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September 11, 2016, 12:47:20 PM |
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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.
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