Core is an L1 blockchain that combines the composability of an EVM chain, with the decentralization and security of Bitcoin. $CORE is the native token of the Core blockchain.
Satoshi Plus consensus combines Proof ofWork (PoW) and Delegated Proof of Stake (DPoS) to leverage the strengths of each while simultaneously ameliorating their respective shortcomings. Specifically, Bitcoin computing power guarantees decentralization, the DPoS and leadership election mechanisms ensure scalability, and the entire network holistically maintains its security.
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.
In effect, CORE will asymptotically approach the total of 2.1 billion tokens but never fully reach it, similar to the Avalanche’s tokenomics model.
The block rewards for CORE will be paid out over an 81-year period. This longer period increases the likelihood of the success of the chain by fully incentivizing all network participants before transitioning to compensation purely by transaction fees. This additional block reward in the form of CORE can also be thought of as a way for existing BTC miners to continue receiving subsidies after the Bitcoin block rewards are stopped (around 2040) by becoming validators on the Core network leveraging their existing hash power.
Until Core reaches the point of sufficient decentralization, the Core team is charged with overseeing the network through their control of the DAO. Functions include, but are not limited to altering the number of validators, regulating governance parameters, and setting the percentage of block rewards and transaction fees that are burned. The DAO’s membership will continue to expand and once sufficient decentralization arrives, early CORE holders are tasked with creating and maintaining a community that believes in the Core mission and the sustainability of the network. Core is not limited to any particular vision or ideology. Diversity is our strength. We’re a crypto melting pot made possible by our simple, core goal: Secure, scalable, and decentralized digital currency for an internet based on freedom, transparency, and self-sovereignty. All are welcome.
