Crown (CRW) is a decentralized platform that aims to combine cloud engineering and blockchain technology to create new economy businesses or applications. Crown seeks to allow users to make payments, stake tokens and earn rewards, create and register non-fungible tokens (NFTs), and build applications for peer-to-peer networks. Further, users can store their tokens in wallet software aimed to protect them from hacks or critical device crashes.
The platform seeks to perform necessary action on the blockchain with the help of a proof-of-stake (PoS) consensus system. The PoS mechanism also seeks to look after the fluctuation in performance and fault tolerance for the new economy applications. Being a fork of Bitcoin, Crown uses the SHA-256 algorithm. The SHA-256 algorithm is a function that moves data quickly and manipulates it as per the requirement.
According to the whitepaper, Crown aims to lay the foundation for building a decentralized application for the new economy inclusive of registry subsystems, data formats, and protocols to communicate between nodes and applications. Besides, the platform also seeks to include rules for incorporating a decentralized public key infrastructure. A public key is a code that allows users to receive cryptocurrency from a concerned party.
CRW is the native currency of the Crown platform. The server operators on the platform get rewarded by CRW tokens. The users can engage in staking CRW and yield farming to earn rewards. Users can also trade CRW using DEX.
Furthermore, Crown aims to support a decentralized governance system to manage and look after the development of the platform. The community members working as server operators can stake CRW and vote for the project to choose the platform's direction and further development in the platform. If 10% of the community agrees on a proposal, the project receives funds.
