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What is Core Token?

January 23, 2024

Core Token acts as a payment method, facilitator, and verifier within the CoDeTech ecosystem. This includes the CorePass ID app for digital identity and Ping Exchange, which uses the blockchain-based app for login.

At present, the online world is flourishing with various blockchain networks that function on the basis of smart contracts, and within the Core Blockchain ecosystem, this takes the form of Core Token (CTN).

Core Token is a form of payment, a facilitator, and a verifier in all services supported by the CoDeTech ecosystem running on the Core Blockchain, the first of which is the CorePass ID application that serves as your digital identity, and also Ping Exchange, the first hybrid exchange to have integrated the blockchain-based app as its login gateway.

The digital asset has limited 1 billion units in supply, leading to its significant demand. The users are also provided with 18 decimal places to manage facilitation in high demand and limited supply.

This article details the inner functionality of Core Token within the Core Blockchain network and its further specifications.

How Does Core Token Work?

Upon entering the online environment, the systems need a method of verifying you. Only after you have been identified can you participate in the network’s activities. This process is called tokenization or digitization. Core Token thus serves as a means of identification while conducting a transaction or sending and receiving data. In blockchain terms, this is called a utility token.

Core Token as a Smart Contract

As the custodian of the Ylem Smart Contract programming language with Comet Software, unique to the CoDeTech environment, Core Token allows developers to create decentralized applications (Dapps) within the network and test them on a local test net.

The token is interconnected around the globe by a series of Oracles, injecting financial instruments into Smart Contracts, which allow them to serve as collateral for any stable token or stablecoin.

Core Token as a Form of Payment

As a utility token, its wide range of use provides several payment executions. The general public is able to use the token in peer-to-peer transactions, as well as any government, business, organization, and consumer services while providing data protection, traceability, and transparency.

As the facilitator of services, Core Token operates on a unique algorithm that calculates a backward reward based on participation on CoDeTech’s platforms, such as CorePass, TiNG, Ark, and more.

Core Token as an API and Oracle Connector

Core Token is the primary requisition for connecting the API Oracles of the Core Blockchain network, CoDeTech’s services, and the use cases, the driving force behind the value of the digital asset.

These connectors function in several programming languages, such as Golang, JavaScript, Node.js, PHP, .Net, Java, Dart, and others that are available on request.

Core Token as a Validator and Verifier in CorePass

Another unique feature of Core Token is its connection to the CorePass ID Application, where it serves as a necessary component in the process of verifying one’s identity, or the service provider. The smart contract itself accounts for records verification, data transmission, and overall execution.

CorePass plays a crucial role in CoDeTech’s decentralized environment of Dapps, as it directly serves as their login platform and KYC provider.

The Utilization of Core Token Outside the CoDeTech Ecosystem

Unlocking the potential of Core Token will emerge as a pivotal force, both within the Core network and beyond its borders. By seamlessly integrating the Core Token ecosystem with external networks and applications, a new era of possibilities will begin its course, empowering individuals and organizations alike to harness the immense power of this transformative technology.

Core’s unique programming allows the network and its ecosystem to be fully interoperable with other blockchains, centralized environments, and cloud platforms. This means that you can utilize Core Token in all centralized services outside the network while staying decentralized.

This feature opens up a whole new spectrum of utilization opportunities. Any industry is capable of being digitized. Thus, several key areas of life where Core Token could find its use include banking, insurance, education, health care, transport, manufacturing, and the list goes on.

The integrating mechanisms of Core Token are appropriated for the adoption of any regular set of standards and specific attributes of both tangible and intangible digitized objects, or both fungible and non-fungible cryptographic object classification.

Tokenomics

The current token allocation consists of a large portion (44.53%) spread across the community, 20% reserved for the ecosystem liquidity, 15% dispersed within the team, with the remaining amount divided between Core Lab, advisors and ambassadors, ecosystem treasury, and marketing (see the graph for further specifics).

How to Buy Core Token

Core Token is available on the Ping Exchange platform and in the aforementioned CorePass, which also serves as your CTN wallet.

On the Ping exchange, you can buy CTN for cryptocurrencies in multiple pairs.

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