The blockchain trilemma is a well-studied problem by scientists and market participants. It states that all L1 public chains, including Bitcoin and Ethereum, must make tradeoffs among optimal security, scalability, and decentralization. Here we introduce a new public chain powered by Satoshi Plus consensus: the Core network.
The Core network is an EVM-compatible L1 public chain. As an evolution of the Geth codebase, Core leveraged the improvements made by the BNB Chain team to add greater throughput and cheaper transactions through hard forks. Nevertheless, Core differs from BNB Chain in many ways. The biggest distinction is that Core’s solution to trilemma is Satoshi Plus consensus, which combines proof of work (PoW) and delegated proof of stake (DPoS) to protect the network, inheriting the decentralization and security of Bitcoin. Specifically, Bitcoin computing power ensures decentralization, DPoS and the leadership election mechanism guarantee scalability, and the network maintains its security holistically. These modifications enable Core to remain decentralized without facing the performance tradeoffs seen in traditional PoW consensus systems. With the strength of communities, Core will achieve the network effects necessary for a successful cryptocurrency and serve as the much-needed springboard for wider adoption of Web3.
1. Project Details
（1） Absolute decentralization and security
The Core network showed sufficient vitality and advantages in the testnet phase. With over 1.2 million unique addresses, 400,000 daily active addresses, and 467,000 daily transactions, the testnet is proof of Core’s early functionality. Since the launch of its mainnet on January 14, Core has seen over 29,000 transactions every day, far higher than most new public chains.
Core is unique in that the consensus mechanism is designed and ready from the outset to incorporate delegated hash power from the Bitcoin mining ecosystem at no additional cost to Bitcoin miners, whose participation will ultimately strengthen the Core network by anchoring the consensus in Bitcoin’s decentralization.
Compared with other L1 public chains, the Core network will gain absolute advantages in scalability, decentralization, and security. A test trade using test coins delivered perfectly smooth transactions and no pending situations in the browser.
(2) A sound token economy
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. The exact percentage to be burned will be determined by the DAO.
$CORE holders can profit by staking in a process called DPoS in the Satoshi App. $CORE stakers can also delegate their staked shares to validators. The staking APY could be high. In effect, Core will asymptotically approach the total of 2.1 billion tokens but never fully reach it, similar to Avalanche’s tokenomics model.
Core’s block rewards will be paid out over 81 years. This longer period increases the likelihood of the chain’s success by fully incentivizing all network participants before transitioning to compensation purely through transaction fees. These additional block rewards in the form of Core can also be considered a way for existing BTC miners to continue receiving subsidies after the Bitcoin block rewards are stopped (in around 2040) by becoming validators on the Core network leveraging their existing hash power.
(3) High community engagement
The project enjoys a broad community base — the Core DAO Twitter account has over 1.4 million followers, and Core’s Discord channel has 208,000 members, with an online count of 2,600. Additionally, followers and members have launched a large number of influencer Twitter accounts in Chinese and in English that have generated extensive publicity.Non-circulatable app data was airdropped before the launch of tokens. Some ecosystem projects are planned to be deployed on the Core network, including DEX and cross-chain bridge projects, as well as the interconnection with BNB Chain.
2. Fully Decentralized Governance
Until a fully decentralized Core is reached, the Core team oversees the network through their control of the DAO. Functions include, but are not limited to, changing the number of validators, regulating governance parameters, and setting the percentage of block rewards and transaction fees to be burned. The DAO’s membership will continue to expand, and once decentralization is fully achieved, early Core holders are tasked with creating and maintaining a community that believes in Core’s mission and sustainability. Core does not confine itself to any specific vision or ideology. Instead, diversity is its advantage. Core DAO is a crypto melting pot made possible by its simple core goal: secure, scalable, and decentralized digital currency for an internet based on freedom, transparency, and self-sovereignty.
3. Future Explorations
(1) Scaling and cross-chain
Where Core is fully EVM-compatible, scaling solutions from Ethereum and other compatible chains, such as various types of rollups, can be leveraged. Options include a Polkadot- or Cosmos-style L0 relay and hub chain model. The future of scaling is bright — the Core network will incorporate the best technologies from other chains as research matures.
(2) Enhanced security
Although the round-robin nature of block production provides certain security benefits, it involves tradeoffs. For example, with a known ordering in advance, the protocol is not vulnerable to an entire category of potential randomness exploits. However, its fully known block-producing validator may lead to more targeted attacks. In response, Core DAO is focusing on ways to improve block production. Particularly, research centered on single secret leader election, which chains like ETH are also working on, is of great interest.
(3) A future alternative to Bitcoin rewards
When Bitcoin base rewards dry up in 2040, the Core network will still be there to provide additional incentives to Bitcoin miners. In this way, Core rewards act like a second BTC block subsidy. Combined with an extraordinarily lightweight implementation, delegating hash power to the Core network will be a financially rewarding enterprise for Bitcoin miners. By providing Bitcoin miners with extra revenue opportunities, Satoshi Plus strengthens both the Core and Bitcoin networks.
Core DAO is the decentralized network that we believe will be at the core of Web3. Its consensus mechanism, Satoshi Plus, combines PoW and DPoS to solve the oft-discussed blockchain trilemma. The Core network’s improvements in scalability, security, efficiency, and decentralization, along with EVM compatibility, unleash the power of decentralized applications for everyone, including developers and users. $CORE, the network’s base layer currency, will be overseen by the DAO. The token aims to serve as the value accumulation layer and usability layer for all decentralized applications through its provable scarcity, shrinking mechanism, and governance.
The Core team is a group of practitioners of the spirit of Satoshi Nakamoto who leverage Bitcoin’s achievements, and the birth of the Core network is the most exciting news for the epoch-making currency. In the upcoming five years, the Core network will become the trailblazer of the next technology and the cradle of projects with hundredfold market values.
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