What is Core DAO? Everything You Need To Know
CoreDAO, also known as CORE, is a novel autonomous blockchain that advocates for authentic decentralization. It is a distributed, impregnable, and decentralized blockchain accessible to all. CORE is an L1 chain that is compatible with the Ethereum Virtual Machine (EVM). The network is secured by a unique consensus mechanism known as “Satoshi Plus,” which utilizes a blend of delegated proof of stake and delegated BTC mining hash to ensure security. With Core, users can enjoy the benefits of an EVM chain’s composability while maintaining the decentralization and security of Bitcoin, thus effectively resolving the blockchain trilemma.
What is the Blockchain Trilemma
The challenge of simultaneously accomplishing all three crucial characteristics in a blockchain system is known as the “blockchain trilemma,” sometimes known as the scalability, security, and decentralization trilemma. These three characteristics include decentralization (the distribution of power and control across a large number of network nodes rather than a single entity), security (the ability to withstand hacking and other types of attacks), and scalability (the capacity to handle a large number of transactions).
How the Blockchain Trilemma is Being Resolved by CORE DAO
By integrating the advantages of two distinct consensus techniques, CORE is resolving the blockchain trilemma and achieving extremely high levels of scalability, security, and decentralization.
CORE’s “Satoshi Plus” consensus mechanism is a one-of-a-kind combination of delegated BTC mining hash and delegated proof of stake (DPoS). Voting for delegates who will validate transactions on the network is made possible by DPoS, which ensures high transaction throughput and scalability. Delegated BTC mining hash, on the other hand, involves a group of mining pools providing the network with hash power, which improves security.
CORE is also able to achieve a high degree of scalability while upholding a strong level of security and decentralization by combining these two approaches. Although it takes a sizable amount of mining power to manage the network, the usage of BTC mining hash also aids in preventing network centralization. With this strategy, the blockchain trilemma is successfully resolved, allowing CORE to offer both great scalability and robust security while preserving decentralization.
The team at CoreDAO is of the opinion that the Satoshi Plus consensus can leverage the strengths of both PoW and DPoS, while also addressing their respective weaknesses. Specifically, Bitcoin’s computational power will ensure decentralization, while DPoS will enable scalability and overall security. Currently, the Satoshi Plus consensus is being utilized exclusively on the CORE blockchain. Additionally, the team believes that the project will generate a viable currency and provide an opportunity for broader adoption of Web 3.
As such, it is highly recommended to take a look at CORE’s whitepaper to gain a deeper understanding of their work. Doing so will help you comprehend the project’s underlying concepts and inspire innovative ideas.
Key Elements, Functions, and Processes of the CORE Network
The Core network is made up of several components and functions that cooperate to guarantee optimal operation. Validators, relayers, BTC miners, CORE holders, and verifiers are some of these elements and functions.
On the CORE network, these agents are responsible for creating blocks and checking transactions. In accordance with the validator election procedures, being a validator includes registering with the network and staking a refundable CORE deposit. Anybody may make a deposit and sign up to validate CORE.
The task of relaying Bitcoin block headers to the Core network falls on relayers. Potential relayers are required to put up a refundable CORE deposit in addition to registering with the network. On Core DAO, anyone may deposit and sign up as a relayer.
Through Proof of Work (PoW), BTC miners are accountable for safeguarding the Bitcoin network. Miners must delegate their hash power to a validator that they or a third party run in order for their hash power to be included in the Satoshi Plus consensus. This is a non-destructive action because miners are repurposing their previous work rather than deciding between protecting Core and Bitcoin.
They are holders of the CORE currency, the base currency of the CORE chain. By delegating their holdings to a validator, they can participate in staking.
Malicious behavior on the network must be reported by verifiers. In the Core network, any individual can verify anything. Misbehaving validators may be penalized (in terms of stake or rewards) or imprisoned for successful verification flags.
Depending on their hybrid score for each round, they are choosing the top 21 validators to be included in the validator set. The “live” validators are updated every 200 blocks during the round to ensure a higher TPS and to prevent other validators from having to wait for “jailed” validators the entire time.
The result of the protocol function used in the calculations for electing validators, which takes into account the BTC hash power and CORE delegated to each validator.
The time cycle used by Core to update the validator quorum and distribute rewards, is currently set to one day. The 21 top hybrid validators are voted to the validator set each day and are in charge of generating blocks on the Core network for the duration of the round. Each round’s cumulative rewards are computed and given at the conclusion of the round, and the validator quorum for the following round is established.
