CREA 2.0 is a New Technology to Transform the Crypto Industry
CREA was founded as a blockchain project that functions as a social network for artists and other creative people to publish their content and allow them to benefit from the votes, interactions, and downloads they were rewarded from the other users.
It also allows users to register their publications in the blockchain through copyright licenses. The project has been in the blockchain and crypto sphere for the last few months and has made some developments in its 2.0 version mainly for improving the speed of the system to benefit the authors and curators of the content and also the coin holders that participate in its system.
The new 2.0 version has a new consensus algorithm with features such as Delegated Proof of Stake (DPoS), new tokens and implementation of Graphene.
The current version of CREA uses the consensus protocol, Proof-of-Work and gives users a high reward for each mined block of CREA leading to an annual inflation of around 40%. There was a high percentage of coin issuance to release CREA as much as possible in its first year of operations. The inflationary parameters created a lot of pressure on the CREA price because of the high number of coins issued daily and its affordability for a minority of users who can mine it with cheap electricity and special hardware.
However, the new 2.0 version will have Delegated Proof-of-Stake and a maximum of 25 witnesses or nodes for each round of block validation. The issue of new currency will be based on a percentage of inflation over the total currency that exists at that time.
This change has been made with the purpose of benefiting all parties in the CREA ecosystem. The distribution of rewards will be as follows,
70% will go to authors and creators of content
15% will go to token holders
15% will go to witnesses of the network
This distribution token system allows users with little to none prior experience in the industry to get cryptocurrencies in a decentralized manner without undergoing a KYC procedure to register in an exchange. By removing this barrier, CREA 2.0 solves one of the major problems associated with the adoption of blockchain projects by new users who are not yet familiar with the ecosystem.
The reward system will involve the creation of new CREA tokens – CREA energy and CREA Dollar. These two will work towards providing greater stability to CREA and improve the participation of all parties involved. Graphene technology will also be implemented to increase the speed of the system and therefore enabling more than 1000 transactions per second. This will be a huge jump compared to the 6 transactions per second for Bitcoin and 56 for Litecoin.
The CREA 2.0 will basically create a standard for new dApps and decentralized social networks to develop. All these changes contribute towards greater decentralization and enhanced participation of the community in the governance of code, versatility, and innovation for a decentralized system of social networking.
CREA 2.0 will make simple actions like voting to a node or transferring value between wallets easier and even free because users will not have to hide behind long addresses that are difficult to remember. The CREA network will give users memorable addresses that will make it simple and effective to send transactions to usernames and keywords.
All these developments are being tested in a beta version of CREA 2.0. The development team is striving to start a testnet version and publish an extensive document so that it can publish the new version in the mainnet in the next few weeks.