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Overview of the Core Blockchain

Introduction​

Core is designed as the first Bitcoin-aligned Ethereum Virtual Machine (EVM) compatible blockchain. It introduces a novel consensus mechanism called Satoshi Plus, which leverages Bitcoin miners and holders to secure a hyper-scalable smart contract platform.

Purpose and Mission​

The primary goal behind the Core blockchain is to unlock both the Bitcoin network and the Bitcoin asset, creating a scalable, permissionless, and BTCfi-empowering smart contract platform powered by Bitcoin’s decentralized security and market value.

Core envisions a future where Bitcoin evolves from just a store of value into a true medium of exchange within its BTCfi ecosystem. This transition fully unlocks Bitcoin’s potential as the most secure form of money.

The key to this shift is Bitcoin alignment because central to Bitcoin is its role as an incentive aligner. The Bitcoin blockchain is designed to securely preserve the Bitcoin asset by aligning incentives across stakeholders, but its limitations impact speed, scalability, and flexibility. Instead of changing Bitcoin’s base layer, Core extends this alignment through its unique Satoshi Plus consensus mechanism. Together, Bitcoin’s Nakamoto Consensus and Core’s Satoshi Plus consensus reinforce one another, simultaneously defending the Bitcoin asset and Bitcoin-powered smart contracts, respectively. It also unlocks benefits like a risk-free rate for Bitcoin holders, a second reward for Bitcoin miners, and a growing BTCfi ecosystem for both Bitcoin and DeFi users.

Core Technology​

  1. Satoshi Plus Consensus: This innovative consensus mechanism combines Delegated Proof of Work (DPoW), Delegated Proof of Stake (DPoS), and Non-Custodial Bitcoin Staking, thereby incorporating Bitcoin miners, CORE stakers, and Bitcoin stakers, respectively, in the election of Core validators. Each of these three legs of Satoshi Plus introduces a new layer of security and incentive alignment.
    • Delegated Proof of Work (DPoW): Bitcoin miners enhance Core's security by delegating their hash power to Core validators, earning supplemental rewards in the form of CORE tokens. This symbiotic relationship leverages Bitcoin's robust security infrastructure without additional costs to the miners, aligning incentives and bolstering network integrity.
    • Delegated Proof of Stake (DPoS): Holders of CORE tokens actively participate in Core's consensus by delegating their tokens to validators. This ensures a high level of network security and provides stakers with CORE token rewards, encouraging broad participation and maintaining a balanced, decentralized validator election process.
    • Non-custodial Bitcoin Staking: Bitcoin holders can lock their assets in absolute time locks on the Bitcoin network, earning CORE token rewards for delegating to validators on Core while maintaining custody of their assets. This innovative approach transforms Bitcoin into a yield-bearing asset, adding value without compromising the security and trust inherent to the Bitcoin network.
  2. Advanced Smart Contract Capabilities: Core is fully EVM compatible layer-1 blockchain. This feature of Core enables developers to build on a familiar building environment in which they can easily port existing Ethereum-based dApps to Core without significant changes, encouraging adoption and growth within the Core ecosystem.
  3. Security Enhancements
    • Enhanced Transaction Validation: Core involves Bitcoin miners and Bitcoin stakers in the security of its smart contracts.
    • Guardian Nodes: In addition to existing security checks, Verifiers are responsible for monitoring the network for any signs of malicious activity and can penalize bad actors with verifiable proof.
  4. Interoperability Features
    • Cross-Chain Interoperability: As a scalable, EVM-compatible blockchain, Core has integrations with many cross-chain dApps and bridges.
    • Core Bridge: Powered by Layer Zero, Core Bridge facilitates effortless asset transfers between Core, Bitcoin, and other supported EVM blockchains.
    • lstBTC (Upcoming): is a liquid, yield-bearing Bitcoin token issued on the Core blockchain, enabling Bitcoin holders—especially institutional investors—to earn BTC-denominated yield while maintaining full liquidity and security.
  5. Usability and Accessibility
    • User-Friendly Interfaces: The products offered over the Core blockchain are easily accessible through several user-friendly and commonly used wallets and interfaces.
    • Comprehensive Developer Tools: Core supports an extensive suite of tools to help developers build, deploy, and manage applications on Core.
  6. Governance and Community Engagement
    • On-Chain Governance: Core blockchain also features an on-chain governance procedure that ensures transparency and inclusivity in decision-making. Key decisions, like changes to the on-chain parameters, adjustments to rewards and burn mechanism, etc., are made through community participation and on-chain voting, giving users a direct say in the platform’s development.
    • Community Incentive Programs: Core offers various programs to reward community members for their contributions. Whether through development, education, or active participation in governance, users are incentivized to help grow and improve the ecosystem.

State of the Core Ecosystem​

Core is home to a robust and growing BTCfi ecosystem. Many protocols on Core are focused on Bitcoin and Bitcoin derivatives (i.e., Bitcoin-native assets based on Bitcoin, such as Bitcoin, Ordinals, Runes, etc). Bitcoin is largely an underutilized asset, as the limited programmability of Bitcoin Script makes it challenging to activate Bitcoin in conventional DeFi protocols while maintaining custody of the asset(s). With a consensus mechanism integrated with Bitcoin’s own consensus, Core is aimed at providing a DeFi environment for protocols to utilize Bitcoin-based assets with minimal trust assumptions. Furthermore, builder support and incentive programs like Core Wishlist, Core Ignition, Core Ignition Builders' Incentive Program, Core Starter Program, and Core Commit Program are intended to support and incentivize building innovative projects on Core and catalyze more growth around Bitcoin DeFi.
Explore the ever-expanding Core ecosystem here.

Future Vision​

The Core roadmap is designed in accordance with the primary goal of unlocking Bitcoin. This includes many structural upgrades designed to further align Bitcoin and Core, creating a better user experience for users and leveraging other areas of research and development. Ultimately, these items serve to make a more interconnected and functionally diverse blockchain ecosystem where Bitcoin's foundational strengths are leveraged to support new and emerging technologies and applications in DeFi. Some roadmap items include:

  • Local Fee Markets: Improvements that can make transactions more predictable and cheaper.
  • Core Atomic Swaps: Leveraging HTLCs, Core Atomic Swap will enable the trustless, peer-to-peer exchange of tokens between Core and other blockchains, including (and especially) Bitcoin.
  • lstBTC: This liquid staking feature would allow BTC stakers to earn yield on their asset while preserving the liquidity to participate in the DeFi landscape of Core and supported networks.
  • Restaking: This addition would enable other protocols to benefit from Core's Bitcoin protection.

Conclusion​

By leveraging its unique Satoshi Plus consensus mechanism, Core integrates Bitcoin miners, CORE stakers, and non-custodial Bitcoin stakers, ensuring robust security and decentralized governance. This innovative approach enhances Bitcoin's utility and fosters a thriving BTCfi ecosystem, empowering users, developers, and investors to unlock new opportunities in decentralized finance. As Core continues to grow and evolve, it stands poised to further Bitcoin’s role as the central pillar of a scalable, permissionless, and interconnected financial future.