Is 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 like Ethereum and Bitcoin.
• Core staking has been successful, with over 20 validators and users earning rewards for participating in the network.
• The platform has progressed in development and innovation, fostering a thriving community and forming strategic partnerships in the blockchain industry. However, the price of the $CORE token has not met expectations.

Introduction

The emergence 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 garnered attention for its vision of creating a secure, scalable, and decentralized ecosystem for several unique dApps and platforms. 

However, as with any innovative endeavor, questions arise about its success or failure. In this article, we delve into the features of the Layer-1 Blockchain and assess its progress, shedding light on its potential and resilience in 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 offer a secure and transparent environment for conducting transactions, building dApps, and establishing decentralized systems in the blockchain industry. 

Exploring Core Network’s Performance in the Industry

1. Scalability and Throughput: 

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

While users complain of 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, ensuring users’ demands are met quicker. 

2. Staking: 

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 boasts over 20 validators, comprising notable protocols like M Labs, Bitget, Huobi, and more. 

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

3. EVM-Compatibility: 

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

Progress and Achievements

1. Development and Innovation: 

Core DAO Blockchain has made notable progress in its development and innovation endeavors. The platform has introduced a unique consensus mechanism and smart contract functionalities, aiming to enhance security, efficiency, and interoperability. 

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

2. Community Engagement: 

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 its functionality and governance. This collaborative approach fosters a sense of ownership and strengthens the network's ecosystem. 

3. Strategic Partnerships: 

Core DAO Blockchain has formed strategic partnerships and collaborations with other projects and platforms in the blockchain space. These partnerships foster interoperability, expand the platform's capabilities, and drive adoption across various industries. Collaborative efforts strengthen the ecosystem and contribute to the platform's progress.

Notable Disappointment 

Core DAO has made promising signs months after launching mainnet to the public. The protocol’s top-notch scalability, EVM compatibility, and staking feature have contributed positively to its overall performance in the industry. While it's still early days, we can expect the network to continue its development. 

Perhaps, the major 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 above the $100 Million mark. The coin has significantly depreciated from its All Time High (ATH) in February, which was $6. The Core community, however, is still optimistic about the coin’s long-term future. 

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