CORE DAO Features and Tokenomics

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Bittime - Core DAO is emerging as an innovative new competitor in the ever-evolving blockchain landscape. Its core proposition lies in solving the “ blockchain trilemma ”, aiming to achieve security, scalability and decentralization simultaneously. To achieve this, Core leverages a unique consensus mechanism dubbed “Satoshi Plus”, a hybrid approach that combines elements of Bitcoin's proof-of-work and Ethereum's delegated proof-of-stake .

Launched in January 2023, Core has gained significant traction, processing over 5.7 million transactions with 2 million unique addresses created. Its social media presence also boasts an impressive following, with 1.6 million Twitter followers and 210,000 Discord members.

Conquering the Trilemma with Innovation

Core's solution to the trilemma relies on the Satoshi Plus consensus mechanism. This mechanism aims to take advantage of the security and immutability offered by Bitcoin's large hash rate while simultaneously achieving scalability through DPoS consensus. As the first blockchain to implement this new approach, Core aspires to be a catalyst for broader Web3 adoption.

The Path to Decentralized Governance

Currently, the Core blockchain is overseen by the Core team. However, the project envisions a progressive decentralization process in which CORE token holders play an increasingly important role in shaping the future of the network. This roadmap outlines three stages:

Off-chain governance: Leveraging majority voting by DAO participants to pass resolutions.

Limited on-chain governance: Enables changes to pre-defined parameters via an on-chain voting mechanism.

Full on-chain governance: Empowers token holders with full control over network governance.

While a specific timeline has not been set, Core is also aiming to achieve full EVM compatibility to integrate scaling solutions such as Zk-rollups and explore a hub chain model where Core functions as a layer-0 blockchain.

Exploring the Core Ecosystem

The Core Ecosystem consists of various main stakeholders, including the following.

• Validator: Responsible for block production and transaction verification through staking CORE tokens.
• Relayers: Facilitates information sharing between Bitcoin and the Core network, also requires CORE staking.
• BTC Miners: Can participate in the Core network by delegating their mining power to validators.
• CORE holders: Can stake their tokens or delegate them to validators to earn network rewards.
• Verifier: Monitors the network for malicious activity and reports any violations, potentially resulting in validator penalties.

Satoshi Plus Explained

The complicated way Satoshi Plus works involves complex interactions between Bitcoin's proof-of-work and Core's DPoS system. This mechanism uses delegated hash power from BTC miners to Core validators, ensuring synchronization of mined blocks on both networks. Additionally, DPoS empowers token holders to elect validators , encouraging broader participation in network governance.

Validator selection uses a sophisticated formula that considers PoW and DPoS aspects, with the top 21 validators serving a 200 block period. Violations by validators trigger penalties and potential disqualification. The network mimics Bitcoin's 10-minute block production time, with rewards distributed among validators and the System Reward Contract, which primarily funds validators and network maintenance activities.

Teams and Tokenomics

Although shrouded in anonymity, Core DAO claims that its inception came from "a debate between two friends." The team's anonymity remains a topic of discussion within the community.

CORE, the native utility token, encourages staking and gas fees. This follows a fixed total supply of 2.1 billion tokens, mirroring the Bitcoin model. Core also implements a token burning mechanism, similar to Ethereum, with a phased token release schedule stretching over 81 years. This long-term emission schedule aims to encourage Bitcoin miners to join the network by offering rewards after the decline in mining rewards in Bitcoin in 2040.

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Conclusion

Core DAO offers a compelling vision for a secure, scalable, and decentralized blockchain. Its unique consensus mechanism and planned decentralization roadmap sparked great interest in the crypto community. As Core continues its development and integrates with the broader Web3 ecosystem, its long-term impact on the blockchain landscape remains to be seen.

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Also Read:

What Is Tokenomics And 5 Crypto Coins That Have Interesting Tokenomics

What is Tokenomics? Guide For Beginner Crypto Traders

What is Core (CORE)? The Layer-1 Blockchain Revolution Has Begun

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