Bitget Makes a Salute to Satoshi’s Ideology Through $50M Commitment in Core DAO Ecosystem Fund
In this article, we will learn about Core DAO and explore the exciting partnership between Core DAO and Bitget.
One of the largest centralized exchanges, Bitget will invest $50M to support the development of Core DAO - a blockchain powered by Satoshi Plus consensus.
The blockchain trilemma, decentralization, security, and scalability, has been a long-standing issue for many popular decentralized networks. As Web3 technology continues to grow, it presents a significant challenge for blockchain developers. Enter Core DAO, a new Layer 1 blockchain that tackles the trilemma head-on by combining the power of Proof of Work (PoW) and Delegated Proof of Stake (DPoS).
Core: The Next-Generation Blockchain with Bitcoin and Ethereum Roots and Beyond
Introduced for the first time in January 2023, Core is a brand-new blockchain that draws on the best features of Bitcoin and Ethereum. Within three months since its mainnet, Core has already significantly impacted the blockchain world, boasting a massive and enthusiastic community of over 1.75 million followers on Twitter and over 245,000 members on Discord.
And there is more! Their reach is not just limited to social media engagement but also technology. Core has already been used to manage over 3 million transactions with 4 million unique addresses. It also can handle smart contracts and a variety of decentralized apps (DApps). This impressive level of activity is a testament to Core's ability to handle large-scale transactions while maintaining a high level of security and decentralization.
To address the blockchain trilemma, Core has implemented Satoshi Plus Consensus, which is designed to be more secure and efficient than Bitcoin's Proof of Work, while also being more decentralized than Ethereum's Proof of Stake.
What is Satoshi Plus Consensus, you may ask?
Satoshi Plus Consensus Illustration
Source: Core DAO White Paper
Satoshi Plus is a hybrid consensus mechanism that combines the benefits of Proof of Work (PoW) and Delegated Proof of Stake (DPoS).
PoW is a practical mechanism for Bitcoin. It ensures transactions are verified and secure by solving complex math problems to validate transactions and creating new blocks in the blockchain. This process requires a lot of computing power and energy, which can be costly and not environmentally friendly.
Proof of Stake (PoS) consensus was introduced in 2012 to enhance scalability and reduce energy consumption. Instead of relying on energy-intensive mining, PoS selects validators based on the number of native tokens they stake. However, staking requirements in PoS can be a barrier to entry for smallholders. That’s why Satoshi Plus employs Delegated Proof of Stake (DPoS), a more efficient way to verify transactions. DPoS allows coin holders to vote for a group of validators who are responsible for verifying transactions and creating new blocks. These validators are chosen based on how many coins they have staked, which means they have to put up some of their own coins as collateral to become a validator.
Combining PoW and DPoS, Core begins with a pool of validators with hash power and staked tokens. Then, they select a combination of these validators using an algorithm designed to identify the most effective combination of both techniques. As a result, the transaction rate is high while security and decentralization remain optimal.
Core DAO: User-Led Governance for a Truly Decentralization
In the ever-evolving world of blockchain, decentralization is the key to a new era of trust, transparency, and security. Core DAO (Decentralized Autonomous Organization) was created to bring decentralization to a new level.
Core DAO has the power to set transaction fees and governance parameters, guaranteeing that the network as a whole is considered when making decisions rather than a select few. Any member of the community can make a proposal, which will then be put to the vote. This ensures that the members of DAO, and not some external body, are in charge of the network.
CORE token is the utility and governance token of the Core Network. With a total supply of 2.1 billion tokens, CORE can be used to pay for transaction fees, stake in the Core network, and participate in the Core governance process.
CORE token distribution
Source: Core DAO Medium
Bitget x Core DAO: Break Down Borders and Bring Decentralization to the Masses
As the keenest advocate of decentralization, Bitget recognizes the immense potential of the Core DAO project to bring decentralization to the masses. We will be providing full support to the development of the Core with a $50 million commitment in the Ecosystem Fund. The Core DAO’s Ecosystem Fund, which is worth $200 million, will offer financial aid to potential early-stage projects with the aim of backing research and development, recruitment, marketing community-building activities, and other priority growth initiatives.
With this commitment, Bitget will be supporting the listing of projects in the CORE ecosystem and opening the CORE trading zone on our platform. We will also become one of the validators and support CORE staking on Bitget. This will allow over 8 million Bitgetters to easily participate in the Core DAO ecosystem and benefit from its innovative technology.
Bitget has always been committed to fostering innovation in the blockchain space by providing a secure and user-friendly platform for a borderless trading experience. The collaboration with Core DAO is another step towards achieving this goal by supporting the development of a decentralized, secure, and scalable blockchain ecosystem.
Disclaimer: All investment strategies and investments are subject to the risk of loss. Nothing contained in this article should be construed as investment advice. You are strongly advised to do due diligence and invest at your own risk.
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