Criptoreal has been designed based on Bitcoin with a few modifications made to the code. This has been done to facilitate its growth and adoption in Brazil. Later on, the developers of this crypto coin intend to expand its adoption into South America.
The developers of criptoreal intend to issue about 203 million of these altcoins. This is a figure similar to the entire population of Brazil in 2013 when the developers of the altcoin first met to work on the project.
The mean time between each block is 2 minutes. Every block contains CRS 120. However, that number falls by half after every 825000 blocks. That is estimated to take about 38 months to happen.
The CRS uses the Lyra2REv2 algorithm to cryptographically store every coin. Something interesting that you should know about is that Brazilians were behind the development of the Lyra 2 and Lyra algorithms at EPUS. Later on, the team from Vertcoin modified Lyra2 so that it would be resistant to ASICs. It was designed so that it would instead favor GPU mining. Later on, it was renamed to Lyra2REv2.
The team that developed Criptoreal believes that this algorithm is the best for currencies whose main objective is decentralization. The difficulty of each block is calculated using Dar Gravity Wave v3.
CriptoReal Decentralized Brazilian Coin Transfer Platform Genealogy
This altcoin evolved out of Bitcoin. However, it did not directly copy the code of Bitcoin. It was created out of other altcoins that have been spawned from the initial code of Bitcoin. Here is a breakdown of the genealogy.
Bitcoin> Litecoin> LyraBar> Vertcoin> Monacoin> Criptoreal.
It is worth noting that Monacoin, its most recent ascendant, is the most popular altcoin in Japan. The payment for mined coins usually sent after 150 confirmations have been received.
The Issue Of Premine
Originally, the crypto-coin community was quite opposed to the idea of premined altcoins. This was because six years ago when premined altcoins first hit the market, most of them were pump and dump operations.
However, a lot has changed since that time. The developers of this altcoin held lengthy discussions on this issue. After all, they wanted a fair currency that the whole community could use. They agreed that they would premine about 5 million CRS or just 2.4% of all coins to be issued. This way, they would not place a great risk on the growth and distribution of the coin.
Besides that, they ensure that the premined criptoreal were divided into five parts. This would help reduce the risk of any person holding on to too much of the altcoins. The developers of criptoreal would all receive about one million altcoins to share. Another million would be sold to backers and investors on condition that they would not sell them before three years were up. They would sell for R$ per coin.
A further 1,875, 000 would be sold in the crowdfunding campaign to raise money for the project. There would also be 450,000 to be used for a rewards program. There would also be CRS 175,000 set aside for airdrops and other things to ensure the reach and adoption of this coin.
With this model, the developers hope to maintain transparency while at the same time helping the altcoin grow.