Introduction
As blockchain technology continues to evolve, scalability remains one of the key challenges limiting widespread adoption and usage of decentralized applications (dApps). Platforms like Ethereum can only process a limited number of transactions per second, leading to network congestion and high gas fees. This is where Coreum comes in – it is an ambitious new blockchain project that aims to enable dApps with unlimited scalability through innovations in consensus protocols and architecture.
In this post, we take an in-depth look at Coreum, its technical design, key features, native tokenomics, and development roadmap.
About Coreum
Coreum is designed as a dual-layer blockchain that can support high transaction throughput and decreased latency needed for mass adoption of dApps. It aims to achieve this by combining proof-of-stake with practical byzantine fault tolerance (pBFT) based consensus. The former secures the network while the latter enables scalability.
The platform is fully compatible with the Ethereum Virtual Machine (EVM), allowing easy deployment of Solidity smart contracts. It essentially serves as a high performance alternative to Ethereum with familiar tooling and architecture.
The Coreum mainnet is targeted for launch in Q3 2022. Its native token CORE will power the ecosystem. An internal testnet dubbed ‘Logos’ is already live for development and testing.
Technical Architecture
Coreum uses a multi-layer technical design to separate execution from consensus. The key layers are:
Coordination Layer: This oversees the overall network operations like transaction ordering, block creation, stake delegation, and node identity management. It relies on a delegated proof-of-stake (DPoS) consensus, where CORE token holders elect ‘Witness Nodes’ to validate transactions.
Execution Layer: This is where transaction execution and smart contract computation happens. It comprises of ‘Executor Nodes’ that process and execute transactions parallelly. The separation from consensus enables fast parallel execution.
Consensus Layer: This layer uses pBFT consensus amongst Witness Nodes to reach agreement on the state of the Execution layer. This allows for high transaction throughput with low latency.
By splitting up the different functions, Coreum is able to optimize each layer specifically for scalability, security and speed. The coordination and consensus layers ensure decentralization and trustless security enforced by CORE stakers.
Key Features and Highlights
Here are some of the key features and highlights of the Coreum platform:
Unlimited Scalability – By leveraging pBFT consensus and parallel execution, Coreum aims to offer unlimited scalability and throughput capable of supporting global dApp adoption.
EVM Compatibility – The platform is fully EVM compatible, allowing easy deployment of Solidity smart contracts. This is a major advantage over other new blockchains with proprietary VMs.
Interoperability – Coreum plans to offer interoperability with other chains through bridges or layer 2 solutions. This will help dApps leverage liquidity and users on external networks.
Self-Governance – Protocol changes and platform evolution will be governed on-chain by CORE holders through voting and proposals. This ensures decentralization.
Open Participation – Anyone can run nodes, validate transactions, and earn block rewards by staking CORE. This allows open participation in securing the network.
Low Fees – The high scalability and consensus design allows Coreum to offer low transaction fees, making dApps more affordable for users.
Carbon Neutral – Coreum uses a hybrid consensus model that requires significantly less computing power, helping minimize its carbon footprint.
Overall, Coreum seems technically robust with a unique multi-layer architecture optimized for scalability and mainstream usage. By retaining EVM compatibility, it also opens up a ready market of Ethereum developers and applications.
CORE Tokenomics
The CORE token is designed to be the native utility token of the Coreum ecosystem. Here are its key utility cases:
Network Security – CORE will be staked for running Witness and Executor nodes that validate transactions and secure the network.
Transaction Fees – Fees for using the network and executing transactions are paid in CORE. This incentivizes node operators.
Governance – CORE holders can vote on protocol changes and platform upgrades to steer evolution.
Delegation – Token holders can delegate their stake to nodes to earn a share of rewards without running a node directly.
Liquidity Provision – CORE will be used to incentivize liquidity providers on DEXs and lending pools to boost trading and utilization.
Thus, the tokenomics seem well-designed with CORE acting as a multipurpose crypto asset. Its value should increase in proportion to dApp usage and adoption on Coreum.
Distribution and Supply
The max supply of CORE is capped at 10 billion tokens. The distribution mechanism is as follows:
- 65% for public sale events and incentive programs
- 20% for the Coreum Foundation to support R&D
- 10% for seed sale investors and advisors
- 5% for the team
This ensures majority of tokens are publicly owned to promote decentralization. Being an uncapped supply also prevents concentration by a few large stakeholders.
Various lock-up periods and vesting schedules apply to different allocations to align incentives for long-term growth.
Roadmap and Development Progress
Coreum was initially conceived in 2018 by founders Victor Nosko and Vasylyna Bugaieva. The protocol development started in earnest in 2020. Here are some key milestones:
Q2 2022 – Internal testnet ‘Logos’ launched for testing consensus and core components
Q3 2022 – Target mainnet launch with full EVM and smart contract functionality
Q4 2022 – Decentralized governance enabled, allowing community voting
2023 – Cross-chain interoperability solutions to connect with external networks
2024 – Enabling of privacy features like anonymous transactions
Currently, the team is focused on bug bounties, audits, and testing on the Logos testnet. The launch of mainnet later this year will be the major milestone to watch out for.
Conclusion
Coreum is an ambitious project tackling one of the most pressing needs in blockchain – scalability. With its innovative multi-layer architecture, pBFT based consensus, and EVM compatibility, it could emerge as a viable scalability solution for real-world dApps.
However, the technology is still nascent and yet to be proven at mainnet scale. The team has pedigree but execution remains key. That said, Coreum’s progress so far has been promising and its technical foundations look solid.
With more testing and rollout through 2022, Coreum could become a leading smart contract platform for Web3 developers. The efficiency improvements over Ethereum could catalyze a new generation of innovative and usable dApps across industries.
“Get Early Exposure to Coreum’s CORE Tokens on Bitrue Exchange Ahead of the Highly Anticipated Mainnet Launch”
“Don’t miss out on CORE, the native token powering the highly anticipated Coreum blockchain. With mainnet launch expected in Q3 2022, now is the time to get exposure to CORE before mass adoption drives demand.
Coreum aims to solve blockchain scalability using innovative consensus mechanisms like pBFT. Its compatibility with Ethereum’s EVM also makes it appealing for developers looking to build the next generation of dApps.
You can purchase CORE on the Bitrue exchange, which offers easy onboarding from fiat currencies. Bitrue is one of the first exchanges to list CORE, giving you early access.