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Core Blockchain Future, Genesis Allocation, and the Evolution of DAO Structures

Category: DAO ● ● 9 min read

Charting the Future

In the spirit of transparency pivotal for any blockchain technology, it is of utmost importance to be familiar with the genesis block and where the assets sprouting from it are allocated.

In this article, we will shed some light on the initial allocation of Core Coin (XCB) from the genesis allocation into the DAO structures of the CORE FOUNDATION and elaborate on what the road holds for the future of Core Blockchain ahead.

The Importance of a Genesis Block​

The genesis block holds a pivotal role in the architecture of a blockchain, serving as the foundational block from which all subsequent blocks are linked. Its significance extends beyond the technical aspects of blockchain development to impact the perception and market dynamics of the associated cryptocurrency.

Firstly, the genesis block establishes the initial conditions of a blockchain, defining parameters such as the initial distribution of coins and any fundamental rules governing the network. This inherent design influences the overall supply and demand dynamics of the cryptocurrency. For instance, if a substantial portion of the cryptocurrency is minted at the moment of inception, it may affect market perceptions of fairness and decentralization, influencing investor sentiment and trust.

Moreover, the transparency and integrity of the genesis block play a crucial role in fostering trust among users and investors. A well-documented and openly accessible genesis block can enhance the credibility of the cryptocurrency project, while any controversies or doubts surrounding its creation may erode confidence and impact market prices.

In the context of market prices, the genesis block indirectly influences investor sentiment and market trends. Positive perceptions of a fair and decentralized genesis block may attract more participants, driving demand and subsequently affecting prices.

In summary, the genesis block is not only a technical starting point for a blockchain but also a symbol of the cryptocurrency's integrity and fairness. Its design and transparency can influence investor trust and sentiment, thereby affecting the market dynamics and prices of the cryptocurrency.

The Genesis Allocation of Core Coin (XCB)​

The genesis allocation of Core Blockchain was minted on 6.5.2022 at 10:34 UTC. The assets originating from this allocation have been distributed to the following wallets in the following quantities:

The code that allows you to explore the genesis allocation on Mainnet can be found in the go-core repository on GitHub here.

The encoded list of wallets is available at this link in the go-core repository on GitHub.

You can find the script describing the steps to decode and verify the wallets here.

With 20 months of XCB transpiring since the release of the Core Blockchain in May 2022 and more than 34 million XCB mined, the Genesis allocation appeared to manifest itself as the ideal alternative for underwriting stable token/coin networks, secured DeFI and blockchain-based TradeFi projects, as well as liquidity staking under a DAO-controlled platform, all to the benefit of the Core Blockchain community, given the significant strides Core Blockchain has made in attracting large miner interest in XCB.

Ultimately, the Core Genesis Allocation of Core Blockchain turned out to be a significant milestone in the journey of blockchain technology, especially in the context of real-world asset tokenization underwriting and secure liquidity. As the initial foundation of the Core Blockchain network, the Core Genesis Allocation not only symbolizes the network's inception but also serves as a testament to its innovative and pioneering role in the blockchain arena.

This initial block, which will be managed within a Decentralised Autonomous Organisation (DAO) network, embodies the collaborative spirit and active participation of the Core Community, ensuring that the network remains transparent, secure, and truly decentralized.

Core Blockchain's commitment to real-world asset tokenization is not just a fleeting ambition. By 2035, the market for such tokenization is expected to reach a staggering US$6 billion. Core Blockchain is strategically positioned to be at the forefront of this revolution. The network is designed to maintain full transparency and secure coin value, leveraging the decentralized nature of the blockchain. This approach should not only foster trust among its users but also underpin the security, stability, and reliability of the network.

The significance of the Core Genesis Allocation goes beyond its role as the first block in the chain. It serves multiple critical functions, including:

  1. Initializing the Network: The Core Genesis Allocation was intended to be the starting point of the Core Blockchain, containing essential data that sets the parameters for subsequent blocks. It is now the cornerstone that supports the structure of the blockchain to be able, under its DAO network, to enter real-world asset tokenization within any of the Core Blockchain's competitors.
  2. Ensuring Consensus: In blockchain technology, consensus is vital. The Core Genesis Allocation helps establish a common ground for all participants, agreeing on the original state and rules of the network protocols in the Core DAO Network.
  3. Transparency and Network Security: Its presence guarantees the traceability and validation of all following blocks, safeguarding the network's integrity against malicious activities (hence the last-minute announcement of the Core Genesis Allocation).
  4. Setting the Block Price: Unique to the Core Genesis Allocation, this feature incentivizes miners to contribute to the network's security and stability right from the outset of the starting price of CHF 1.00.
  5. Pioneering Significance: Beyond its technical role, the Core Genesis Allocation is a symbol of Core Blockchain’s revolutionary approach in a new era of decentralized, peer-to-peer technology that promises to reshape an inclusive society and economy.

