Core is officially here!
With mainnet’s launch, the decentralization, soundness, and security of Bitcoin can finally meet the scalability, interoperability, and composability of Ethereum. Now officially live for the first time in history, Satoshi Plus consensus enables the combination of Proof of Work, Delegated Proof of Stake, and an efficient Validator Election Mechanism to optimally blend the core elements of the blockchain world.
The learnings, progress and development in the blockchain industry over the last decade plus have been nothing short of amazing. The goal at Core’s ideation was to reimagine a blockchain with those learnings in mind as if Satoshi launched Bitcoin in 2023. Now, a Turing complete, EVM-compatible blockchain progressively hardened by Bitcoin mining hash power is free to operate at the core of Web3.
Mainnet Ignition
Like other proof of stake (“PoS”) chains, Core faces a “chicken or the egg” problem. How can validators post a deposit without already having been rewarded tokens? And how can delegators be rewarded tokens without first delegating to the network? Addressing this dilemma head on, Core’s mainnet launch has not been a singular moment, but rather a process to broadly distribute network responsibilities to ultimately result in a sustainably decentralized set of validators.
Over the past few days, Core’s mainnet was in the ignition phase. This preliminary period did not involve much economic activity. Rather, it was designed for kicking off block production and introducing CORE tokens into the ecosystem so as to prioritize decentralization at Core’s mainnet launch.
Validator Decentralization
Specifically designed to address the PoS “chicken or the egg” dilemma, ~15 Genesis Validators began adding blocks to the chain a few days ago, accruing CORE token rewards in the process. The Genesis Validators distributed CORE tokens to new, non-Genesis validators so that these new Validators could be elected into the quorum. This newly elected quorum of Validators now produces blocks in conjunction with the rules of consensus. With the new Validators participating in the consensus process and bringing the network live, Satoshi Plus has officially been born!
When the new Validators were elected into the quorum, the Genesis Validators became DAO Validators, which operate under the same rules as all other validators. As additional CORE tokens enter circulation and more validators go live, an economy of Validators will likely emerge competing for delegation. All Validators will be elected via the Validator Election process described in the Core White Paper.
Only the Beginning
Mainnet’s launch is not the end of Core’s journey. It is the first step. Now, Core believers can directly participate in Core’s bold expedition. As described in Why Stake, staking is one of the best and easiest ways to directly participate in Core’s future. The act of delegating staked Core to a broad set of validators is an essential function for network security and decentralization. A new blockchain era is just beginning.
In addition to securing and decentralizing the network via staking, Core DAO’s efforts will increasingly focus on hardening the Core network alongside the Bitcoin mining community. With the proof of work element of Satoshi Plus fully operational at the start, Core is ready to onboard Bitcoin miners. The process for delegating hash power to the Core network is extraordinarily lightweight and early miners can qualify for additional incentive rewards.
The Core network aims to uphold the Bitcoin network by acting like a second BTC block reward. When Bitcoin block rewards dry up in 2040, the Core network will be there to provide rewards for Bitcoin miners as they do the same for Core.
Core’s principled and patient approach has been a superpower thus far, allowing Core to avoid compromises on security, scalability, and most notably decentralization. Going forward, patience will still be a core principle as Core is in it for the long haul. An uncompromising focus on core blockchain elements requires a long-term view. Thus, there are many steps ahead for the Core community. This is only the beginning.
Airdrop Up Next
Now that mainnet has launched, the focus can now shift to executing the first public airdrop of CORE tokens. The security and auditing of the airdrop warrant the same careful planning and execution as mainnet’s launch and this work will begin immediately in concert with our partner Satoshi App. Some of the most esteemed folks in their respective faculties globally are collaborating on this next step. Given this level of care, the airdrop will commence as soon as possible, but may take up to 60 days.
As introduced in Airdrop Incoming, 25% of the number of CORE tokens to be airdropped will be made available to users at the genesis of the airdrop with the remaining 75% set to be unlocked monthly over a two year period. Supporting network functions will not be available until the CORE tokens are unlocked. To preserve decentralization, tokens will be held in a smart contract that is not controlled by any centralized entity, but is instead enforced by code alone as decentralized blockchains enable.
Core Memory
Mainnet’s launch is a significant milestone, one that will not be forgotten. It is vital that the Core community continually remembers why Core is here. As aptly described in Core’s White Paper:
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.
DISCLAIMER
The terms and details contained herein are subject to change at any time, with or without notice. There can be no assurance that the network will go live as described or will go live at all or that any of the items related to the network will occur as described or will occur at all. Similarly, there can be no assurance that the network or any of the items related to the network will operate as described, operate without significant downtimes or without adverse consequences, or operate at all. Core and all related parties and affiliates disclaim any and all potential liability from any such failures, adverse events or any other related events. The airdrop does not constitute an offer to sell or the solicitation of an offer to purchase any investment.
