CoreDAO (CORE) is an EVM-compatible Layer 1 blockchain that leverages the Bitcoin hash rate and delegated proof-of-stake (DPoS) consensus mechanism to build a truly decentralized, scalable, secure, and decentralized distributed network for users.
This article will explore the CoreDAO blockchain in detail to understand what it is and how it works. We will also take a look into the CORE token and learn what purpose it serves on the blockchain, make price predictions, and name exchanges where the token is listed, before determining whether CoreDAO is a credible cryptocurrency project.
What is CoreDAO?
CoreDAO is a Turing-complete, Layer-1 blockchain that promotes true decentralization. The Ethereum Virtual Machine (EVM) compatible protocol takes advantage of the Bitcoin hash rate and delegated proof-of-stake (DPoS) to create a highly scalable, secure, and decentralized network.
The project aims to solve the blockchain trilemma of a network not being able to become decentralized, secure, and scalable all at the same time.
The solution proposed by the CoreDAO team is the Satoshi Plus consensus, where the blockchain is supposed to guarantee decentralization through Bitcoin’s computing power and scalability through the DPoS consensus mechanism.
Let’s see how this is put into practice.
How Does CoreDAO Work?
CoreDAO’s patented Satoshi Plus consensus mechanism is a combination of Bitcoin’s proof-of-work (PoW) and Ethereum’s proof-of-stake (PoS). It employs a protocol-driven validator election process that aims to maximize the network’s security, scalability, and decentralization.
While Bitcoin’s computing power will ensure decentralization, Ethereum’s PoS ensures CoreDAO’s scalability and holistic security. For the time being, Core is the only blockchain to use the Satoshi Plus consensus.
These are major participants in the CoreDAO network:
| Validators | Validators are responsible for block creation and verifying transactions. Those who want to become network validators have to register and stake CORE to be eligible. |
| Relayers | Relayers are in charge of sharing information from Bitcoin to the Core blockchain. They are also required to register and stake CORE. |
| BTC Miners | Bitcoin miners can join the Core blockchain if they can delegate their mining power to a validator. |
| Core Holders | Core holders own CORE and can join the network by delegating their holdings to a validator. |
| Verifiers | Verifiers check for any bad behavior on the blockchain and report it. Misbehavior by validators can lead to their stake being slashed. |
What is the CORE Cryptocurrency?
CORE is a native utility token of the CoreDAO blockchain. It is mainly used for paying gas fees and staking. CORE closely follows Bitcoin’s tokenomics, with a total supply of 2.1 billion tokens.
CoreDAO promises to burn a percentage of the block rewards and gas fees, similar to Ethereum’s model. There is also a token emission schedule that will be paid out over 81 years.
With CORE, the blockchain hopes to incentivize Bitcoin miners to delegate their hash power to the network after mining rewards on the Bitcoin blockchain significantly decline around the year 2040.
CoreDAO (CORE) Price Prediction: 2024, 2025, 2026, 2027, 2028, 2029, 2030
At the time of writing, CORE is trading at $3.18 – up 19.5% in the last 24 hours.
Based on its current valuation, CORE is forecast to trade at a minimum price of $1.46 and a maximum price of $1.70 in 2024. The average trading price for CoreDAO this year is $1.50.
After analyzing the price of CORE in previous years, it is assumed that in 2025, the cryptocurrency will be trading within a price range of $2.10 and $2.56. The average trading price for CoreDAO next year is estimated to be $2.16.
Market experts are predicting that in 2026, CORE is expected to trade within a minimum and maximum price range of $3.17 and $3.63, respectively. The average trading price for the cryptocurrency during that year is $3.26.
By 2027, it is assumed that CORE could be trading between $4.74 at its lowest and $5.49 at its highest. The average trading price of the token during that year is expected to be around $4.87.
In 2028, the minimum and maximum price at which CORE could trade is expected to be $7.17 and $8.30. The average trading price for the asset during that year is $7.36.
By 2029, experts are predicting CORE to drop to a minimum rate of $9.82, but it might still reach a high of $12.25. The average trading cost for the token during that year is estimated to be $120.19.
In 2030, it is forecasted that CORE could be trading between $14.69 and $17.08. The average trading price for the token during that year is expected to be around $15.09.
Where to Buy CORE Tokens?
Here is a list of exchanges on which you can buy and trade CoreDAO (CORE):
Is CoreDAO a Credible Cryptocurrency Investment?
CoreDAO is an innovative blockchain that aims to solve the long-standing problem of blockchains not being able to be decentralized, secure, and scalable, all at once.
The project takes advantage of Bitcoin’s proof-of-work (PoW) and Ethereum’s proof-of-stake (PoS) to guarantee the achievement of the three core principles.
CoreDAO is the only existing Layer-1 blockchain that is known use to this consensus mechanism.
The project that closely follows Bitcoin’s mechanics also paves the way for Bitcoin miners to join as block validators. This is because block rewards for mining Bitcoin are going to significantly reduce after 20240, giving the miners a lifeline in the process.
All things considered, I can say that CoreDAO is a credible cryptocurrency and blockchain project. However, as is the case with all cryptocurrencies, CORE is also prone to extreme price volatility. Therefore, it is crucial to do your research before investing in CoreDAO.
