What is Core? All You Need to Know About $CORE

CORE found its way to the crypto front via a groundbreaking airdrop on February 8, 2023. Since then, the cryptocurrency has gained a name for itself in the crypto market, being one of the few projects to both have its ecosystem and self-sustain blockchain mechanism.

The world is starting to comprehend how much web3 will improve our systems as blockchain technology is deployed in supply chains, national currencies, and entertainment. However, the blockchains we now utilize face further difficulties as they run into particular hurdles as they gain widespread use.

What is Core?

Core is one of the latest blockchains in the crypto space, and it has its native coin called CORE. Several well-known decentralized networks are confronted with what is known as the “Blockchain Trilemma,” where they must choose between forgoing one of the three to achieve either decentralization, security, or rapid and efficient scaling.

Core, which is an evolution of the Geth (Go-Ethereum) codebase was designed to serve as an ultimate blockchain network that will be fully decentralized, secure, and scalable. Notably, Core borrowed brilliance from the working model of Bitcoin, Ethereum, Polygon, Solana, and the Binance Smart Chain network. In terms of scalability, Core can be compared to the Polygon network, Solana Chain, and Binance smart chain network. Its security can be compared to that of Bitcoin and Ethereum, and the protocol aims to attain a level of decentralization on the Bitcoin network.

To keep the Core network running, the protocol’s team regulates governance parameters, block rewards, and validators. Currently, the development team has a key role in Core’s DAO. But the protocol is working towards expanding its DAO to gradually achieve a higher level of decentralization.

How does Core Work? Proof of Work, Delegated Proof of Stake, and Satoshi Plus Consensus Mechanism

Core uses the Proof of Work consensus algorithm and a modified Proof of Stake algorithm called Delegated Proof of Stake. The Core blockchain is powered by its newly conceived mechanism called satoshi plus.

Proof of Work

The Core blockchain borrows a leaf from the proof of work consensus mechanism implemented by Bitcoin and Dogecoin. PoW is a practical decentralized mechanism enabling participation in mining for anyone with computing power. Core relayers transmit each Bitcoin block as a transaction to the Core chain. This relaying mechanism allows Satoshi Plus to validate delegated hash power in a trustless manner while also benefiting from the strong security model of the Bitcoin network to secure Core.

Delegated Proof of Stake

The proof-of-stake consensus mechanism involves staking cryptocurrencies to secure the network. Ethereum is the largest blockchain network that currently utilizes this validation model. Notably, delegated proof-of-stake (DPoS) is an improved version of the proof-of-stake mechanism. The DPoS mechanism was created to allow smaller stakers to vote or elect validators. The Core protocol combines the DPoS validation model with the proof-of-work model.

Satoshi Plus Consensus Mechanism

The working principle of this satoshi plus mechanism adopted by the Core network is that it leverages Bitcoin’s proof of work consensus and the Delegated proof of stake mechanism while also ensuring EVM compatibility.

Image Source: @core_dao/satoshi-plus-consensus-d8fb2746e4d1">Core’s Medium Page

The satoshi plus consensus mechanism is unique in incorporating hash power generated by bitcoin miners and delegated proof of stake. This improves decentralization and security while enhancing scalability, making it better than the proof of work mechanism. The satoshi plus mechanism bridges the gap for developers who want to create apps that integrate well with web3 and foster real decentralization.

This system is unique, so let’s examine its parts in more detail to understand its operation. First, here are the ecosystem participants.

• Validators: The role of validators in the chain is to confirm transactions and simultaneously create new blocks.
• Delegators: Users who cannot afford to be validators can still participate in the chain by selecting validators and then staking some of their Core tokens with them. This category of users is the delegators. They also pay the validator a particular percentage of commission since the validator helps them interact with the chain directly.
• BTC miners: In the description of how the satoshi mechanism works, it was mentioned that hash powers are obtained from bitcoin miners, which are transferred to validators.
• Verifiers: The verifiers report bad players on the network. A validator that engages in malicious activity may be punished by having their reward or stake reduced or even imprisoned; in this case, they are ejected from the validator’s list.

Other participants involved in the chain are listed below:

• Validators’ election: The top validators are picked in this manner to make up the validator set. A validator is “chosen” in each round based on their hybrid score. Live validators are refreshed every 200 blocks (transactions per second) for a more reliable TPS. TPS represents the throughput of a network.
• Hybrid Scores: Validators are chosen by Core’s protocol function depending on their final score. It determines its grade based on the validator’s delegation of CORE and BTC’s hash power.
• Round: The cycle period during which Core adjusts the validator consensus and distributes rewards is set to 1 day. The top validators are chosen to join the validator set after each day and are in charge of creating blocks for 1 round. All accrued awards are distributed after each round. The quorum of validators is also decided after each round.
• Slot: Each round is divided into slots, which are 3-second intervals. A validator creates a block during a slot (or fails to create one). Validators construct blocks using this time division, giving each validator a chance to make a block.
• Epoch: To maintain relatively constant TPS in a given round, the system checks the status of each validator in a cycle length. This process helps to exclude jailed validators from the quorum, preventing them from participating in the consensus. By excluding jailed validators, the system ensures that only active and valid validators are involved in the consensus process, helping maintain TPS stability in the network. The system currently validates 200 slots every 10 minutes.

