01 What is Crown
Crown is based on the same revolutionary set of technologies as Bitcoin – built around the blockchain and cryptography: the technological odd-couple who make “trustless transactions” possible. Just as Bitcoin is both a token of exchange and also a computer program, Crown is a token of exchange and a computer program.
The trustless transaction part, where the computer program transfers the token from one address to another on the blockchain, is enabled by the science of cryptography (cryptography can be thought of as a fancy word for mathematical equations that are designed to confuse people when they are run forward, and then clarify things when they are run backward – but they can’t be run backward without a key).
Crown includes capabilities of both the DASH and Bitcoin protocols, but there are important differences between Crown and both DASH and Bitcoin. The most important differences from Bitcoin are that (1) Crown confirms transactions more quickly, and (2) has an additional layer of security provided by Tron network masternodes. The most important difference from DASH is that Crown can be merge-mined with Bitcoin so that it has the capability to leverage the security provided by the bitcoin network’s hashpower.
This is a brief description of what Crown is now – but where everything will really get fun and interesting is if we are able to make Crown into what we think it could be. For more on our vision for Crown, please check out Crown Atomic.
02 Ok, but what do I need to get started?
To get started using Crown, all you need to do is download the wallet.
The wallet holds your addresses and your private keys to unlock the CRW held in those addresses. The actual CRW is just an entry in the blockchain – so it’s existence is independent of your wallet. But no one can access an address without the address and the key.
You will want to back-up
People talk about coins being burned – and they don’t mean they have literally been burned (obviously). A burned wallet is one where the key has been lost. Why don’t people just say keyless? Well, it doesn’t sound as dramatic to admit losing your keys…
In addition to storing your addresses and keys to those addresses, the wallet is also what sends the messages to the network to make changes to what is in those addresses. You transact from the wallet.
A CRW transaction is just the act of sending a message saying move CRW from one of your addresses to another address (which may or may not be yours).
If you were at a store, you could send the CRW to the store owner’s wallet to purchase a pizza for instance. At this point, the value of CRW is low enough that you might be spending 1,000 CRW on the pizza – but you could do it.
The great thing about transacting with CRW (and other coins) is that the transaction cost is tiny – hundredths of a percent instead of entire percentage points. Functionally, it is like spending or receiving cash, but without the cash part. This is a real mindbender –and one reason why it is useful to understand at least a little bit of why the cryptographic systems work.
One important goal for the Crown team over time will be to build wide acceptance of CRW -- because low transaction costs aren’t very useful if there isn’t anyone to transact with. This is one of the challenges for all crypto-currencies.
03 But I don‘t have any CRW yet, So how do I get them?
There are only two ways to get an initial stake of CRW: trade or mine. Mining is its own specialized activity and will be treated separately – but this isn’t how the vast majority of us will get our coins.
Most of us will trade for the CRW. And being the one receiving CRW in a trade either means that you are accepting CRW for goods or services, or buying them on an exchange.
04 What else can I do with Crown?
We mentioned at the beginning that Crown is a sort of hybrid system which uses a token in running a computer program that encrypts and decrypts messages using keys and stored the data regarding the tokens in a shared public database called a blockchain. This sort of a system has many potential uses.
Right now, users are encouraged to set up what we call Trons. Users with 10,000 CRW can run the Crown program in server mode. These Tron servers provide additional security to the network, but they also could represent a distributed pool of computing capacity for running applications. For now though, 45% of the block confirmation rewards go to the Tron servers for their role in confirming transactions on the network through a modified proof-of-stake algorithm.
05 Where can I learn more?
If you are interested in understanding the code and the structure of the program, check out the project on Github.Crown on GitHub
If you are interested in the community discussion and updates on Crown, it’s worth checking on Crown on Bitcointalk.Community discussion
If you would like to send the development team
a question or idea, just send a note to