Crown $CRW Interview Part 1
This week we have an interview with Alex from the Crown team, also known as @higherbridge. His fascination with the gap between technology and non-tech people, led him to create explainers and instruction videos on YouTube and became part of the team within days of joining the Crown chat room.
What got you interested in Crown?
What really drew me to the project in the long-term is the philosophy the team have and that the wider community seem to subscribe to as well. This philosophy is really about openness, community collaboration, and giving individuals the freedom to experiment and to find their own way. This could be a business wanting to build their application on top of the blockchain, or just someone throwing ideas at a wall and seeing whatever sticks.
Both Masternodes as well as Systemnodes run on the Crown network. Could you explain the difference between them?
In short, both incentivized node types will be serving different purposes and consequently they have been given different barriers of entry (10,000 CRW and 500 CRW).
Masternodes are a Dash concept and they are the most well-known of these two types of incentivized nodes. The Crown Masternodes provide an additional layer of off-chain functionality like instant transactions and community governance (we removed PrivateSend features that were originally in the Dash code to improve legal compliance of the network). In the future, these Masternodes will be the main driver of a unique consensus algorithm that we are hoping to implement within the next year. They require 10,000 CRW collateral.
Systemnodes, however, will serve a different purpose. These will be the nodes that will provide developers with an interface (API) to the Crown blockchain for payments, ID registration and timestamping, among others. Because Masternodes shouldn’t be able to both execute the consensus algorithm and provide API functionality at the same time, this second type of incentivized nodes was introduced in November 2017. Furthermore, because we want the barrier of entry for blockchain businesses to be relatively low and scalable, Systemnodes only require a collateral of 500 CRW.
Systemnodes do not get to vote in the governance system (yet), but they get a relatively higher block reward compared to Masternodes. If you’re interested, there’s a bot in our Telegram group that shows the average payout of both node types.
Crown recently announced they will move towards Proof of Stake. What are the reasons you prefer this over Proof of Work?
There are multiple factors contributing to this. First of all, in our opinion our current Proof of Work distribution is not satisfactory and we felt in this situation that developing the project was somewhat like walking in wet cement - you can move forward but it’s slow and hard to keep your balance.
Secondly, as mentioned in the previous question, we want to move towards a unique consensus in the long run, but it will take a while before development of that is actually finished. The intermediary PoS implementation we have in mind won’t be a standard solution either, since staking will be performed solely by Systemnodes and Masternodes, which is actually a big step towards the implementation of our unique consensus! Of course, Proof of Stake is not an ideal solution either, but at least it helps with putting mining back in the hands of the community instead of billion dollar companies.