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Overview of the Core Blockchain

Introduction​

The Core blockchain 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 Bitcoin 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. The result is a scalable, permissionless, and BTCfi-empowering (Bitcoin DeFi) smart contract platform secured by the decentralized infrastructure and vast market value of Bitcoin.

The vision of Core’s future is one in which Bitcoin transitions from a mere Store of Value into a true Medium of Exchange within Core’s scalable and Bitcoin-powered BTCfi ecosystem. The Bitcoin asset, the most securely sound form of money ever witnessed, can finally be fully unlocked.

The central enabler in this transition is Bitcoin-alignment, because central to Bitcoin is its role as an incentive aligner. Fundamentally, the Bitcoin blockchain is a network of incentive-aligned stakeholders stewarding the security of the Bitcoin asset. That simple goal of securing the Bitcoin asset makes Bitcoin incredibly strong, yet also purposefully limited. Due to Bitcoin’s importance as a perfectly sound, gold-like store of value, the network is designed with purposeful limitations at the protocol level to maximize its preservation and permanence over its scalability. These intrinsic limitations impact Bitcoin’s speed, complexity, composability, interoperability, and flexibility.

Changing Bitcoin’s base layer is akin to fitting a square peg in a round whole, so instead of altering what makes Bitcoin special, Core simply extends that unique incentive alignment to its smart contract platform. This alignment occurs through Core’s unique consensus mechanism, Satoshi Plus. Together, Bitcoin’s Nakamoto Consensus and Core’s Satoshi Plus consensus reinforce one another, simultaneously defending the Bitcoin asset adn Bitcoin-powered smart contracts, respectively. In alignment with Bitcoin, Satoshi Plus unlocks the Bitcoin Risk-Free Rate for Bitcoin holders, a second block reward for Bitcoin miners, and an expansive BTCfi ecosystem for 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 not only ensures a high level of network security but also 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 blockchain, earning CORE token rewards while maintaining custody of their Bitcoin. 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

    • EVM Compatibility: Enables developers 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.
    • Core-Native Wrapped Bitcoin (coreBTC): A decentralized, trust-minimized solution for bridging Bitcoin to Core, allowing it to be used seamlessly on the Core blockchain for smart contracts and other BTCfi activities while maintaining a 1:1 peg with Bitcoin.

  3. Security Enhancements

    • Enhanced Transaction Validation: Core involves both Bitcoin miners and Bitcoin stakers in the security of its smart contracts.
    • Guardian Nodes: In addition to existing security checks, Verifiers have the sole responsibility of monitoring the network for any signs of malicious activity and can penalize bad actors with verifiable proof.

  4. Interoperability Features

    • Trustless HTLC Atomic Swaps: Hashed TimeLock Contracts enable the trustless, peer-to-peer exchange of tokens between Core and other blockchains, including (and especially) Bitcoin.
    • Cross-Chain Interoperability: As a scalable, EVM-compatible blockchain, Core has integrations with many cross-chain dapps and bridges.

  5. Usability and Accessibility

    • User-Friendly Interfaces: Core is accessible through many user-friendly and commonly used wallets and interfaces.
    • Comprehensive Developer Tools: A suite of tools and documentation is provided to support developers in building, deploying, and managing applications on Core.

  6. Governance and Community Engagement

    • Transparent Governance Processes: Certain variable parameters like the burn mechanism involve a transparent and inclusive decision-making process, allowing community participation and on-chain voting.
    • Community Incentive Programs: Community members have initiatives designed to reward users for their contributions to the ecosystem, whether through development, education, or participation in governance.

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 Ordinals NFTs). 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, grants and builder programs like Core Wishlist, Core Ignition and Core Ignition Builders' Incentive Program are intended to 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 at further aligning Bitcoin and Core, creating a better user experience for users, and leveraging other areas of research and development. Ultimately, these items should 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:

  • Dual-Staking: Creating higher Bitcoin staking rates for stakers of both Bitcoin and CORE tokens.

  • Local Fee Markets: Improvements that can make transactions more predictable and potentially cheaper.

  • Atomic Swaps: Leveraging HTLCs, atomic swaps can continue to be a source of structural alignment between the Bitcoin and Core blockchains.

  • coreBTC Improvements: Integrating coreBTC with Core Chain’s Satoshi Plus consensus and using multisig wallets can increase the security of the asset. Additionally, Lockers could be given more collateral options.

  • coreBTC as a Gas Token: This option would allow users to pay for transaction fees in either CORE or coreBTC.

  • Bitcoin LST: This feature would allow BTC stakers to earn yield on their Bitcoin while also using that BTC for various applications on Core.

  • Restaking: This addition would enable other protocols to benefit from Core Chain’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 not only enhances Bitcoin's utility but also 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.