What Is Core: A Blockchain Innovation Bridge for the Web 3.0 Era

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Bittime -  In the sea of ​​innovation that never ceases to grace the world of blockchain technology, Core (CORE) is emerging as a beacon for the future of Web 3.0. With a vision to address the long-standing blockchain trilemma—scalability, security, and decentralization—Core promises infrastructure that is not only fast and secure but also truly decentralized. 

This article will examine more deeply what Core is, the development team behind its success, and its tokenomics overview. Let's take a look!

What are Cores?

Core (CORE) is an L1 blockchain compatible with the Ethereum Virtual Machine (EVM), enabling the operation of Ethereum smart contracts and decentralized applications (dApps). Powered by the “Satoshi Plus” consensus mechanism, Core combines security through delegated Bitcoin hash mining and delegated Proof-of-Stake (DPoS). 

It was built to be the backbone of web 3.0, with the goal of overcoming the blockchain trilemma. The Core mainnet was launched in January 2023 and is governed by a decentralized autonomous organization (DAO), Core DAO, which is responsible for the development of the Satoshi Plus ecosystem​​.

How it Works and Features

Core uses the Satoshi Plus consensus mechanism to validate transactions and secure the network, combining Bitcoin's Proof-of-Work (PoW) with Ethereum's DPoS. This allows the network to achieve decentralization and scalability, addressing the challenge of the blockchain trilemma.

Core also supports multi-chain, allowing users to easily buy crypto, bridge and exchange assets between different blockchains, as well as interact with dApps, DeFi, GameFi, and NFT​​.

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Founder and Development Team

Core was developed by CoreDAO, a global team of contributors who share a shared vision for a better web 3.0. Although the identities of the creators, contributors and developers remain undisclosed, the project is supported by approximately 1.6 million Twitter followers and more than 74,000 Telegram followers, indicating a strong and active community​​.

Tokenomics and Use of Tokens

CORE is the utility and governance token of the Core network, with a maximum supply of 2.1 billion coins. The principle of scarcity of value follows Bitcoin's hard limit.

CORE's total supply share includes 39.995% for mining nodes, 25.029% for Core users, 15% for contributors, 10% for reserves, 0.476% for relayer rewards, and 9.5% for cash. Core will also implement a burning model similar to Ethereum's "Ultra Sound Money", where a certain percentage of rewards and fees will be burned as determined by the Core DAO​​.

Price Analysis Based on the Latest CoinMarketCap Data

Based on the CoinMarketCap ranking on February 22 2024, Coq Inu is in position #121 with a market capitalization of IDR 8.33 trillion. The circulating supply is made at 2.1 billion CORE coins, with the same maximum supply.

Today's live price of Coq Inu is IDR 9,601 with a 24-hour trading volume of IDR 176 billion. These significant price fluctuations and trading volumes reflect a strong position in the cryptocurrency market, with growth potential thanks to a strong infrastructure and innovative solutions to the blockchain trilemma​​.

Core stands out as a platform with the ambition to facilitate users' transition from Web2 to Web3, offering an elegant and connected user experience across all devices with ease, credibility and usability. With a focus on ease of use and interoperability between blockchains, Core aims to expand the adoption of blockchain technology and drive innovation in the Web3 ecosystem​​.

For more information and latest updates on Core, visit their official websites at core.app and coredao.org .

Conclusion

Core's approach in introducing sustainable tokenomics and decentralized governance through DAOs, underscores its commitment to an inclusive and fair ecosystem. With the limited supply of CORE tokens and the burning model adopted, Core shows its long-term vision of creating sustainable value for its users.

As adoption and recognition from the global community increases, Core has the potential to become one of the key players in the evolution of blockchain technology. By prioritizing interoperability and ease of use, Core not only opens the door for developers to create innovative applications but also for users to experience ease and security in managing their digital assets.

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DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.