Core DAO Coin Review : Is It Good Or Bad Coin Read Our Article

About Core DAO Coin

Core DAO Coin is a well-studied problem by both academics and market participants. It states that all cryptocurrencies, including Bitcoin, Ethereum, etc. must make trade-offs between optimal security, scalability, and decentralization, often prioritizing two elements at the expense of the third, as demonstrated in Figure 1. Your solution to the trilemma above is Satoshi Plus consensus, which operates at the core of the Core Network. Satoshi Plus consensus combines Proof of Work (PoW) and Delegated Proof of Stake (DPoS) to leverage the strengths of each while simultaneously ameliorating their respective shortcomings.

Specifically, Bitcoin computing power guarantees decentralization, the DPoS and leadership election mechanisms ensure scalability, and the entire network holistically maintains its security. Core is the first chain to implement your new consensus mechanism. Although it will not be the last, they believe that with the strength of your community, Core DAO Coin will achieve the necessary network effects required to create a successful currency and serve as the much needed springboard for broader Web 3 adoption.

Core DAO Coin Point Table

Related Works

Bitcoin

In 2009, Satoshi Nakamoto carved scarcity out of the stone of abundance. Despite its enablement of infinite replicability, the internet could now have its own native currency on the blockchain: Bitcoin – the first truly digital solution to the problem of money [Nak]. Bitcoin introduced PoW mining to the world, allowing anyone with compute power to participate in securing the network.

Leveraging Nakamoto consensus, Bitcoin has become the most decentralized blockchain, but with only 7 TPS, it lacks the scalability [Aut] necessary to transition beyond “Store of Value” use cases. BTC’s role as “digital gold” is unquestioned, but as the hype around the Lightning Network illustrates, many in the Bitcoin community want more.

Ethereum

The most popular dapp platform and the first Turing-complete blockchain [Buta]. The abstractions offered by the Ethereum Virtual Machine (EVM) and the popular Solidity programming language allowed hundreds of thousands, if not millions, of developers to build decentralized applications for the first time [She], which has given rise to DeFi, Play2Earn, NFTs, etc. Ethereum offered a higher TPS than Bitcoin at the expense of some decentralization, but even with its 15 TPS, major scalability bottlenecks remain [Fri].

Ethereum 2

The catchall term for the community driven upgrades to Ethereum meant to resolve the scalability, security, efficiency, etc. challenges. Two of the major changes are the move from PoW to PoS and the introduction of sharding. Core DAO Coin sharding purportedly will offer up to 100k TPS [RK], but the migration to PoS draws concerns regarding decentralization [You]. Already, they are witnessing significant concentration among major CeFi custodians such as Binance, Kraken, etc and staking pools like Lido.

Solana

A high TPS chain, 50k TPS, that leverages both Proof of History (PoH) and sharding [Yak]. Solana has very short block times, 400ms [Tead], which allows applications built on top of the network to feel like Web 2 in terms of performance. In order to achieve this level of performance, the requirements to run a validator far exceed most other networks [Teae], thereby pricing out many players.

Another tradeoff exists between performance and network availability, which has been visible more recently with a few notable chain restarts [McS] [Mil]. Solana also has one of the most active developer communities, but the transition to Rust from Solidity has proved challenging for many.

Polygon

An L2 scaling solution built on top of Ethereum meant to solve many of the scalability challenges on the main chain by leveraging PoS and side chains [Teac]. Polygon has attracted a sizable number of developers given its EVM compatibility, which allows dapp developers to port over their code with minimal to no changes [Teab]. Polygon faces criticisms regarding the lack of decentralization and stability of its validator set, which has thus far remained unchanged since testnet, although they are actively working on improving these dynamics with Polygon DAO [Rze].

Binance Smart Chain

A hard fork of the Go Ethereum (Geth) codebase. One of the major differentiators between BSC and Ethereum is BSC’s Proof of Staked Authority (PoSA), a consensus mechanism that combines Proof of Authority (PoA) and Delegated Proof of Stake (DPoS) [Teaa]. By leveraging this new consensus mechanism, BSC achieved faster transaction times, higher TPS, and lower fees [CZ].

