CORE Core

Core Use Cases

Core serves multiple purposes within its ecosystem:

• Payment Method: Core is used as a form of payment in peer-to-peer transactions, as well as in services provided by governments, businesses, organizations, and consumer services.
• Facilitator and Verifier: It acts as a facilitator and verifier in all services supported by the Core ecosystem, including the CorePass ID app for digital identity and Ping Exchange for blockchain-based login.
• DeFi Applications: Core supports various DeFi applications such as lending (Colend Protocol), staking (Pell Network), and decentralized exchanges (COREx Network).
• Interoperability: Core provides interoperability with other blockchains, allowing for cross-chain interactions and the use of Core tokens in centralized services outside the network.
• Smart Contract Platform: Core is the custodial platform for smart contracts deployed within the Core Blockchain Network, enabling developers to create decentralized applications (DApps).
• Asset Digitization: It uses programmable smart contracts to operate on decentralized applications, respecting current legal structures and financial regulations.
• Non-Custodial Bitcoin Staking: Core allows Bitcoin holders to stake their BTC directly on the chain without transferring ownership, providing full control while staking.

Advantages of Core

• Quick Development and Popularity: Core is a rapidly developing and popular system, with over 30 million transactions made on its mainnet by April 2023, despite being launched in January 2023.
• Fairness: Core has lower entrance barriers for users who want to be validators and other participants, making it more accessible.
• Decentralization: Core combines Proof of Work (PoW) and Delegated Proof of Stake (DPoS), allowing for both mining and staking, and making the system secure, decentralized, and scalable.
• Smart Contracts and DApps: Core is compatible with the Ethereum Virtual Machine, enabling smart contracts and DApps functionality.
• Bridge: Core allows bridging of crypto from Binance Smart Chain and Ethereum, enhancing interoperability.

Disadvantages of Core

• Complexity: The protocol is technically saturated, making it difficult for newcomers to the crypto world to understand.
• Governance: Currently, the Core team oversees the DAO, which is not fully decentralized, though plans are in place to change this in the future.
• Scalability: Like many blockchain projects, Core may face scalability issues as it grows, which could slow down the network and increase transaction times.
• Energy Consumption: The use of PoW in Core's consensus mechanism could lead to high energy consumption, similar to other blockchain projects.
• Regulatory Uncertainty: Core, like other cryptocurrencies, operates in a regulatory environment that is still evolving, which can create uncertainty for businesses and investors.

Founders and Governance

The Core project is governed by a decentralized autonomous organization (DAO), known as the Core DAO. The specific founders of Core are not detailed in the available information, but it is clear that the project is managed by a DAO, which is responsible for the development of the Satoshi Plus ecosystem. This contrasts with Core Scientific, a separate entity involved in blockchain and digital asset mining, which has a different leadership structure.

Investors in Core

• LayerZero: As of January 2023, LayerZero is listed as an investor in Core DAO, though the specific amount of the investment is not disclosed.
• Core Chain Ventures: This venture fund is committed to driving innovation within the CoreDAO and Bitcoin ecosystem, providing access to a network of stage-agnostic investors.
• Crypto Core Capital Investments: Although not directly related to Core DAO, this hedge fund manager, founded in 2017, is involved in crypto investments but does not appear to be an investor in Core DAO specifically.

Additional Information

• Core DAO Funding: The total funding for Core DAO is not publicly disclosed in detail, but it includes investments from entities like LayerZero.
• Investment Rounds: The specific investment rounds and amounts for Core DAO are not fully detailed in available sources.

Is Core Halal?

No, most Islamic scholars consider Core and similar cryptocurrencies as potentially haram due to several reasons:

• Lack of Intrinsic Value: Cryptocurrencies like Core do not have inherent value and are not backed by tangible assets.
• Market Volatility: Their value is highly speculative and based on market fluctuations, which introduces an element of Gharar (excessive uncertainty).
• Anonymity and Lack of Regulation: The anonymity of transactions and the lack of oversight from financial authorities can lead to illegal activities such as money laundering, which are haram.
• Speculative Nature: The trading of cryptocurrencies often involves speculation, which is akin to gambling and is forbidden in Islam.