need to perform a Bitcoin Core update and update to the latest Dash masternode version.  This is our primary focus for now.  We would like to boost our team with more people with experience in these areas.  If interested, please contact me by PM.

In an earlier post I alluded to the fact that several of the Crowncoin team have had ideas re-used by other crypto currencies without crediting the original authors.  There are no hard feelings about this but in order to protect our own interests we have made the decision that we will only announce details of our plans shortly before we are close to releasing them. Expect these updates to take the form of a series of whitepapers and technical documents relating to milestones in our roadmap. Over time, these updates will provide the bigger picture.

In the meantime I am able to share the following information with you.

We have plans to implement two major services on our service network initially, alongside an API to allow other services to be developed.  At the moment we plan to write our own API although we are watching Dash Evolution closely to decide whether we follow their path when the code is open source.

The first service we plan to implement has been in discussion and planing stages for over a year with several members of the Crowncoin team. It relates to Bitcoin. We believe we have solved a problem and hope to be testing that solution in the coming months.

The second service we plan to implement has potential to provide functionality to all other cryptocurrencies that choose to adopt it.

The first chunks of more detailed information about these services will likely be written by me and released to the community after the Bitcoin Core update and Throne/Masternode uplift is complete. I do not want to set timescale expectations right now as we are a new team and still finding our feet a little however we will set expectations more formally as soon as we can.

Please post any questions and we will do our best to answer you.

Apologies for the fact that we are being extremely cautious about how much information we announce.  The Crowncoin team consist of several people who have had features implemented by major crypto currencies without crediting the authors.

We're trying to strike a balance where we are as transparent as possible but minimise the risk of another project implementing our ideas before we do.  Its a tough balance to find.  This is a world of open source and information sharing but we also need to make sure we are the first to deliver what we plan so that we can make our project a success.

Ultimately this means we have to leave announcements of detailed information until we are very close to actually releasing the features.  We will of course share as much information as possible as we go.  Without doing this we wouldn't be able to build the community of coders, supporters and investors we need to make this a success.

The announcement will consist of two parts.

1 - Details on upcoming mandatory update.

2 - Announcement of development plans for next stages of the service network.

We're just about to fire up a testnet for new release.  Once testing is nearing completion, I'll be posting the announcement.

I don't think it does have one, unless I can't find it!  Looking at their QT now.  Looks pretty nice, no additional features as far as I can see though.

I see no reason why we can't include something useful for Throne management in the next release.

112 thrones active now.  Slowly but surely people are locking away 10k units awaiting our development announcement.

I'll spill a few beans at the weekend. Full announcement will be next week.

The network has rate has gone from 20TH to 400TH over the last few days.

Anybody would think we have an announcement coming. 

Crown coin is a fork from Bitcoin. Dash/Darkcoin was a litecoin fork.

Crown coin is sha256 mergemimeable. Dash is X11.

We use Dash master node code because it works well.

We will use other Dash code in thr future if it works well. There is no shame in transparent code reuse. Id hardly call crown coin a clone for sharing one feature.

Given that several of the Crown coin team were Darkcoin team members who worked on the original master node implementation I think we are in safe hands.

We are not a Dash clone. We have very different plans.

For the record, I don't think this is a scam.

I only posted just in case people are unaware of previous support given to georgem.

My opinion doesn't necessarily matter, just wanted to address the donations = faster work claim.

Georgem has received more financial support than any dev I know working on a project that hasn't delivered anything yet.

150,000 SPR from me alone in the last year.

I know of others who have give him thousands of dollars of donations in fiat. That didn't make work speed up or show any progress.  Its up to them if they want to come forward.  I know some are trying to protect their investment.

There is a reason why the people who supported georgem most have walked away from this project.

Georgem, get off your pedestal, dial back your ego a few notches and start treating your investors and supporters with some respect.

How do you send so many inputs without a transaction size error?

As promised, I have donated all of my throne payments (79,209CRW) to the dev fund.


https://www.blockexperts.com/crw/address/13Tp1G1QXzJkUEtYH9DuYaYv4eGEmxkVpa

Looks like enforcement was a success.  Old versions being booted as I type, network settling down nicely.

Everybody get ready.  At exactly 1455 I'm going to smack the network with a hammer and with a bit of luck everything will work out.

Throne count 94.

1 day 4 hours until enforcement.

I assume you mean defer.

I think they have forgotten to remove the wallet maintenance flag.

Ive been looking for a use for one of my spare raspberry pi...

As a project we need more people to set up thrones.

Thrones are around the most profitable masternodes that you can operate, this means it should be fairly easy to convince people to get one.  At this coin price, a throne has an income of $0.40pd or $12.

As more thrones are set up there is the added benefit of an increasing price effect which will undoubtably snowball when we annouce the first services in about one month's time.

Does anybody have any suggestions on how we can attract more people to set up Thrones?