coreDAO is the name of a Layer 1 blockchain project that uses a consensus model that combines Proof-of-Work and Delegated Proof-of-Stake mechanisms. This allows this project to be interoperable with EVM, and have secure, scalable, and decentralized properties.
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What is coreDAO?
coreDAO is a Layer 1 blockchain project that uses a consensus model that combines Proof-of-Work (PoW) and Delegated Proof-of-Stake (DPoS) mechanisms. The project is designed to be interoperable with EVM (Ethereum Virtual Machine).
Thanks to the above development orientation, this project has achieved its initial goal of optimizing security like Bitcoin and scalability and decentralization like Ethereum. From here, a new mechanism is formed called the Satoshi Plus mechanism.
From here, a project is formed that is capable of processing many transactions with cheap transaction fees, scalability, safety, and high decentralization.
How does coreDAO work?
As mentioned earlier, coreDAO operates based on a consensus mechanism combining Proof-of-Work (PoW) and Delegated Proof-of-Stake (DPoS) called Satoshi Plus with the following main operations:
- Proof-of-Work (PoW): Requires miners to solve a cryptographic algorithm for each new block to confirm transactions and create new blocks.
- Delegated Proof-of-Stake (DPoS): Used to improve the scalability of the system, allowing users to vote and elect representatives to confirm the next block. Transaction confirmation and block generation are performed by a select group of nodes, not all network nodes like PoW.
- Autonomous DAO: The project uses a decentralized autonomous organization (DAO) for governance and decision-making for the community, such as protocol updates and supply management.
In short, coreDao is a combination of PoW and DPoS mechanisms to achieve a balance between security and scalability, while using autonomy so that the community has an important role in management and development. project.
What is remarkable about coreDAO?
The following are the most outstanding and notable features of the coreDao project in our opinion:
- Satoshi Plus: This is the project’s unique consensus mechanism, combined with two PoW and DPoS mechanisms, helping to solve the Blockchain Trilemma problem, ensuring the security, scalability, and decentralization of the network.
- System Reward Contract: Uses a smart contract to manage the rewards accumulated from CORE trading and staking, which are then distributed to those who stake the most, allowing more staking people to earn higher profits. much.
- DAO management mechanism: This is an important part of providing a decentralized management mechanism for the network, ensuring power and decisions belong to the community instead of just focusing on a few individuals or organizations.
- Solving Scalability and Security Issues: Like many other Layer 1 projects, coreDAO is capable of solving challenges related to blockchain scalability, security, and decentralization.
What is a CORE token?
The CORE token is currently the official cryptocurrency of the coreDAO network, playing an important role in the ecosystem when used for many different activities.
Specifications
- Token Name: Core DAO
- Ticker: CORE
- Blockchain: Core DAO
- Token Standard: ERC-20
- Token Type: Governance, Utility
- Total Supply: 2.100.000.000
- Circulating Supply: 118.171.713
Distribution rate
Currently, CORE tokens are being allocated at the following rate:
- Node Mining: 39.995%
- Users: 25.019%
- Members contribute to the project: 15%
- Reserve: 10%
- Treasury: 9.5%
- Relayer Reward: 0.476%
CORE token Use Cases
CORE tokens can be used for the following purposes:
- Pay transaction fees.
- Participate in voting and system administration.
- Staking and liquidity provision.
How to own CORE tokens?
Currently, if you want to own CORE tokens, it is relatively simple as you can buy them at many different exchanges.
For you to trade CORE tokens, the best crypto exchanges we recommend are Binance, OKX, MEXC, Huobi, Kucoin, Bybit,…
Summary
Finally, we have come to the end of all the interesting content related to the coreDao project. Hope you find the content useful and see you again in other content at AZcoin.
I am Tony Vu, living in California, USA. I am currently the co-founder of AZCoin company, with many years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
Email: [email protected]
