What is Core? How the $CORE Coin Works and History

Bittime - Core is a blockchain network that combines elements of several large blockchains such as Bitcoin, Ethereum, and Solana. This is to create a secure, decentralized and scalable system. 

So, this article will thoroughly examine what Core is, how it works, as well as the history and main features of the $CORE coin. Keep following this article, OK!

What is Core?

Core is one of the newest blockchains to appear in the crypto world with the aim of being a solution to the “Blockchain Trilemma.” This trilemma illustrates the challenges faced by many blockchains in balancing three critical elements: decentralization, security, and scalability. 

Core is designed to address these three challenges simultaneously, by combining the advantages of the working models of several large blockchain networks.

As an evolution of the Geth (Go-Ethereum) codebase, Core takes inspiration from the workings of Bitcoin for security, Ethereum for decentralization, and networks like Polygon and Solana for scalability. 

The main goal is to create a blockchain network that is reliable, secure, and decentralized, while supporting high scalability.

How Does Core Work?

Core works by combining two main consensus mechanisms. These are Proof of Work (PoW) and Delegated Proof of Stake (DPoS), in a mechanism called Satoshi Plus.

Proof of Work (PoW) 

Proof of Work (PoW) is a mechanism adopted from Bitcoin. Where, network participants use their computing power to validate transactions and mine new blocks. 

In the Core network, each Bitcoin block is transmitted to the Core network as a transaction. This allows validation of delegated hash power in a trustless manner (without direct trust in any particular party).

Delegated Proof of Stake (DPoS) 

Delegated Proof of Stake (DPoS) di the other hand, is a modified version of Proof of Stake. This mechanism allows small users to choose validators who will secure the network. 

In Core, DPoS works in a more efficient way by supporting participation from multiple token holders, while ensuring greater security and decentralization.

Satoshi Plus mechanism 

Satoshi Plus combines these two methods in a unique way, namely by utilizing the hash power of Bitcoin miners and the DPoS model. This allows Core to achieve a higher level of decentralization while improving network security and scalability.

What Is $CORE Coin?

$CORE is the native token of the Core blockchain network. This token plays an important role in the Core ecosystem as a means of payment for transaction fees, staking, as well as network governance. 

The total supply of $CORE is 2.1 billion tokens, distributed across several main categories:

• 39,99% allocated to node miners, as an incentive to maintain network security and operations.
• 25,029% given to users via airdrop, to encourage early adoption.
• 15% allocated to network contributors, in return for their past, present and future contributions.
• 10% held in reserve by the foundation, which may be used for future funding without having to centralize the token supply.
• 9,5% allocated to the treasury, which is used to fund projects in the Core ecosystem.
• 0,476% allocated to relayers, which help maintain network security in a similar way to nodes.

Coin $CORE is designed to ensure decentralization and long-term stability. These tokens are used for various functions within the network, including payment of transaction fees, staking, and participation in network governance. 

$CORE token holders have a major responsibility in running and maintaining the Core network, ensuring that the principles of decentralization, independence, and stability are maintained.

History of $CORE Coin

Core's history begins with the need to solve the blockchain trilemma challenge. Leveraging the advantages of Bitcoin and Ethereum, Core was developed as an answer to the big question in the blockchain world about how to achieve decentralization, security, and scalability simultaneously.

Mainnet Core was officially launched on January 14, 2023. Since then, the network has attracted the attention of many users and investors. In just three months after launch, the Core network recorded over 30 million transactions with over 4 million unique wallet addresses.

Conclusion

Core is an ambitious blockchain project. They set out with a grand vision to solve the biggest challenge in the blockchain world: the trilemma between decentralization, security, and scalability. 

By combining Proof of Work and Delegated Proof of Stake consensus mechanisms in a system called Satoshi Plus, Core offers an innovative and promising solution for the future of blockchain technology. 

The $CORE token, as the network's native token, plays a central role in this ecosystem, ensuring that the network remains decentralized, secure, and scalable. 

As one of the newest projects in the crypto world, Core and $CORE deserve more attention from market players and investors looking for innovation and new opportunities in the blockchain world.

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