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What is Core Blockchain and Core Coin?

January 16, 2024

Discover how Core Blockchain and Core Coin are spearheading groundbreaking advancements in the world of cryptocurrency and smart contracts, revolutionizing digital finance and securing a brighter future for decentralized technologies.

Within the tech world, few innovations have garnered so much attention and enthusiasm as blockchain. Initially introduced as the foundational framework for digital currencies like Bitcoin, blockchain has since evolved into a formidable tool with applications that extend far beyond the realm of cryptocurrencies.

At its fundamental essence, a blockchain is a decentralized digital ledger that records transactions across multiple computers or nodes. These transactions are organized into blocks, which are then linked together in a chronological sequence, thus giving rise to the name "blockchain." 

Each block within this chain contains distinct elements, including a unique cryptographic hash, a timestamp, and a reference to the preceding block. This combination of features results in an immutable and transparent record of all transactions that have ever occurred on the network.

In the ever-expanding landscape of blockchain networks, standing out requires the creation of something truly distinctive. Enter Core Blockchain, which represents the next evolutionary step in a Proof-of-Work-based approach. 

The implications of Core Blockchain extend across a wide spectrum of industries, including but not limited to finance, supply chain management, healthcare, and voting systems. This innovation holds the potential to revolutionize these sectors through its advanced technological framework and decentralized architecture. 

In essence, Core Blockchain and its associated Core Coin may pave the way for transformative changes in various domains, offering exciting possibilities for those willing to explore this dynamic frontier.

Understanding the Fundamentals of Core Blockchain

To begin, Core Blockchain emerges as a significant advancement in the realm of online security and accessibility. What sets it apart is its utilization of Edward's Curve ED448 Goldilocks encryption method, making it the only blockchain known to have implemented such a robust encryption system to date.

The core of the network operates by encrypting all messages, which are then transmitted through the underlying protocol. This platform harnesses the power of standard internet connections, GSM connections, and the Luna Mesh network, ensuring the blockchain remains available at all times.

An intriguing feature of Core Blockchain is its programming, which is poised to facilitate a transaction speed of 10,000 transactions per second. This potential velocity could position it as a formidable contender against established transaction processors like Mastercard or Visa, all while upholding the decentralized principles that underpin its operation.

To bridge the gap between the cryptocurrency realm and traditional fiat currencies, Core Blockchain leverages oracles adhering to ISO standards, specifically supporting SWIFT messages. Additionally, the integration of ICAN standards, a modernized version of IBAN, further enhances the network's functionality.

One of the standout characteristics of Core Blockchain is its compatibility with centralized environments, marking it as the pioneering network of its kind to exhibit such adaptability. This interconnectivity extends not only to other blockchain systems but also to centralized environments and cloud platforms, establishing a high degree of interoperability within the broader digital landscape.

Core Coin and Eco-Friendly Mining

One of the notable advantages that Core Blockchain provides is the nature of mining its coins (Core Coins (XCB)). 

Proof of Distributed Efficiency (PoDE)

Much like Bitcoin, Core Blockchain employs an advanced proof-of-work mechanism known as Proof of Distributed Efficiency (PoDE) to facilitate the mining of its native currency, Core Coin (XCB). This process involves earning new coins by demonstrating one's investment of time and computational power in solving blocks. However, Core's unique PoDE algorithm distinguishes it by its remarkable cost-effectiveness and environmentally friendly attributes.

The increasing complexity of mathematical puzzles in Bitcoin's mining process has led to several challenges over time. Mining Bitcoin today necessitates an extensive amount of computing power, typically requiring substantial hardware in the form of giant processors known as ASICs, as well as significant electricity consumption.

In contrast, Core Blockchain introduces a paradigm shift by enabling mining on small Internet of Things (IoT) devices while eliminating the need for ASICs altogether. In specific scenarios, the energy consumption can be as low as 8 Watts per hour.

The network's mining methodology, the aforementioned PoDE, leverages its competitive advantage by harnessing IoT devices to mine Core Coins, utilizing resources derived from sources like waste and solar energy, batteries, or power banks.

As a result, mining can be performed on a variety of devices, including mobile phones, laptops, and even smart refrigerators, owing to the algorithm's minimal power requirements. Core Blockchain thus presents a compelling solution to the environmental concerns associated with energy-intensive mining operations. It offers an accessible, eco-friendly, and cost-effective approach to cryptocurrency mining, addressing the carbon footprint issues often associated with traditional mining methods.

Core Coin (XCB)

Miners participating in the Core Blockchain ecosystem receive their rewards in the form of Core Coins (XCB), which serve as the platform's native cryptocurrency. Core Coin primarily functions as the means of processing hash transactions and network fees within the Core Blockchain network. 

