At the CREA team we are pleased to announce the main details of the next release of version 2.0 of the CREA blockchain.
The main objective of the development of this new version is:
1- Evolve the CREA blockchain to offer a more accessible platform for creative communities not initiated in the world of cryptocurrencies.
2- Implement a more equitable and coherent onchain system of rewards with a social platform based on the blockchain that needs to distribute its cryptocurrency to the users who interact by publishing or evaluating the contents.
3- Add a new consensus of the blockchain that has greater energy efficiency than the proof-of-work POW and its ecological footprint. At the same time, avoid the centralization that entails the future scenario of industrial mining and the appearance of ASICs for the Keccak algorithm, currently used in the CREA blockchain.
4- Reduce the pressure on the CREA price derived from the impact of the mining activity and the large amount of CREA that is generated daily according to the current configuration of the blockchain (Inflationary configuration).
CREA 2.0 news
-New DPOS consensus (Delegated Proof of Stake)
The consensus based on DPoS is considered as a third generation consensus, since it is an evolution that solves several problems of the POW or POS systems.
In DPOS instead of betting coins to validate transactions, these are validated by a group of nodes that are voted by the owners of the tokens.
This means that all the participants of the social network Crea will be able to participate in the consensus of the blockchain without needing to be experts in the management of servers or hardware for mining. Users can vote continuously on the nodes that work best and contribute the most to the network.
The main advantages of DPoS are its scalability and the malleability that it contributes to the blockchain since it is easier to find the consensus to implement improvements in the core and apply them in a short period of time. At the same time, it provides a quick verification of transactions of up to 2000 TPS (Transactions Per Second).
These and other characteristics make this consensus system the most advanced to ensure the successful operation of a social network based on the blockchain, with interactions that generate thousands of transactions everyday.
With this implementation, the number of blocks issued daily will increase at a rate of about 3 seconds per block.
This system is already applied successfully in some of the most innovative projects in the ecosystem such as EOS, Ark, Tron, Steem or Bitshares.
-Version web platform
To reach a greater number of creatives not initiated in the world of cryptocurrencies it is essential to open a website. Being able to share links of the publications with your audience in other social networks, or indexing in the main search engines is a necessary requirement for a social network to continue growing. This will considerably expand the user base and at the same time amplify the network effect.
The Crea network will be based on Graphene, the same technology that drives BitShares or Steem. Graphene has publicly demonstrated that it can sustain more than 1000 transactions per second in a distributed test network. This is a big jump if we compare it with the 6 TPS of Bitcoin or the 65 TPS of Litecoin. This will put CREA at a TPS level equivalent to that of networks such as VISA or Master Card.
-Algorithm of content scoring
Now the community of CREA will be able to vote the contents and an algorithm will be in charge of distributing individual rewards to the authors as well as to the curators of the content as a reward for their work.
-New Tokens derived from CREA
Version 2.0 of the CREA network will incorporate a new reward distribution system based on new digital assets that provide different types of power within the network. When users vote content, their influence on the distribution of the reward set is directly proportional to the number of tokens they have.
Approximately 70% of annual inflation is distributed to users who publish, vote and discuss content and the 15% will be granted to the holders of the token.. The remaining 15% will be distributed to witnesses who participate as elected nodes of the network.
Users with more tokens will have more influence in the distribution of rewards. To be able to vote within the CREA network it will be necessary to obtain these tokens. At the same time, the platform incorporates a system that allows converting the collected tokens to the CREA main cryptocurrency.
This system of distribution of tokens allows users without knowledge in the sector to get cryptocurrencies in a decentralized way without going through a KYC process to finally register in an exchange. Eliminating this barrier resolves one of the main problems of massive adoption of blockchain projects by newcomers who are not yet familiar with the ecosystem’s logic.
More information about the new Crea 2.0 Tokens.
– Reduction of daily reward volume
Currently about 20,000 CREA are generated daily that go exclusively to the miners. This causes a constant pressure on the CREA price since the miners need to cover electricity and hardware expenses and that is why they sell quickly the CREA they have won. By eliminating the POW consensus system, the need to cover these expenses disappears.
With CREA 2.0, we will generate approximately 3700 CREA per day. An amount that we think is enough to reward authors, curators and nodes. The reduction of the reward and the consequent massive distribution among thousands of users that participate in the network will generate a scarcity effect and more difficulty in getting CREA. Apart from this reduction, the reward per block will gradually decrease each year. This effect, known as Halving in the bitcoin network, has generated an increase in the value of the cryptocurrency due to the scarcity and difficulty of getting more coins with the same effort.
More information: Assignment and supply of cryptocurrency in CREA 2.0
-Transactions with no fees
The fees can generate an unsatisfactory experience for users and at the same time represent a barrier for the interactions required by a social network.
The solution to the problems with micropayments or network commissions is to implement dynamic fractional reserves. Under this model, the CREA blockchain will automatically adjust the proportion of reserves for the network during times of congestion. The users of the CREA network that have the most tokens, will have more right of use over the available bandwidth in the network. This bandwidth control system is designed to hinder any spam attack on the main network.
– MEMOrizables addresses
This system allows users to identify and send money using recognizable and MEMOrizables addresses. The addresses of CREA (CeWLV2yF8GWZipPWWsWC1XGN7TAYuuKpFe) like those of other blockchain platforms are usually almost impossible to memorize addresses. With this new system used by platforms like Bitshare, it will be possible to send transactions to @usernames or keywords.
These are just some of the technologies and developments that are already being implemented in a test version.
The development team plans to start a public testnet version and publish a more extensive document by the end of August to be able to launch the version in the main network at the end of September.