Core’s Satoshi Plus mechanism seeks to improve decentralized models in the crypto ecosystem. This will enable businesses to further participate in web3 and be fully persuaded of the impact of blockchain. Ultimately, the goal of Core is to create a safe, decentralized, and scalable network all at once by combining the benefits of the Bitcoin proof-of-work consensus model with a delegated proof-of-stake consensus.

History of CORE

The Core innovation was triggered by the blockchain trilemma. The blockchain trilemma is a theory based on the three main pillars of blockchain - scalability, security, and decentralization. The theory notes that every public blockchain must have its weakness in one of the three pillars.

For example, the Bitcoin network, which is solidly decentralized and secure, has limited scalability. On the other hand, blockchain protocols which utilize the proof-of-stake consensus mechanism are more scalable and secure but not as decentralized as proof-of-work blockchains. The resulting advantages and faults of the existing blockchains like Bitcoin and Ethereum led to the creation of Core.

The idea was to leverage the working functionalities in Bitcoin and Ethereum’s consensus mechanism. And then develop a better mechanism to answer the blockchain world’s big question - the blockchain trilemma.

Core’s mainnet was eventually unveiled on the 14th of January, 2023. Since the launch of the Core network, the protocol has attracted multiple users and investors. Three months after the mainnet was launched, over 30 million transactions were recorded with over 4 million unique wallet addresses.

Core’s Main Features: DAO and Progressive Decentralization

Two features that stand out in the protocol are its DAO structure and its goal of optimizing decentralization.

The DAO

Currently, the Core DAO is controlled by the core team, but this will only be temporary. As the Core DAO continues to grow and achieve greater decentralization, early token holders will play a significant part in governance. Early adopters will be responsible for fostering a community that shares the belief in the Core mission and the sustainability of the network.

According to the developing team, the project will be dynamic and will accommodate protocol improvement proposals from all participants. All protocol upgrades will be geared towards creating a secure, scalable, and decentralized digital currency for an internet built on transparency and self-sovereignty.

Progressive Decentralization

The protocol’s goal is to build a self-sustaining decentralized ecosystem that will be community-driven while ticking all the dots of a perfect blockchain protocol. In the meantime though, the protocol is yet to achieve optimum decentralization. Typically, crypto projects achieve decentralization gradually. As more users key into the ecosystem, centralized power becomes more diluted.

What is the CORE Token?

The official token of the CORE blockchain is the $CORE token. There are 2.1 billion CORE tokens, and their distribution is thus:

• 39.99% of the total token allocation goes to the node miners. Core has to pay miners and stakers safeguarding the network for their efforts to get the project off the ground. To guarantee long-term incentive alignment, node payments will be dispersed over a lengthy period, about 81 years. Transaction fees are another sort of compensation that nodes may get.
• 25.029% of the total token allocation goes to the users. Users of Core should be aware that this chain was created with them in mind from the outset. The millions of users in a decentralized base will receive airdropped CORE tokens.
• 15% of the total token allocation to contributors on the chain. The payment will reward past, current, and potential Core contributors.
• 10% of the total token allocation goes to the reserves. The foundation may eventually utilize this reserve to raise money without having to centralize the token supply.
• 9.5% of the token allocation goes to the treasury. The DAO will receive the required funding from the treasury to complete the ecosystem.
• 0.476% of the token allocation goes to the relayers. Relayers must be paid for their contributions to the chain’s security, much like nodes, to function. Transaction fees serve as compensation for relayers as well.

Due to their function on the Core network, CORE coins require a decentralized distribution. The Core Network’s utility and governance token, CORE, has the following capabilities, among others:

• Transaction fees
• Staking
• Governance of the core network

With these crucial roles, CORE token holders have a big job running and maintaining the Core network. Decentralization, self-sovereignty, and stability are all supported by specific unbreakable concepts that are part of Core’s tokenomics.

Is Core ($CORE) a Good Investment?

Every crypto project has a roadmap for further developments before and after launch in the market. However, the success of any crypto project depends mainly on the developing team.

Although Core has successfully launched its mainnet, completed its planned airdrop, and has now been listed on about 34 exchanges, the developing team is still working actively. The team intends to scale and promote Core’s use across multiple chains.

The relevance of any coin in the market is also largely dependent on the problems it seeks to solve. The core blockchain seeks to solve the blockchain trilemma with its groundbreaking satoshi plus mechanism. Also, it aims to improve web3 by enhancing decentralization, security, and scalability. These all will contribute to its future development. $CORE coin has a strong community and a solid team of developers. The CORE DAO will handle the progressive development of the Core ecosystem.

How to Own $CORE

One way to own CORE is to go through a centralized crypto exchange. The first step is to create a Gate.io account and complete the KYC process. Once you have added funds to your account, check out the steps to buy CORE on the spot or derivatives market.

Take Action on CORE

Check out CORE price today and start trading your favorite currency pairs:

• CORE_USDT