What Is Core?

About Core (CORE)

Core is a new blockchain project which aims at changing up the crypto space in a few meaningful ways. It is governed by a DAO (decentralized autonomous organization) and has a number of interesting features.

The main unique characteristic of the protocol is Satoshi Plus Consensus. Core unites Proof of Work (PoW) and Delegated Proof of Stake (DPoS). Essentially, BTC miners take part in the ecosystem’s work: they delegate hash power to validators on Core validator or alternatively, they can run validators themselves. To do so, they, synchronize their identity on Bitcoin and Core using their keys.

As for DPoS, Core’s system allows users to vote for the members of a rotating group of 21 validators who get to delegate their tokens. With this feature, the team lowers the entry barrier for smaller token holders. The two protocols work in tandem to make the system secure, decentralized, and scalable at the same time; they also make both mining and staking possible.

Other features include:

1. Smart contracts and DApps functionality. Core is compatible with the Ethereum Virtual Machine.
2. Bridge. Core collaborated with LayerZero, and now the project’s customers can bridge their crypto from Binance Smart Chain and Ethereum.
3. CORE Faucet. Those who connect their wallets as well as bridge 10 USDT or more, get some CORE for free to pay operational fees.
4. Account abstraction. It provides the owners of crypto wallets with an opportunity to set up two-factor authentication, thus giving another layer of security when engaging with DeFi apps.

CORE is the network’s native token. Its overall supply is 2.1 billion tokens, and the team regularly burns 10% of transaction fees and block rewards.

The Core team carried out an airdrop for those who have registered on the platform before February 6, 2023. It resulted in more than 1.1 mln airdrop-claim transactions with 28 mln CORE tokens distributed. Going forward, the project wants to hold more similar events.

Where did Core (CORE) come from?

Core’s history began in January 2023 with the mainnet launch. Even though it means this is a rather recent project, it already became popular: the developers say over 30 mln transactions have been made on the mainnet by April 2023.

The anonymous team wants to see Core being the center of all Web3 and look to incorporate the features of other networks in the future. At the moment, Core developers want to add zero-knowledge functionality to the project.

What are the advantages of Core (CORE)?

1. Quickly developing and popular system. Even though Core is still new, they have established a number of interesting features that are up and running.
2. Fairness. Core has lower entrance barriers for those users who want to be validators and other participants.

What are the disadvantages of Core (CORE)?

1. Complexity. The whole protocol is rather saturated from a technical point of view which will probably make it tough to figure out for those who are new to the World of Crypto.
2. Governance by the Core team. At the moment, the developers oversee the DAO because they are still working on decentralization. They plan to change the situation in the future, but for now, the governance can hardly be called truly autonomous.

How to buy Core (CORE) on SimpleSwap?

For those who are considering getting some CORE, SimpleSwap is an excellent solution. All the steps are enlisted right here:

1. Select the cryptocurrency you would like to exchange (e.g., Bitcoin). Enter the amount you want to swap.
2. Choose CORE in the second drop-down list (the crypto you would like to receive). You will see the estimated amount that you will get after the exchange.
3. Click the Exchange button.
4. Enter the Recipient's Address. CORE will be sent there. Please double-check the address to make sure that you are using the correct one.
5. Create the exchange.
6. You will see the BTC deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.