New consensus algorithm
The main objective of the CREA Core is to achieve greater equity and decentralization of its governance. Currently the CREA blockchain uses the POW Keccak consensus algorithm. This consensus is very valid and fulfills its main purpose but we see that in the near future the decentralization of the platform may be affected if we continue to use this system. The professionalization of mining in specialized farms and the possible imminent appearance of an ASIC for the Keccak algorithm can make the distribution of CREA focus on fewer people. Another problem that we see in the medium term has to do with the increase in the energy expenditure involved in cryptocurrency mining and the ecological footprint that this could cause in the future. When a blockchain with POW consensus system is concentrated in a few pools or farms with a large hash power can generate a lot of pressure in the control and the price of the cryptocurrency, something not recommended for the community of CREA.
To anticipate these possible scenarios, the CREA team is already working on an ecological and decentralized solution that meets the needs of a blockchain that serves a social platform. We want the growth of the network not to be based on vertical competitions such as the POW or the POS.
The POW consensus system benefits only those who produce more energy and hardware and POS benefits the richer ones who retain and do not use their coins.
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.
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 1000 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 5 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 80% of annual inflation is distributed to users who publish, vote and discuss content. The remaining 20% 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.
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 3000 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.
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.
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.
Crea social network
It will be possible to see the publications from the secondary menu in five sections. The display priority will be different in each section:
-TREND: Those contents with the most interactions in the network during the last days will be shown in order of priority.
-FOLLOWING: Only the contents of those users who are being followed will be visible.
-DISCOVER: Only the contents of the previously selected categories or interests will be visible.
-PROMOTED: The publications that have paid their promotion to increase their visibility ratio will appear.
-NEW: All the contents of the network will be shown in order of publication.
-System of content filters by categories, tags, license type and price (or free).
-System of filter by specific categories of the author.
-A category selection system will be added when a user starts the application for the first time.
User profile page
Two new sections will be added to the main menu of the portfolio section:
-DOWNLOADS: Section where the progress of the downloads will be visible at the same time that it will be possible to search all the publications that have been downloaded making a payment.
-FAVORITES: This section will allow users to view those contents that have been marked as favorites, either for their follow-up or to use them in the future.
-After receiving 10 blocks, the contents will no longer be visible by default. The necessary number of blocks to be able to see or not see a content can be regulated according to the user’s preferences.
-The option to see or stop watching adult content will be added.
Currently there is a general system of rewards that are granted each time a user increases their level of experience. To make it more dynamic, a reward system based on the direct impact of each of the published contents will be implemented. This score will be calculated by the number of interactions in a certain period of time from the moment of the publication of the content.
-It will be included an option to search the registered contents by adding its ID address or hash of the transaction in the blockchain.
-Improvements in the efficiency of the content search index in the blockchain.
–Side navigation of contents from left to right that allows to see all the contents of the author.
-Streaming of IPFS content for audio and video.
-Possibility of uploading several images in the same publication.
-Possibility of including different prices for downloading files in the same publication.
-A system of compression of featured images will be added to optimize and improve the resources of the app.
– Users will be able to respond or mention comments from other users within a publication.
-EQUITY CROWDFUNDING: The creator of the work offers a percentage of participation for investors. This way the benefits of distribution of the work are distributed automatically among all the microinverters.
-CREATIVE CHAINS: We understand “creative chains” as the ability of art and culture to interweave any kind of intellectual creation. When a creator decides to use a copyleft licensed image to complete a new artwork generates an invisible link that links these two works forever. Thanks to blockchain technology we can now record, trace and visualize in a decentralized public archive all the connections that are generated between any creation. This system facilitates the chaining of payments to derivative works, giving an innovative solution to the recognition and economic reward of the creative chains. This characteristic is the one that gives name to the platform and its final objective is to be able to create a map of connections that help us to understand how the cultural transmission is articulated and the creative processes that shape it over time.
-LIMITED EDITION: Creators can distribute their creations in limited edition mode. This means that creators can limit the broadcast of a digital artwork and sell a limited number of reproductions that are certified and numbered.
-COLLECTIVE WORKS: This action allows to divide by percentages and automatically all payments made to a collective work. If a collective creates a joint work, it will be possible to collect the money received individually each time a payment is generated to the collective work.
-New software licenses.
-License selection system by selecting simple answers to questions about the rights you want to your content.
-Creativechain license embed will be added. This way any creator can add a Creativechain license on their website, blog or digital environment.
Creativechain platform in C++
-Development of the desktop platform in the C ++ programming language. This development will make the app more secure and faster for users.
Platform App mobile version
-Development of the Creativechain platform for IOS and Android mobile phones in SPV format. It will be a light application that will not download the complete blockchain.
Development of a mobile application with a POS Terminal system with issuance of a NFC virtual card (“VISA”) with CREA coin recharge for payment in physical premises, concerts, bookstores or other cultural events. The app includes the possibility to generate your own marketplace and easily select products to then issue the payment by QR code. The app connects to the Chip-Chap API and allows customers to also make payments directly in BTC and the service makes a swap so that the seller receives in his wallet the payment in CREA.
-Video with technical description of the CREA protocol and the platform.
-Video “teaser” advertising aimed at creative communities.
-Marketing and advertising campaigns in social networks and specific media aimed at the main sectors of the different creative communities: Designers, Audiovisual artists, Artists, Interactive artists, Podcast, Photographers, Image banks, 3D designers, Creative fashion, Distributors of mockups and templates, product designers, writers and editors of electronic books.
(This information will be complemented with a specific roadmap for marketing)
WEEKLYS CHALLENGES: The Weeklys are a week-long art challenges created to motivate artistic disciplines within the Creativechain community. There will be approximately 2 monthly challenges where various rewards will be distributed in CREA for the participants.
MONTHLY CREATIVES: Creatives can opt for this monthly rewards campaign where up to 30 authors who have joined the network and have published their portfolio from their profile will be selected. The Monthly Creatives will be dedicated to a different discipline every month and the reward will be up to 100 CREA per author.
When the new version of the core and new consensus test is launched, it will be used to adapt the brand to the new scenario.
The brand identity is unified to the name of CREA since we have detected that it is the reduced name that is most used by the community to refer to the project.
Implementation of Atomic Swap
The technology essentially allows two people holding tokens on two different blockchains to trade directly – and instantly – without the risk of one party running off with the other’s money before the trade is complete.
Currently CREA can be exchanged or purchased on platforms such as Cryptopia, Coinexchange, Flyp.me, HolyTransaction or Chip-Chap. Also on DEX platforms such as CryptoBridge or Bisq.
CREA will appear in two new exchanges: Next.Exchange and Lescovex.com
The objective of the team is to get new trustworthy exchanges and with future projection in the markets of cryptocurrency exchanges.
We will continue working to enter other DEX exchanges that have a solid project since they will be very necessary in these next years of regulations at the international level where many centralized exchanges that we know today will end up disappearing or changing to more decentralized models of exchange.
Another objective for this year is to enter some exchange in the Asian market to expand our audience internationally.
API & LIBRARY
API Content explorer
Set of specifications and functions so that the developers can connect their platforms of contents to the Core of Creativechain.
Creacoinj Java Library
CREA library for the development of Java projects. It is the library used by the CORE of CREA for the Android wallet app. Github Creacoinj