DAO Core: What Is It? Tokenomics And Features
DAO Core: What Is It? Tokenomics And Features
By CoinUnited
18 May 2023
Core debuted on January 14, 2023. With 1.6 million Twitter followers and 210,000 Discord users, this brings the total number of addresses generated to 2 million.
The Blockchain Trilemma, which holds that a blockchain cannot be simultaneously decentralized, safe, and scalable, is something Core aims to overcome.
Using Bitcoin's computer power and the DPoS consensus method, it is intended to provide decentralization and scalability. Being the first chain to apply this new algorithm, Core DAO hopes to generate the required network effects to act as a catalyst for widespread Web3 adoption.
Now, the Core team controls the DAO to oversee the Core blockchain. In the future, the governance mechanism is expected to progressively decentralize and challenge CORE token holders with developing and sustaining a community that believes in the project’s objective.
Off-chain governance is the process through which decisions are made with the support of a majority of DAO token holders. Constraints on on-chain governance that make it possible to vote on changes to previously set parameters.
To leverage scaling solutions like Zk-rollups, Core also intends to achieve complete EVM compatibility.
The "Satoshi Plus" consensus mechanism, which is a hybrid of Bitcoin's proof-of-work and Ethereum's proof-of-stake, was developed by Core DAO.
Validators: They are in charge of They are responsible for block generation and verifying transactions.
Relayers are responsible for relaying Bitcoin data to the Core network.
The Bitcoin network is protected by BTC miners. BTC The Bitcoin network is secured by them. If they assign their mining power to a validator, BTC miners can join the Core blockchain.
Holders of CORE have the ability to participate in staking by assigning control of their CORE to a validator.
Verifiers: They monitor for any inappropriate conduct on the network and can report it. Validator misconduct may result in their stake being They monitor the network for suspicious activity and can report it.
The validator election is a method of choosing the top 21 validators by applying a score based on how much BTC hash power and CORE currency each validator possesses.
Round: A round is a period of time where validators take turns producing blocks. The awards are given out and new validators are selected at the conclusion of each round.
A validator has the opportunity to make a block during a slot during a round.
Epoch: An epoch is a period of time during which the system verifies that each validator is operating as expected.
The Satoshi Plus Consensus: The Satoshi Plus technique applies the delegated hash power of BTC miners to Core validators to sync the blocks mined by the BTC miner with those of the Core network. Also, token holders can choose the validator set using the DPoS consensus. This enables minor holders to take part in the governance of the network.
A complex algorithm is used in the validator election process to choose validators from both the PoW and DPoS consensus processes. During a period of 200 blocks, the 21 validators with the highest score are chosen. Similar to the Bitcoin network, blocks are mined every 10 minutes.
The benefits are split between the validators and the System Reward Contract. Validator payouts presently account for 90% of the prizes.
The native utility token of the blockchain is called CORE. With a total amount of 2.1 billion CORE, Core adheres to the Bitcoin token paradigm. It also pledges to burn a part of the block rewards and gas costs, same to what Ethereum does. If major mining rewards for Bitcoin are eliminated in 2040, the network wants to induce Bitcoin miners to delegate their hash power to the network.
Node Mining (839.9M CORE tokens; 39.995% of the total supply): distributed over 81 years.
Users (525.6M CORE tokens; 25.029%): In February of 2023, Core conducted their first airdrop.
The proof of the pudding is in the eating, but here is how Core stacks up against other blockchains.
Bitcoin introduced proof-of-work and was the first widely used blockchain. Despite being the most decentralized network, it can only handle seven transactions per second.
Ethereum is the most popular smart contract blockchain and created the Ethereum Virtual Machine. Core wants to make Ethereum better by increasing its scalability and decreasing its centralization, which it says is still a problem despite Ethereum's scaling ambitions.
Yet, validator requirements are far higher than those of other blockchains. The network availability also lags behind competing chains.
Polygon is a layer-two chain for Ethereum and utilizes proof-of-stake and sidechains to achieve greater throughput. Core, however, intends to address the fact that it is not as decentralized and stable as it could be.