In summary, the Core Genesis Allocation of the Core Blockchain is more than just the first block in a blockchain. It's the embodiment of the network's principles, a beacon of decentralization, and a catalyst for innovation in asset tokenization. Its management through a DAO network, under the guidance of the CORE FOUNDATION and its founders, underscores a commitment to transparency, security, and community participation, key elements that will drive the network's growth and influence in the years to come.

Core’s first strategic funding plan​

The CORE FOUNDATION's management recently approved a strategic liquidity funding plan to enhance the capabilities of the Core Ecosystem, particularly focusing on CorePass and Ping Exchange, two use cases that are going live in the Core Ecosystem. The funding is allocated as follows:

  1. Initial CorePass Wallet Funding: This step involves injecting funds into CorePass wallets, ensuring that users have access to XCB for purchases. It's a foundational move to kickstart user transactions within the ecosystem as well as place liquidity in the hands of users.
  2. CorePass Transaction Fee Funding: A portion of the funds is earmarked for CorePass to cover transaction fees. These fees are crucial for fingerprinting data into the blockchain, especially during KYC (Know Your Customer) processes or other verification procedures initiated by users. It ensures the smooth processing of these essential security measures.
  3. Ping Exchange Wallet Funding: This involves allocating funds to Ping Exchange wallets, specifically to cover transaction fees. These fees are used to compensate users who share their data, fostering a mutually beneficial relationship between the platform and its users.

The amounts transferred to the various wallets within CorePass and Ping Exchange were carefully calculated based on projected user activity. This precision in planning underscores the Foundation's commitment to a balanced and sustainable ecosystem. The liquidity funding, while temporary, is expected to catalyze the ecosystem's operations and will eventually be returned to the original funding wallet, ensuring a cycle of efficient fund utilization and replenishment within the Core Ecosystem.

CORE FOUNDATION and DAO Structure​

Exciting times lie ahead as the Core Coin (XCB) prepares to make its debut in the market, poised to accrue value and engage in active trading. In light of this significant milestone, it is with genuine enthusiasm that we unveil the trajectory of the Core Blockchain after the release of CorePass and Ping Exchange, outlining the itinerary of our journey as we venture into this dynamic landscape.

As we embark on this venture, we are not only introducing a cryptocurrency but ushering in a new era of decentralized possibilities.

Similarly, we are proud to shed light on the DAO (Decentralized Autonomous Organization) structures that will underpin the Core Blockchain. These structures symbolize our dedication to fostering a democratic and community-driven ecosystem, empowering users to actively participate in the decision-making processes that shape the evolution of Core Coin.

This introduction is not just a mere formality; it is a sincere invitation to join us on this transformative journey. The Core Coin's foray into the market is not just a transaction; it's a testament to our shared vision for a decentralized future.

Core DAO Network

The basic structure of the CORE FOUNDATION as a Decentralized Autonomous Organization consists of:

  1. CORE FOUNDATION
  2. Core DAO Network
  3. SubDAOs

The projects underwritten by the genesis allocation assets shall always adhere to full transparency and be decided by the community’s vote.

The founders do not possess the right to move the assets of the Core Blockchain Genesis Allocation freely but rather be guided by the community’s needs and appointed foundation advisors. Therefore, these Genesis Allocation coins will not find their way into the regular XCB circulation. In the event of any of such coins being allocated, the rules will always ensure the return of the funds into the always transparently available Genesis Allocated Wallet.

After the release of CorePass and Ping Exchange, the founders will be able to release a new CORE FOUNDATION and Core DAO Network website in Q1 2024, where community members will be able to apply for memberships.

Furthermore, the websites will define all the rules and guidelines, as well as the Terms and Conditions.

Year-End Statistics​

In conclusion, let’s look at the latest Core Blockchain statistics, as of 29 December 2023, the time of writing. The most notable stats entail:

  • Blockchain Height: 7,278,574
  • XCB Mined: 34,397,992
  • Network Difficulty: 338.84 Mh/s
  • Network Hashrate:44.54 Mh/s

To the new year, we would like to wish Core Blockchain many more blocks and a steadily rising popularity. The network was built for the people, relying on full transparency.

Happy New Year, Core Nation!