How CREA 2.0 Could Change the Creative Ecosystem
CREA is a blockchain project that acts as a social network so that artists and creatives can publish their content benefitting from the votes, interactions and downloads they receive from other users.
Also, it offers the possibility of registering your publications in the blockchain using copyright licenses. Having already spent a few months since the launch of its initial version, the project has made developments with a series of implementations in CREA 2.0 aimed mainly at improving the speed of the network, benefit the authors and curators of content, as well as the coin holders that participate in its social network.
New consensus algorithm: Delegated Proof of Stake (DPoS), new tokens and implementation of Graphene.
The current version 1.0 of CREA uses the consensus protocol known as Proof-of-Work (PoW) and distributes a high reward for each mined block of CREA causing an annual inflation of around 40%. This high percentage of daily coin issuance was designed to distribute CREA as much as possible during the first year of the project. These inflationary parameters are creating pressure on the CREA price due to the high number of currency issued daily and how affordable it is for a minority of users to mine it with specialized hardware or very cheap electricity.
In the new version 2.0 it will be implemented Delegated Proof-of-Stake (DPOS) with a maximum of 25 witnesses (nodes) for each round of block validation and the issuance of new currency will be based on a percentage of inflation over the total currency existing at the time.
With this change, it is intended to benefit all the parties that participate in the CREA ecosystem with this distribution of rewards:
- 70% — authors and curators of content
- 15% — token holders
- 15% — witnesses of the network
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.
In this reward system, new tokens derived from CREA will be created: CREA ENERGY (CGY) and CREA DOLLAR (CBD). They will have specific functions in the network and will help to enhance the participation of all parties involved in its ecosystem and providing greater stability to the CREA price working as a market pegged asset.
To ensure the successful operation of a social network based on the blockchain, Graphene technologywill be implemented. This way, the speed of the blockchain increases and 1 block will be created every 3 seconds (28800 blocks will be created daily), sustaining 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 56 TPS of Litecoin. This will put CREA at a TPS level equivalent to that of networks such as VISA or MasterCard.
With the new implementations in the Core, the CREA 2.0 blockchain will evolve towards a scenario that will set the basis for the development of new DAPPs and decentralized social networks for the digital creation sector. Making all parties active in their ecosystem benefit from optimization in their execution and through the intelligent reward distribution system of CREA 2.0.
By passing the DPOS consensus protocol, mining and its industrial professionalization are eliminated, which, with the forthcoming appearance of ASICs for the Keccak algorithm, would end up centralizing the network while exerting greater pressure on the price of the currency.
This change marks the way towards greater decentralization and participation of the community in the governance of the code, a distinctive sign of versatility and innovation for a new generation social network.
Version web platform: more functionalities, gamification and improved user experience
One of the main objectives of the CREA project is to make its social network usable for all types of users, including those less familiar with the blockchain universe who are lost using most of the “complicated” current solutions that it presents.
Taking advantage of the moment CREA is going to make with its revolutionary step to version 2.0, changes will be implemented so that the usability of the social network improves and the creatives that use it can enjoy an optimal user experience.
The launch of CREA 2.0 will include the online version of the platform (replacing the downloadable version) that will allow to perform any interaction of the social network, including any transaction that is made from the wallet, which will come incorporated and associated to the account of each user. This will help making the content easier to viralize and achieving a network effect that makes the community grow more easily.
In order to generate more dynamism in the social network and to distribute the rewards mentioned above, an algorithm of content scoring will be implemented. This way, 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.
These votes and any other type of interaction within the platform will be free because any transaction made on the platform will be without fees, since they represent an unsatisfactory experience for users and at the same time are a barrier for the generation of the interactions needed in a social network. Do you imagine having to pay a commission every time you send an email or give a like on Instagram?
In CREA 2.0 actions like giving a like, voting to a node or even making transfers between users’ wallets will be free and simpler than ever, since users will not be hiding behind impossible addresses to remember. The network will provide users with MEMOrizable addresses that will make possible to send transactions to @usernames or keywords.
All of these points are just some of the technologies and developments that are already being implemented in a test version.
The development team plans to start a testnet version and publish a more extensive document by the end of August to be able to launch the version in the main network during the next weeks.
More detailed info: https://www.creativechain.org/crea-2-0-is-coming/
CREA 2.0 is coming soon!