Notably, the annual supply of this cryptocurrency falls within the range of 18 to 22.5 million coins, a dynamic that is expected to stimulate demand within the network.

What sets Core Coin apart is its distinctive system of denomination units, boasting a total of fifteen units. This number is significantly higher than that of any other cryptocurrency currently in existence. Core Coin allows for an impressive 18 decimal places below its standard denomination and an astonishing 26 decimal places above it, encompassing a vast range from the smallest unit known as "Ore" to the largest referred to as "Supermatter." The complete list of these denomination units is available for reference here.

Smart Contracts and Core Token

At the heart of Core Blockchain's cryptographic infrastructure lies the Ylem Smart Contract Platform, a technology unique to the Core ecosystem. This platform plays a pivotal role in facilitating the network's interoperability, offering not only support for object-oriented principles encompassing methods, functions, objects, and classes but also accommodating more extensive smart contract architectures.

Ylem builds upon the cryptographic foundations laid by Solidity, originally associated with Ethereum, and introduces enhancements in the realm of smart contract cryptography. This modernization bolsters the security measures while concurrently reducing the execution time required for smart contract operations.

An additional noteworthy feature of the Ylem Smart Contract Platform is its capacity to facilitate the creation of new CRC projects, including tokens or DeFi (Decentralized Finance) applications. For developers, this capability presents an enticing opportunity to bring their projects to fruition within an environment characterized by unprecedented levels of security and speed.

Within this intricate cryptographic framework, the Core Token assumes a central role. It functions as the fundamental smart contract operating within the Core Blockchain ecosystem. The Core Token serves multiple key functions: it acts as the gateway into the blockchain, plays a pivotal role in driving both the supply and value dynamics across the entire network, serves as a crucial connector, and operates as a utility token, enabling the seamless transmission and reception of data within the Core Blockchain ecosystem. 

In essence, Core Token serves as the groundwork that underpins the functionality and cohesion of the network, making it an essential component of the Core Blockchain landscape. 

The Utilization Possibilities Are Endless

Core Blockchain, with its formidable security and robust availability, is poised to gradually gain widespread utilization and adoption on a global scale. Its multifaceted applications span across various industries, promising a multitude of benefits.

Primarily, Core Blockchain stands to revolutionize the world of finance and payments. It serves as a secure financial messaging platform, facilitating encrypted message exchange and cross-border transactions. Empowered by Secure Smart Contracts, denoted as Ylem, Core Blockchain is well-equipped to enable the seamless transfer and digitization of value within its network.

Governments can harness the capabilities of Core Blockchain to safeguard data integrity on a national scale. The blockchain's potential extends to hosting elections, offering each citizen a token to cast their vote securely. This innovative technology holds the promise of preventing election fraud, eradicating the risk of double votes, and providing a secure repository for election data.

In the realm of healthcare and wellness, Core Blockchain assumes a pivotal role. Protecting and automating medical data has become increasingly essential in our digitally driven world. Utilizing the blockchain for disease monitoring and tracking ensures the availability of the most up-to-date and accurate information during medical emergencies.

Within the food industry, Core Blockchain offers a compelling solution for supply chain tracking. By implementing blockchain technology, the industry can significantly enhance safety measures and proactively prevent food-related virus outbreaks.

Telecommunications also stand to benefit significantly from Core Blockchain's capabilities. The Luna Mesh Network, facilitating connectivity via radiofrequency and laser transmission, empowers communication between peers even in the absence of an internet connection.

Beyond these sectors, Core Blockchain's potential spans a wide spectrum of technological advancements. It promises innovations in mass media, geosciences, aerospace, energy, armed forces, education, and various other domains. As it continues to evolve, Core Blockchain emerges as a versatile and transformative force with the capacity to shape and enhance numerous facets of our modern world.

Where Do We Go from Here?

One of the first significant use cases built on the Core Blockchain comes from Core Decentralized Technologies (CoDeTech). With its initial launch, CoDeTech brings you CorePass (a decentralized digital identity), and Ping (a hybrid exchange). Later, these platforms will be followed by Ting (video-streaming platform), Ark (e-commerce platform), Heyo (decentralized chatting platform), and more.

Every day, Core Blockchain is catching the attention of significant players in the blockchain and digital industry, making it an ever-so-slightly attractive network to build your Dapps on.

To learn more about Core Blockchain, how to mine its coin, and what other possibilities it provides, visit the official website.

To purchase the Core Coin and Core Token or participate in their trading, visit Ping Exchange, the first platform to exclusively offer these assets.

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