Core: The Scaling and Programmability Solution for Bitcoin

Core developed the Core blockchain (CORE) as a scaling and programmability solution for Bitcoin, differentiating it with its Satoshi Plus consensus

Key Insights

Core (CORE) is a scaling and programmability solution for Bitcoin, aiming to enhance BTC's capabilities while maintaining its security. Core's unique features include its Satoshi Plus consensus, EVM execution environment, Core governance, and coreBTC bridge.

Launched in early 2023, the Core community is building an ecosystem of Bitcoin-focused applications, aiming to leverage Bitcoin's security wherever possible. Core's goal is to create a thriving ecosystem of dApps, DEXs, lending protocols, and other applications that cater to the needs of both BTC and CORE token holders.

Core's Key Offerings

Non-Custodial BTC Staking secures the Core network and delivers yield to Bitcoin holders. The yield is sourced from Core’s BTCfi platform, providing an endogenous source of Bitcoin value creation.

The Core network uses the EVM, which means it can leverage Ethereum’s infrastructure and ecosystem for expansion. Wallets like MetaMask, developer tooling like Hardhat, and DEXs like SushiSwap are found on Core. This familiarity reduces the development overhead and has other benefits, such as reducing the risk of exploits. Core’s ecosystem developers can leverage the learnings of EVM development on Ethereum, Arbitrum, Avalanche, and other EVM chains.

Core announced they would release two new products in Q4: Dual Staking and LstBTC. The introduction of the two new features has been termed the Fusion Upgrade.

Core's Non-Custodial BTC Staking

Core uses the novel Satoshi Plus consensus mechanism. Satoshi Plus is a hybrid model of Delegated Proof-of-Work (DPoW), Delegated Proof-of-Stake (DPoS), and Non-Custodial BTC Staking. Unlike merge-mined sidechains, Core validators, rather than Bitcoin miners, are responsible for mining new blocks.

Core accepts both CORE and BTC as staking assets. This allows users to choose how they want to participate in Core's consensus and earn rewards. Users can stake CORE tokens to become validators or delegate their BTC to validators.

Core validators are responsible for validating transactions, proposing new blocks, and collecting rewards. The rewards are then distributed among the validators and stakers based on their contribution to the network.

Core's Non-Custodial BTC Staking provides several benefits:

Core's Non-Custodial BTC Staking is still in its early stages of development, and there are plans to introduce new features and enhancements in the future.

Core's EVM Execution Environment

Core is EVM-compatible, which means it can run smart contracts and applications that are built for the Ethereum Virtual Machine (EVM). This compatibility allows Core to leverage the vast ecosystem of tools, applications, and developer knowledge that has been built around Ethereum.

Core's EVM execution environment enables a wide range of possibilities for the network and its users. Some of the key benefits of Core's EVM compatibility include:

Core's EVM execution environment is a powerful tool that can be used to create a wide range of applications and services. As Core continues to grow and develop, we can expect to see even more innovative and useful projects being built on the network.

Core's Fusion Upgrade: Dual Staking and LstBTC

Core has chosen to sunset coreBTC by introducing LstBTC in the Fusion Upgrade. While coreBTC initially enabled users to hold BTC on Core, LstBTC allows them to keep BTC liquidity while also staking, thereby contributing to Core's consensus mechanism.

By unlocking BTC liquidity and providing more utility and yield generation opportunities on its network, Core expands its moat as a leader in BTCFi.

Core's Dual Staking and LstBTC are two highly anticipated new products that are set to be released in Q4. These two new features will significantly enhance Core's value proposition and open up new possibilities for its users.