All validators in the quorum take turns creating blocks in a round-robin method throughout each slot of a round, which lasts until the conclusion of the round. The slot duration is currently set to three seconds. An honest validator either creates a block in each slot or does not.
The period of time that the system checks each validator’s status in order to keep a constant TPS throughout a round and exclude validators who are currently in prison from the quorum. The epoch is now set at 200 slots, 600 seconds, or 10 minutes.
A general classification of attack vectors can be divided into network attacks and consensus attacks.
To mitigate network attacks, such as DDoS, Eclipse, and BGP Hijack, Core utilizes transaction filtering, geographical dispersion of nodes, and random node selection for P2P communications, as well as an official seed list for public nodes.
Consensus attacks are more diverse, and its PoW, DPoS, and validator election mechanism provide the network with various advantages.
- Pre-computation and selfish mining cannot be executed by a fixed validator set in a round-robin manner as they try to manipulate a pseudo-random mechanism that does not exist on Core.
- While censorship and transaction delays can be executed, they are mitigated by having honest validators in the set.
- Even though 51% and Sybil attacks cannot be entirely prevented, attempting them is economically impractical and technically challenging given the ranking by the hybrid score of hash power and stake.
- Long-range attacks are prevented by the network’s checkpointing scheme and reliance on PoW, which is not susceptible to such attacks. With checkpointing in place, the most relevant attacks are short-range attacks, which encompass various types of attacks.
Short-range attacks are focused on altering a small number of blocks rather than rewriting the entire blockchain. These attacks include bribery, denial of liveness, and race attacks. To ensure the safety of transactions on Satoshi Plus, it is provided here a proof that states that if less than one-third of the nodes are malicious and enough blocks are confirmed, then transactions are secure.
Investing in Core DAO
It’s crucial to undertake extensive study and analysis before investing in any asset to determine the dangers and possibilities for development. In the case of CORE, the project’s distinctive approach to consensus algorithms and decentralized finance (DeFi) features have helped it gain a substantial amount of commercial momentum and attention within the blockchain community. The Satoshi Plus consensus method, which tries to combine the benefits of both Proof of Work (PoW) and Delegated Proof of Stake (DPoS) consensus processes, has been developed by the CORE team.
Additionally, demand for DeFi platforms and protocols has increased as a result of the growing acceptance of Web 3.0 technologies. The DeFi capabilities of CORE, such as yield farming, liquidity pools, and staking, may draw a sizable user base and spur future project growth. Furthermore, the impending listing of CORE tokens on other cryptocurrency exchanges may improve their liquidity and expose them to a larger market.
There are hazards, though, just as there are with any investment. The cryptocurrency market is quite erratic, and values may move drastically for a number of reasons, including market sentiment, governmental restrictions, and technological advancements. When investing in CORE or any other asset, it is vital to have a well-thought-out exit strategy in place and take into account variables including personal financial objectives, risk tolerance, and market circumstances.
In the end, it’s crucial to get advice from a financial expert or professional before making any investing selections. Investors should carry out their own investigation and analysis prior to making any investment choices because the material presented here is not intended to be a piece of financial advice.
Where to Buy CoreDAO?
CORE can be purchased on several cryptocurrency exchanges or directly by bridging tokens to CoreDAO network. At the moment of this writing, you can buy $CORE at the following exchanges: OKX, Bybit, uobi, Gate.io, and Poloniex.
It’s crucial to keep in mind that different exchanges could have different trading pairings, costs, and security measures. Before engaging in any transactions, it is advised to carry out in-depth research and evaluate different exchanges. To avoid losing your assets to hackers or security breaches, it’s also essential to keep your cryptocurrencies in a safe wallet for which you have the private keys.
Core DAO, can resolve the “Blockchain Trilemma,” and is destined to serve as the cornerstone of Web 3. CoreDAO offers better scalability, security, efficiency, and decentralization thanks to its consensus process, Satoshi Plus, which combines PoW with DPoS. The network’s support for EVM also enables users, developers, and other parties to fully utilize the potential of decentralized apps. The Core network’s foundation currency, CORE, aspires to provide the value accrual and usability layer for all decentralized apps through its proven scarcity, contraction mechanism, and governance. To sum up, Core is a very promising platform that has the potential to move Web 3 in the direction of a future that is more safe and decentralized.