Core chain is newly developed independent blockchain which will serve as the neucleuse of web3 as it will resolve the blockchain Trilemma which is the blockchain problem in Web3.
Core chain was brought about after carefully studying the blockchain Trilemma which states that other crypto currency including traditional chains must make a trade off between optimal [ security, scalable and decentralization]. Crypto currencies only balances two and removes one, example:
- point_right traditional chains [BTC, Eth, ) balances [decentralization, and security]
- point_right multi-chain ecosystem balances [ decentralization and scalable] but lacks security.
- point_right High TPS chains (BSC, sol, polygon etc ) balances [scalable, secure ] but lacks decentralization
But core chain is exceptional as it balances all the optimal [security scalable and decentralization] making it the new blockchain revolution and future economic infrastructure.
Core chain rely on proof of work (POW) and Delegated proof of stake (DPOS). The proof of work strengthen the core chain in decentralization and security [proof of work is what makes Bitcoin secure and decentralized.] DPOS adopted by the core chain supports core holders to vote and elect the validators set, hence brings competition among the the validators and enhances the scalability of the core chain.
Core chain implemented hybrid score as their validator election mechanism which is designed to select validators driven from [pow (Hash delegate) and DPOS (coin delegate)]. After the election, 1st to 21st ranked by hybrid score is are selected before it restarts again. Core chain also has slashed/jailing mechanism that detects any malbehavior by validators in each round.
After the last block, rewards are calculated and distributed, 90% of the reward goes to validators while 10% of the reward goes to system reward contract which is hard capped that the system reward contract can only receive 11 million core, afterwards, the reward that supposed to go to system reward contract are burned.
Validators are the one that determines the percentage reward to give to their delegators, though high reward is expected to attract more people to delegate their hash and core to their validators. Validators has two categories of reward, rewards from new minted core and fees collected from transaction.
Core chain is fully EVM (Ethereum Virtual Machine) compatible which allows projects built on ethereum network and other compatible chains to switch to core chain without re-writing their codes. Core chain has enhanced security and 2.1 billion maximum supply of which on all block rewards, percentage of the the system reward contract will be burn and more burning after the system reward contract has received a hard cap of 10 million cores. Core block rewards will be paid out over 81years period which will contribute in compensating the BTC miners after the BTC mining has stopped, which will make them to continue securing the core chain.
Core chain uses a protocol functions to split the validators reward between hash delegators [BTC Miners] and coin delegators (core holders) . Which is well calculated in the WhitePaper.
About the Development Team of BTCs Core Chain – DAO
If you look into it, you can get an idea from the name what DAO actually is. As it stands for Decentralized Autonomous Organization, you can have a sense that we are talking about an autonomous organization, which is decentralized just like cryptocurrency and blockchain technology.
This is exactly how we define DAO, and it is kind of self-explanatory from its name. The idea was on the market ever since the first cryptocurrency was launched back in 2009. In an effort to help Bitcoin get rid of intermediaries in financial transactions, the DAO emerged as the best possible solution.
Decentralized Autonomous Organization (DAO) is actually an organization that can run on its own without having any hierarchical management. It operates based on the pre-defined code which is why we call it a type of smart contract.
The above is a simple definition of DAO, but let’s define DAO in more technical terms. “DAO is a form of contract in which the processes and laws of a decentralized organization are inserted as a permanent code of the smart contract, and operates through a distributed consensus protocols.”
We recommend the CORE mining participants to join CORE mining Telegram Group, Core TG Announcement Channel, and the CORE Twitter Community to be acquainted with the latest news. In addition, for the interest of users making enquiry on what’s our speculation (prediction) for the launch price of SATOSHI BTCs (CORE mining) and the exact month/day in the Third Quarter do we think the MainNet will go online.
Our response: We don’t engage in launch price speculations, and we don’t endorse any – whether high or low; we are strictly focused on educating as much users as possible with verifiable info. On MainNet launch, we are sticking to the Third Quarter (ie between July to September) which the project’s Development Team (@Coredao_Org) stated; no need predicting exact month or day to avoid misinformation.