Is the Core DAO Network a failure?

TLDR:

• Core DAO Blockchain aims to create a secure and decentralized ecosystem for dApps and platforms, combining Bitcoin’s security with Ethereum’s scalability.
• Core blockchain has shown promising performance in terms of scalability, transaction speed and low fees compared to other Layer-1 blockchains such as Ethereum and Bitcoin.
• Core staking has been successful, with over 20 validators and users earning rewards for participating in the network.
• The platform has advanced in development and innovation, fostered a thriving community and formed strategic partnerships in the blockchain industry. However, the price of the $CORE token has not met expectations.

Introduction

The rise of blockchain technology has ushered in a new era of decentralized applications (dApps) and platforms. Core DAO Blockchain, a prominent player in this landscape, has gained attention for its vision to create a secure, scalable and decentralized ecosystem for multiple unique dApps and platforms.

But as with any innovative endeavor, questions of success or failure arise. In this article, we delve into the features of Layer-1 Blockchain and assess its progress, shedding light on the potential and resilience of the decentralized finance (DeFi) space.

Understanding the Core DAO Blockchain

Core DAO Blockchain is a blockchain-based platform that aims to empower individuals and communities by providing a decentralized infrastructure using the principles of transparency, immutability and decentralization.

The blockchain combines Bitcoin’s security and decentralization with Ethereum’s scalability and utility to provide a secure and transparent environment for conducting transactions, building dApps, and establishing decentralized systems in the blockchain industry.

Exploring core network performance in the industry

1. Scalability and throughput:

Transaction speed on the Core blockchain has lived up to expectations months after the mainnet launch. Furthermore, transaction fees on the blockchain are reasonable. The core blockchain’s gas fees are the lowest compared to other Layer-1 blockchains, such as Ethereum and Bitcoin.

While users complain about extremely high gas fees on the two flagship L1 blockchains, core users enjoy seamless blockchain interaction with low transaction costs. This has positively affected the blockchain’s scalability, and ensures that users’ requirements are met more quickly.

2. Bet:

So far, Core staking has performed well in the blockchain industry. The protocol allows users to delegate Core to validators and earn rewards. The blockchain has over 20 validators, which include notable protocols such as M Labs, Bitget, Huobi and more.

These protocols contribute to the blockchain’s efficient performance by producing blocks and validating transactions. Both validators and delegators receive transaction fees and block rewards for their efforts.

3. EVM Compatibility:

The cornerstone of the Core DAO ecosystem is the EVM compatibility. Core uses Ethereum’s EVM for composability, scalability and interoperability. Developers have been able to design unique dApps by leveraging the same smart contract programming from the Ethereum Virtual Machine (EVM).

Progress and achievements

1. Development and innovation:

Core DAO Blockchain has made remarkable progress in its development and innovation efforts. The platform has introduced a unique consensus mechanism and smart contract features, aiming to improve security, efficiency and interoperability.

Ongoing research and development efforts contribute to the platform’s development and provide a solid foundation for future growth. A typical example of the protocol’s development efforts is the recent S-Prize competition designed to promote the growth of valuable dApps and projects for users while rewarding developers. You can read our article HERE for more information.

2. Community involvement:

Core DAO Blockchain has cultivated a thriving community of developers, users and stakeholders. The platform actively encourages community participation, seeking feedback, ideas and contributions to improve functionality and governance. This collaborative approach fosters a sense of ownership and strengthens the network ecosystem.

3. Strategic partnerships:

Core DAO Blockchain has formed strategic partnerships and collaborations with other projects and platforms in the blockchain space. These partnerships promote interoperability, expand the platform’s capabilities and drive adoption across industries. Collaboration strengthens the ecosystem and contributes to the platform’s progress.

Remarkable disappointment

Core DAO has shown promising signs months after launching the mainnet to the public. The protocol’s first-class scalability, EVM compatibility and staking functionality have contributed positively to its overall performance in the industry. Although it is still early days, we can expect the network to continue its development.

Perhaps the biggest disappointment is the price of $CORE. Before launch, many users expected the coin to compete with other L1 blockchains. However, that was not the case. $CORE is currently trading at $0.9 with a market cap over $100 million. The coin has weakened significantly from its February All Time High (ATH) of $6. However, the core community remains optimistic about the coin’s long-term future.

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