The Blockchain Trilemma, which holds that a blockchain cannot be simultaneously decentralized, safe, and scalable, is something Core aims to overcome.
Using Bitcoin's computer power and the DPoS consensus method, it is intended to provide decentralization and scalability. Being the first chain to apply this new algorithm, Core DAO hopes to generate the required network effects to act as a catalyst for widespread Web3 adoption.
Now, the Core team controls the DAO to oversee the Core blockchain. In the future, the governance mechanism is expected to progressively decentralize and challenge CORE token holders with developing and sustaining a community that believes in the project’s objective.
Off-chain governance is the process through which decisions are made with the support of a majority of DAO token holders. Constraints on on-chain governance that make it possible to vote on changes to previously set parameters.
To leverage scaling solutions like Zk-rollups, Core also intends to achieve complete EVM compatibility.
What is the Function of Core DAO?
The "Satoshi Plus" consensus mechanism, which is a hybrid of Bitcoin's proof-of-work and Ethereum's proof-of-stake, was developed by Core DAO.
Important Functions in the Ecosystem
Validators: They are in charge of They are responsible for block generation and verifying transactions.
Relayers are responsible for relaying Bitcoin data to the Core network.
The Bitcoin network is protected by BTC miners. BTC The Bitcoin network is secured by them. If they assign their mining power to a validator, BTC miners can join the Core blockchain.
Holders of CORE have the ability to participate in staking by assigning control of their CORE to a validator.
Verifiers: They monitor for any inappropriate conduct on the network and can report it. Validator misconduct may result in their stake being They monitor the network for suspicious activity and can report it.
The validator election is a method of choosing the top 21 validators by applying a score based on how much BTC hash power and CORE currency each validator possesses.
Round: A round is a period of time where validators take turns producing blocks. The awards are given out and new validators are selected at the conclusion of each round.
A validator has the opportunity to make a block during a slot during a round.
Epoch: An epoch is a period of time during which the system verifies that each validator is operating as expected.
The Satoshi Plus Consensus: The Satoshi Plus technique applies the delegated hash power of BTC miners to Core validators to sync the blocks mined by the BTC miner with those of the Core network. Also, token holders can choose the validator set using the DPoS consensus. This enables minor holders to take part in the governance of the network.
A complex algorithm is used in the validator election process to choose validators from both the PoW and DPoS consensus processes. During a period of 200 blocks, the 21 validators with the highest score are chosen. Similar to the Bitcoin network, blocks are mined every 10 minutes.
The benefits are split between the validators and the System Reward Contract. Validator payouts presently account for 90% of the prizes.
Fundamentals of DAO Tokenomics
The native utility token of the blockchain is called CORE. With a total amount of 2.1 billion CORE, Core adheres to the Bitcoin token paradigm. It also pledges to burn a part of the block rewards and gas costs, same to what Ethereum does. If major mining rewards for Bitcoin are eliminated in 2040, the network wants to induce Bitcoin miners to delegate their hash power to the network.
Node Mining (839.9M CORE tokens; 39.995% of the total supply): distributed over 81 years.
Users (525.6M CORE tokens; 25.029%): In February of 2023, Core conducted their first airdrop.
Core Compared To Other Blockchains
The proof of the pudding is in the eating, but here is how Core stacks up against other blockchains.
Bitcoin vs. Core
Bitcoin introduced proof-of-work and was the first widely used blockchain. Despite being the most decentralized network, it can only handle seven transactions per second.
Core versus Ethereum
Ethereum is the most popular smart contract blockchain and created the Ethereum Virtual Machine. Core wants to make Ethereum better by increasing its scalability and decreasing its centralization, which it says is still a problem despite Ethereum's scaling ambitions.
Core vs. Solana
Yet, validator requirements are far higher than those of other blockchains. The network availability also lags behind competing chains.
Further Reading
Core vs. Polygon
Polygon is a layer-two chain for Ethereum and utilizes proof-of-stake and sidechains to achieve greater throughput. Core, however, intends to address the fact that it is not as decentralized and stable as it could be.
