Today, all of us who live on the bleeding edge of technology that is Web3 know just how powerful it can be. Just how disruptive the current applications are, and just how unfathomably paradigm-shifting those that lie on the horizon might be. With blockchain technology being implemented within supply chains, national currencies, and even our entertainment, the rest of the world, too, is beginning to understand how much Web3 will change our systems for the better.
The current blockchains that we use, however, as they experience increased popularity, face increasing challenges as they hit their own unique roadblocks. Commonly referred to as the ‘Blockchain Trilemma’, many popular decentralized networks face a scenario where, in the pursuit of either decentralization, security, or the ability to quickly and effectively scale, they are forced to sacrifice one of the three.
Blockchains like Core are specifically designed to overcome this problem. In Core’s case, it leverages the Proof of Work consensus mechanism of the Bitcoin blockchain, and a modified Proof of Stake mechanism, called Delegated Proof of Stake.
what is core ?
Core is a new blockchain that leverages the advantages of Bitcoin’s proof of work network and the attributes of a delegated proof of stake consensus mechanism to achieve a network that is secure, decentralized, and scalable all at once.
How does Core work?
The Core network is a blockchain meant to maximize security, scalability, and decentralization by employing the use of its consensus mechanism called Satoshi Plus. True to its name, Satoshi Plus leverages the upsides of the PoW framework of the Bitcoin network, *plus* taking advantage of powers granted by the newer, more scalable DPoS model of network consensus. This blockchain is also what we call ‘Turing-complete’, meaning that, given enough time, it can solve any computational problem. In practice, this means developers can build more complex applications. The end result? A better ecosystem. And speaking of ecosystem, the network is also EVM (Ethereum Virtual Machine) compatible so that it can run Ethereum smart contracts and dApps. This helps developers build and port their builds with convenience.
Equally important in all of this is that Core leaves behind the shortcomings of said mechanisms. That is, PoW’s weak scaling makes it very hard for developers to build applications that go beyond Bitcoin’s store-of-value proposition; advanced Web3 applications are what builders deeply want for the space. Satoshi Plus also aims to do away with Proof of Stake (PoS) networks’ (such as Ethereum) tendency to become more centralized. On paper, a PoS framework should allow for more decentralization but in practice, centralized financial custodians (CeFi) tend to contain a high percentage of voting power on any given network.
Satoshi Plus
Satoshi Plus is the consensus mechanism by which the Core network is secured, and leverages hash power generated by miners on the Bitcoin blockchain as well as a Decentralized Proof of Stake mechanism. Keeping in mind the concept of the blockchain trilemma, the former helps it achieve decentralization while the latter helps the network achieve a level of scalability that PoW networks might not achieve due to their low transaction throughput. Together, these two consensus mechanisms help secure Core.