Since its inception, BSC has faced criticism regarding insufficient decentralization given that its validator set is more or less fixed given the 3rd parties’ relationship with Binance and the high stake requirements (minimum $2.3m USD or 10,000 BNB vs Ethereum 2 $32k USD or 32 ETH as of July 2022) combined with the fact that only 2 of the 21 are involved in consensus activities at a given time [Tra]. The claim that Binance itself runs any of the nodes can be disproven via onchain data [BsC].

Major components, roles, and workflows

Validators

Responsible for producing blocks and validating transactions on the Core network. Becoming a validator requires registration with the network and locking up a refundable Core DAO Coin deposit to be included into the validator set per the rules of the validator election. Anyone can deposit and become a validator on Core.

Relayers

Responsible for relaying BTC block headers to the Core network. In order to relay, a potential relayer must register with the network and lockup a refundable CORE deposit. Anyone can deposit and become a relayer on Core.

BTC Miners

The miners responsible for securing the Bitcoin network via PoW. In order to have their hash power factor into Satoshi Plus consensus, miners must delegate their hash power to a validator that either they or a third party run. Delegation is a non-destructive act, meaning that by delegating on Core they’re re-purposing their existing work vs choosing between securing Bitcoin and securing Core.

CORE Holders

Holders of the Core DAO Coin currency, the base currency of the CORE chain. All holders of CORE are able to participate in staking by delegating their holdings to a validator.

Verifiers

Responsible for reporting malicious behaviors on the network. Anyone can act as a verifier in the Core network. Successful verification flags may result in slashing (rewards or stake) or jailing misbehaving validators.

Why Choose Core DAO Coin?

Scaling and Cross-Chain

Where Core is fully EVM compatible, they can leverage scaling solutions from Ethereum and other compatible chains, ex various types of rollups. They also may choose to go down a Polkadot or Cosmos style L0 relay vs hub chain model. The future of scaling is bright, and they plan to incorporate the best technologies from other chains as research matures.

Enhanced Security

Core DAO Coin round-robin nature of block production provides certain security benefits, it also involves tradeoffs. For example, by having a known ordering in advance, the protocol isn’t susceptible to an entire category of potential randomness exploits, but the block-producing validator is fully known which may lead to more focused attacks. In response, they are focusing on ways to improve block production. Particularly, the research around single secret leader election [HG] that chains like ETH are also exploring is of great interest.

Sound Supply

Following Bitcoin’s sound money model, CORE’s supply has a hard cap of 2.1 billion tokens. On top of the hard cap, a percentage of all block rewards and transaction fees will be burned similar to Ethereum’s “Ultra Sound Money” model. Core DAO Coin exact percentage to be burned will be determined by the DAO. In effect, CORE will asymptotically approach the total of 2.1 billion tokens but never fully reach it, similar to Avalanche’s tokenomics model.

Emissions Curve

The block rewards for CORE will be paid out over an 81 year period. This longer period increases the likelihood of the success of the chain by fully incentivizing all network participants before transitioning to compensation purely by transaction fees. Core DAO Coin additional block reward in the form of CORE can also be thought of as a way for existing BTC miners to continue receiving subsidies after the Bitcoin block rewards are stopped (around 2040) by becoming validators on the Core network leveraging their existing hash power.

Where Can You Buy Core DAO Coin?

Tokens Can Be Purchased On Most Exchanges. One Choice To Trade Is On Bybit, As It Has The Highest CORE/USDT. e Trading Volume, $8,947 As Of February 2021. Next is OKEx, With A Trading Volume Of $6,180,82. Other option To Trade Include CORE/USDT And Huobi Global. Of Course, It Is Important To Note That Investing In Cryptocurrency Comes With A Risk, Just Like Any Other Investment Opportunity.

Market Screenshot

Core DAO Coin Supported Wallet

Several Browser And Mobile App Based Wallets Support Core DAO Coin. Here Is Example Of Wallet Which Core DAO Coin – Trust Wallet For Hardware Ledger Nano.

FAQ Of Core DAO Coin