CORE

Report: Core DAO Ecosystem Update

by BSC News

November 14, 2023

chain

The article explores the new developments, enhancements, and innovations that will shape the protocol's trajectory within the CoreDAO ecosystem.

Summary

  • Launched on January 14, Core DAO rapidly emerges as a significant player in Decentralized Finance (DeFi), focusing on tackling the Blockchain Trilemma.
  • Core DAO combines the Bitcoin hash rate and delegated proof-of-stake (DPoS) consensus for a secure, scalable, and decentralized blockchain.
  • Core DAO integrates BTC.b using the Omnichain Fungible Token (OFT) Standard. This allows seamless movement between Core's blockchain and other networks, offering users the ability to use native Bitcoin on decentralized applications (dApps).
  • Launched on Oct. 31, the Core Grants Program funds projects focused on decentralization, expansion, and fortification of the Core ecosystem, supporting both early-stage and established projects.
  • Core DAO sponsors the ETH Lisbon hackathon, offering significant bounties totaling $10,000 for the best project, $2,500 for the runner-up, and additional prizes.
  • Core DAO expands its reach by integrating with the Pyth Network for CORE/USD price feed and Ankr for RPC service, providing advanced tools and global node access.

On January 14, Core DAO debuted on the mainnet stage, becoming a noteworthy player in Decentralized Finance (DeFi).

At the heart of Core DAO's mission is the ambitious pursuit of addressing the notorious Blockchain Trilemma, a conundrum that has long perplexed blockchain architects. The project takes a unique approach by harnessing the formidable Bitcoin hash rate and combining it with the efficiency of the delegated proof-of-stake (DPoS) consensus mechanism. It is designed to create a decentralized blockchain that is secure, scalable, and maintains a decentralized ethos.

Core DAO's architecture rests on the Satoshi Plus consensus mechanism, which combines the best features of Bitcoin's hash rate leverage with DPoS efficiency.

Here in this article, we will delve into the latest developments, enhancements, and innovations that shape the protocol's trajectory within the Core DAO ecosystem. 

Source: CoreDAO Twitter

Highlighting CoreDAO's Recent Updates

1. BTC.b Integration

In a strategic move, Core DAO welcomes BTC.b to its ecosystem, leveraging the Omnichain Fungible Token (OFT) Standard. This integration enables BTC.b to transition to and from Core's bitcoin hash-powered blockchain. 

Collaborating with Layer Zero and Avalanche, CoreDAO introduces BTC.b as a multi-chain, non-custodial representation of Bitcoin, uniquely bridged directly from the Bitcoin blockchain. 

The standout feature lies in the easy transfer of native Bitcoin, allowing users to promptly engage with decentralized applications (dApps) using BTC.b and convert it back into native Bitcoin without intermediaries.

2. New Website and YouTube Channel Launch

Core DAO takes a leap forward with the launch of its new website and YouTube channel. Aimed at empowering Web3 developers, the platform offers a dedicated section facilitating a seamless start for builders on Core. 

3. Fueling Innovation: Core Grants Program Unveiled

Core DAO introduced the Core Grants Program on Oct. 31, a funding initiative designed to catalyze projects focused on decentralization, expansion, and fortification of the Core ecosystem. Tailored to support developers and builders in bringing their ideas to life on-chain, the program offers two types of funding—Builder Grants for early-stage projects and Growth Grants for more established endeavors.

4. Hackathon Bounty Bonanza

As a notable sponsor at the ETH Lisbon hackathon scheduled for Nov. 3 to 5, Core DAO set the stage for innovation by offering substantial bounties for project submissions. The bounty pool included $10,000 for the best project, $2,500 for the runner-up, and an additional $2,500 for projects in the security, prevention, and awareness category. 

Winners not only secured their bounties but also had the chance to pitch their ideas to Core's Grant Committee for potential funding of up to $50,000 in CORE tokens. Raccbook, PoolScribe, and Real Fans emerged as the triumphant projects in this bounty bonanza.

5. Pyth Network and Ankr Integrations

Core DAO enhances its reach with two significant integrations. The Pyth Network launches its CORE/USD price feed, extending accessibility to smart contract developers across more than 40 blockchains. 

Concurrently, Ankr integrates its RPC service with Core, streamlining development by eliminating the need for many developers to set up their own Core nodes. Ankr's Premium RPC Plan offers advanced tools, global node locations, telemetry, debug mode, WebSockets capabilities, and more.

CORE, Core DAO’s native token, is trading at $0.5054 at the time of writing, with a market cap of $88 million.

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article

Related News

More News

;