The Satoshi Core Mining as the biggest crypto surprise of the year, with regards to solution it proffered for the lingering trilemma on blockchain.
Solution to the Blockchain Trilemma (Decentralization, Scalability and Security) which no other cryptocurrency has ever accomplished.
CORE Satoshi is the only coin that has both the features or the characteristics of Bitcoin and ethereum altogether. In other words, CORE’s combination of Bitcoin’s Security, Stability, Decentralization accompanied with the EVM’s Scalability and Composibility, is its cornerstone to uniting the crypto industry.
For the interest of participants on the Satoshi CORE Mining, as the main-net launch is coming, you are advised to be cautious of your activities on line. Entertain thorough security consciousness ; Persons will usually ask you how many CORE you have accumulated, especially those who you are trying to convince about it including miners. Please don’t tell them because it’s none of their business. Telling them will not put CORE in their pockets nor convince them to mine, rather it may create unnecessary jealously or bad plot against you.
To those miners posting screenshot of their CORE mined on their status or showing it to their so-called friends, you had better stop doing that now. You don’t know who truly is your friend but only God knows.
Once CORE is launched, it is paramount you recheck your circle of friends wisely. Many will come around you, especially those who refused to mine and become suddenly nice to you because they know you have become rich. Everyone who mines Core definitely has money at mainnet.
They know this fully well and will come around you but be very careful. Be nice to everyone but pay attention & be vigilant. Don’t start living extravagant lifestyle once CORE is launched or announcing to people that you’ve made money. Spend only on your needs, and think about sustainability.
There has been numerous speculations from usersʼ hinting that Etherum 2.0 is CORE satoshi. That is completely untrue and unrelated, because both projects doesn’t exist on the same blockchain.
What is the fate of CORE SATOSHI On The Long Run?
There are some factors that determines the price of any crypto asset, namely: Cost of Production, Availability on Exchanges, Competition, Total Supply and Demand.
The Total supply and demand is one of the key and most essential factors that affects or influences the price of a coin, if a coin has a short/low supply or the rate at which it is demanded for is high then the price goes up because those that are willing to buy are involved in competition to get it at a higher price or by offering higher prices and and if a crypto coin has a higher total supply and its demanding rate is low, then, the price falls vehemently.
On Blockchain, by definition – it is a distributed ledger that duplicates and distributes transactions across the network of computers/nodes participating in the blockchain. In simple terms, it’s a method of recording information that makes it impossible or difficult for the system to be changed, hacked, or manipulated. In one word blockchain is IMMUTABLE: unchanging over time or unable to be changed/manipulated.
All blockchains are built on protocols/rules that govern its operation. Typically, a blockchain works in 5 sequential steps, namely; Transaction, Verification, Hash, Execution.
1. Transaction: Two parties, you and I, decide to exchange a unit of value of a digital currency such as Bitcoin, Ether, CORE, etc. The exchange can also be a digital representation (NFT) of some other assets such as land title, birth certificate, educational degree, etc. So once you and I agree on the exchange we can initiate the transaction.
2. BLOCK: Now our transaction will be packaged with other pending transactions thereby creating a “block”. Let’s say we’re on MainNet now and current block number(BlockHeight) being mined now is 90160 or 100220 or 200115. Our transaction will be encapsulated together with other people’s into that current block height.
Different blockchains have diverse block sizes, Bitcoin for instance is limited to a block size of 1 MB and that seemingly small size can hold over 2000 transactions. Our individual transactions however, will be in bytes. 1000 bytes = 1 kilobyte(KB), 1000 kilobytes = 1 megabyte(MB) and that explains why thousands of transactions in bytes can fit in a single block in magabyte. Inspite of this, Bitcoin still lacks scalability because its block size is limited to 1 MB.
Satoshi Core Chain is scalable in that regards because it supports unlimited transactions. That being explained, the block containing our transactions will now be sent to the blockchain system’s network of participating computers for verification.
3. VERIFICATION: Now the participating computers/ nodes in the blockchain network will evaluate the transactions and through mathematical calculations determine whether they are valid, based on agreed-upon rules. Over here a “consensus” or agreement has to be achieved, typically among 51% of active/participating computers in order for our transaction to be considered valid/verified. Anything short of 51% approval will be rejected.
4. HASH: Now if our transaction passes the 51% verification scrutiny, it will be added to the verified block of transactions and be time-stamped with a cryptographic hash. On our CORE Mining APP you will notice that each block reward received every 10 minutes has a unique truncated cryptographic hash.
No two hashes are ever the same and it’s nearly impossible for anyone to predetermine the precise hash keys following the next block. Each block also contains a reference to the previous block’s hash, thus creating a “chain” of records that CANNOT be falsified except by convincing participating computers/nodes that the tampered data in one block and in all previous blocks is true. Let’s get more practical here, assuming we’re on MainNet now and using the current block height of 90155.
To manipulate/falsify the Core Blockchain, the attacker’s falsified block MUST contain a hash that has a fingerprint of data from the previous block(90154), and that previous block must have a unique fingerprint from the preceding block(90153). All these unique “fingerprints” must contain some piece of data from their respective previous blocks all the way to the genesis block(first block) mined, block height 0. Such a feat is considered impossible.
5. EXECUTION: Finally, our transaction having gone through all those complexities at the backend by simple tappings/clickings on the application layer level, using MetaMask wallet as our application for instance. The unit of CORE value moves from my wallet account to yours or vice versa. Then, we both live happily ever after to enjoy our block rewards paid out over 81 year period and beyond!
You can join the Satoshi Core Telegram Group Chat and the Telegram Channel Announcement for updates, exchange of HashCard and TestNet processes.
Comments on “Simplifying Blockchain On Satoshi CORE Chain”
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