Here you’ll find answers to some of the most common questions we receive about Crown. If you’re relatively new to the world of cryptocurrency or need help with understanding certain concepts, we advise you to read through this page for a rundown on the basics.
Crown is a self-sustainable blockchain application platform that creates an ecosystem to build and run new economy applications. The platform effectively acts as a cooperative governance structure—a network of cloud businesses that allows companies to operate on highly secure servers called Systemnodes. Crown provides the legal framework and identity verification from business administrators and application providers to ensure a safe, transparent marketplace.
Lastly, Crown serves as a support structure for new projects that foster social and technological innovation. Participants can use the Crown Proposal System to share and fund ideas or initiatives, leveraging the blockchain’s marketing and governance network to maintain a healthy system.
Most blockchain application platforms ignore the laws and infrastructure that individuals and businesses must follow in the real world. The Crown Platform actively works within this infrastructure, allowing legally binding contracts to operate in tandem with smart contracts. Moreover, Crown doesn’t offer anonymous features, meaning that all transactions and business on the platform are conducted in a transparent manner. This transparency prevents governments, businesses, NGOs or any other party from misusing their funds without being seen. Illegal businesses cannot operate on the Crown network, as their identities are registered with elected agents. Regulation of crypto as a whole has ramped up and will only continue as crypto becomes mainstream. Crown is one of very few that have prepared for this inevitability from the beginning.
Most importantly, Crown prioritizes community focused decentralization. Thanks to our self-regulated economy, anyone who has stake in the network through Systemnodes or Masternodes can impact the direction of the Crown Platform by voting on proposals for changes to the network or to fund new projects. Every voice in the Crown network is important, and no alterations can be made without the community’s approval.
The purpose of Crown is to create a stable, sustainable and transparent application platform for developers, merchants and communities. Participants can use the Crown Platform to earn CRW, build new economy applications or fund projects from other community members through the Proposal System.
Crown isn’t run by any one party. Our self-regulated economy is governed by every user with a stake in the network. The Crown community votes on prospective changes, practices and products, and Crown’s team sets those ideas into motion. You can find more info on our team here. (LINK TO TEAM PAGE)
Crown funds development and proposals with revenue that its network generates. Every 28.8 days (or 16616 blocks), a new budget round is released from the blockchain. A fixed portion of the total CRW that is generated (10%) is allocated to funding community-approved proposals. This system allows the community that are providing infrastructure by running nodes to get rewarded and for projects that will promote the success of the Crown ecosystem to get funded as well.
Crown shares a few important similarities with Bitcoin as a digital commodity. Both Crown and Bitcoin are peer-to-peer currency. They both rely on a network of users to collectively issue new assets and allow transactions to take place rather than a central authority. Crown is also merge-mined with Bitcoin. This means that participants can earn both Bitcoin and Crown tokens simultaneously by mining. However, Crown transaction times are significantly shorter than Bitcoin transactions. However, Crown has a much greater focus on creating a sustainable application platform for developers, merchants and communities.
Anyone can get involved with Crown by buying CRW tokens through an exchange. From there, we recommend purchasing and maintaining an incentivized node (Systemnode or Masternode). After purchasing a Systemnode or Masternode—for 500 or 10,000 CRW, respectively—you’ll maintain this server while it runs the Crown software. Alternatively you can write a proposal to do a project for Crown or just stay involved in the chat at mm.crownlab.eu! Visit this page to learn more about how you can get involved with the Crown Community! (LINK TO GET STARTED PAGE)
Yes. Crown utilizes cryptographically secure blockchain technology to protect every transaction in the network.
The Crown Platform is used to host new economy applications that can be operated on cloud servers. As long as it can be tied to the network through an API and run on a cloud server it can be tied to the Crown network!
A Systemnode is a server on the Crown network that will host new economy applications. These servers connect to the Crown network by running the platform’s software. Cloud businesses and applications run on these servers, and are connected to the Crown Platform through an API (application program interface). Through Systemnodes, individuals and organizations can employ the Crown blockchain as a payment service or as cryptographic proof of data integrity. The community is incentivized to run Systemnodes as they receive 0.9 CRW in block rewards whenever they help process a new block and will have voting rights in the near future. Systemnodes must have a dedicated IP address and must run 24/7.
Note: Establishing a Systemnode requires 500 CRW as collateral.
A Masternode is another type of server that offers security services to the network and allows for Instant Send. These servers will play a huge role in our new consensus mechanism in the future. The community is incentivized to run Masternodes as they receive 4.5 CRW in block rewards whenever they help process a new block on the network and get voting rights. Masternodes must have a dedicated IP address and must run 24/7.
Note: Establishing a Masternode requires 10,000 CRW as collateral.
Crown proposals are suggestions and ideas from members of the community. Anyone can bring forth a new proposal by submitting it to the network for a small fee (25 CRW), and they can be almost anything. New projects, network improvements, platform updates and marketing strategies are the most common types of proposals submitted to the Crown network. Community members with innovative ideas can leverage this proposal system to have those ideas funded or incorporated into the network.
Stakeholders in the network with 10,000 CRW running a Masternode receive voting rights in the network. In the near future, stakeholders with 500 CRW running Systemnodes will get voting rights as well. When a member of the community submits a proposal to fund their project or make network changes, voters can cast their ballots. If the proposal passes, the project or network change will be set into motion.
If you are a Crown Masternode operator, you can vote on submitted proposals directly in your wallet in the voting tab.
The last possible date to submit a proposal is three days before the superblock. However, bear in mind that it will take time to campaign and win over voters. Masternode owners will also need time to vote. Consequently, submitting a proposal late in the month is not recommended.
The last possible date to submit a vote is two days before the superblock.
Submitting a proposal is simple. Read this guide on our forum to get started.
Whether a proposal passes is decided when the superblock is generated. The calculation used to determine this is as follows:
(amount_votes_yea - amount_votes_nay) MUST BE GREATER THAN (amount_masternodes * 0.1)
In other words, the YEA votes must outweigh the NAY votes by a net percentage of 10% of all eligible votes. If more proposals are voted to pass than the allocated fund of 43,200 CRW can supply, then only the proposals with the highest net amount of votes will pass.