Core blockchain is a Web3 protocol designed by Coredao, to solve the effects of the blockchain trilemma. Blockchain trilemma is a concept that is unique to decentralized networks. There are three basic attributes blockchains are built on – decentralization, security and scalability.
And to build any successful blockchain, there must be a compromise connected with the three features listed above. Thus, a blockchain can be very decentralized and scalable but with a not too strong security architecture. Or a blockchain can be safe, decentralized but not scalable like Bitcoin.
This means that when building a blockchain, teams are focused on prioritizing certain features over others. However, the Core team designed a protocol that takes into cognizant the three features when building a blockchain.
Consensus mechanism
Core blockchain functions on the Satoshi Plus consensus mechanism to defeat the blockchain trilemma. The Satoshi Plus system combines the advantages of Proof of Work and Delegated Proof of Stake mechanisms.
Thus, the decentralization power of the Bitcoin Proof of Work mechanism makes Core blockchain maintain a highly decentralised network while the Delegated Proof of Stake mechanism permits scalability. At the core of this is a safer chain. Core is the first protocol to implement this design.
How does Core blockchain work
The combination of the Bitcoin mining hashrate and the Ethereum Virtual Machine creates a system that depends on validators, relayers, BTC miners, core holders, and verifiers.
Validators on Core produce blocks by validating transactions. Users become validators by registering with Core which demands depositing a refundable Core token similar to staking assets in a Proof of Stake chain.
Relayers are nodes that are responsible for allowing connection and communication between Ethereum and Bitcoin blockchains to validate transactions, create and store blocks created. This is all done in the Core network. To become a Relayer, a user must also register and deposit assets.
BTC Miners as usual secure the Bitcoin network using their sophisticated computer systems while working with hashrates. On the Core network, miners delegate their hash power factor to a validator on the network. This validator can also beamaged by the same miner or a third party.
Other aspects of the Core network includes CORE Holders, those who hold the CORE currency and can also stake their assets; Verifiers, users who report malicious and suspicious behaviours on the network; and Validator Election, a process that selects the top 21 validators for inclusion in the validator set based on their Hybrid Score.
Hybrid Score is produced by inputs from the BTC hash power and CORE delegated to the validator. Round is another term that defines the time it takes to change the validators on the Core network.
Governance of Core blockchain
Details from Core shows that the project is not fully decentralized, thus the Core team will take responsibility for securing the network until it is mature for the community to control. Their responsibility includes but is not limited to changing the number of validators, regulating governance parameters, and adjusting block rewards and transaction fees that are burned.
To achieve this, the team created a three phase process for decentralization: off-chain governance; pass resolutions with a majority of the Core DAO voters in agreement; and limited on-chain governance.
CORE currency
On the Core network is CORE, its base layer currency. It is being managed by the Core DAO. It will serve as a governance and utility asset for activities on the network.
Following the structure of Bitcoin, the team placed the total supply at 2.1 billion tokens. They also mirrored Ethereum by initiating a burning mechanism where a percentage of all transaction fees and block rewards.
Read also;
Four New Layer 1 Blockchains to Watch Out For
Aptos, what you should know
