A new take on Proof of Work – Core Blockchain XCB is a dark horse for 2024
Core Corner Issue 1: Weekend column looking into the Core Blockchain (XCB) ecosystem.
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Welcome to my new weekly column, Core Corner. This feature is focused on Core Blockchain (XCB), a layer-1 ecosystem attempting to reshape the decentralized digital landscape.
Last year, I met with the chain's core developers, CoDeTech, and produced this short documentary on the development up to that point. Since then, the team has launched the first applications on the network, notably the CorePass ID digital identity wallet and Ping Exchange, a peer-to-peer CEX trading from hybrid cold storage wallets.
Core Blockchain XCB Ping and CorePass launch.
One of the most interesting choices for Ping was to remove market makers from the equation, meaning every trade is between two real traders with no synthetic volume or orders. CEO Ockert Loubster said on X,
“Trading on a hybrid decentralized exchange (DEX) like Ping exchange, which operates without market makers and is driven purely by person-to-person (P2P) trading, offers a unique approach to buying and selling digital assets.”
From what I've seen, the decision to launch without market makers aligns with CoDeTech's continual approach over the years of its development. When presented with two options, one commercially advantageous and the other less so but aligning with a P2P, decentralized, self-sovereign ethos, they always choose the latter, and much harder, option.
It's likely for this reason that the blockchain has gone under the radar by much of the Web3 world and why I refer to its development as being in ‘public stealth.' While it has been building in public for years, it has done so without utilizing the methods other chains used to gain notoriety, such as eye-catching VC funders, token sales, airdrops, influencer shilling, or celebrity endorsements. While I'm not saying these methods are detrimental to the health of an ecosystem, bootstrapping it in the way that CoDeTech has done creates a highly level playing field for anyone looking to get into the space.
After nine years of development, Core XCB is a nascent layer-1 blockchain that I believe has the potential to emerge from the next bull run as a leader in Web3, similar to the eventual winners after the dot-com bubble popped. Further, recently deployed token standards open the door to a new developer community beyond its original developers, making the white space available one of the more exciting opportunities in an increasingly saturated marketplace.
Core Blockchain (XCB)
The Core blockchain represents a novel approach utilizing a proof-of-work consensus variant called Proof of Distributed Efficiency (PoDe). It operates on a low-energy Proof of Work (PoW) mechanism, differentiating it from its predecessors and optimizing it for IoT devices. With proof-of-stake networks coming under greater regulatory scrutiny than PoW and PoW being criticized for its high energy usage, PoDe may offer some exciting opportunities in the current market.
While much of the energy debate regarding PoW can be somewhat mitigated through renewable energy, lower energy usage is still beneficial. Still, Core XCB is not in competition with networks like Bitcoin. Instead, it compares to chains in the Web3 world, such as Ethereum and Solana.
While CoDeTech was the initial developer for Core XCB, the ecosystem acts similarly to Ripple within the XRP ecosystem, helping it transition into full community development. CoDeTech Founder Ockert Loubster has stated that it's essential that Core XCB is accessible to all, fostering an environment of equality and opportunity.
The lack of traditional venture capital funding and pre-sale token models has thus prevented wealth concentration and ensured a level playing field for all participants. Core Improvement Proposals (CIP) act similarly to EIPs on Ethereum, with CoDeTech actively encouraging developers to join the network and contribute to the project.
CoDeTech has transitioned to building a suite of dApps on the network, asserting its commitment to creating a decentralized, user-centric web3 ecosystem. A vital component of this ecosystem is CorePass, a digital identity wallet that functions as a hybrid cold storage wallet.
CorePass revolutionizes the concept of data ownership by enabling users to monetize their data, shifting the paradigm from data being the product to users being compensated for their information. If a third-party dApps wants to access a user's data for processes such as AML/KYC, it must pay the user for access, which is verified on the chain. This means the user is renumerated for giving away valuable information, while the vendor is assured the data is accurate and up to date.
The Core ecosystem currently comprises several key components:
- Core Blockchain: The foundational blockchain network employing PoDE.
- Core Token (CBC20): A utility token facilitating various functions within the ecosystem.
- Ping Exchange: A digital asset exchange platform within the Core ecosystem.
- CorePass: The digital identity wallet central to the user experience.
- Luna Mesh Network: P2P Mesh network enhancing connectivity and decentralization.
In the pipeline is developing a streaming platform, Ting, reminiscent of a combination of Twitch, Zoom, and OBS seamlessly integrated with CorePass. This platform is expected to launch in 2024 further to enhance user engagement and interactivity within the Core ecosystem.
A really unique feature of Core XCB is its interconnection with a peer-to-peer mesh network, Luna Mesh. This innovative approach aims to reduce dependence on the public internet, reinforcing the platform's commitment to decentralization and user sovereignty. We'll discuss this more in another column.
The network tokens run on a CBC-20 standard, similar to ERC-20, but with added functionality for real-world assets and regulatory-compliant sandboxes. This strategic design aims to ensure compliance with diverse national regulations without compromising the decentralized and self-sovereign nature of the underlying protocol. The PoDe-mined coin XCB is fully decentralized, separating consensus from on-chain tokens.
Nine-year journey of Core, ring-fenced from scandal.
From my experience, CoDeTech has poured its vision and technical expertise into developing an ecosystem that is a technological marvel while also being a fully user-centric platform. Core Blockchain's journey over the past nine years is a tale of persistence, innovation, and gradual evolution. It's a story of a project that stayed largely under the radar, meticulously refining its technology and approach.
This development period has enabled Core Blockchain to critically analyze and learn from the successes and limitations of other blockchain projects, resulting in an ecosystem that is a transformative leap in Web3.
The future of Core XCB is as promising as its journey has been. It may be poised to usher in a new era in the Internet of Value, focusing on global inclusivity, community involvement, and a balanced approach to regulatory compliance. This would pave the way for the future of decentralized internet, finance, and beyond.
Core Blockchain's unique position in the crypto world is marked by its emphasis on security, compliance, and user empowerment. Its commitment to these principles, especially in the wake of FTX, Celsius, Binance, etc., positions it as a forward-thinking ecosystem, ring-fenced from the rest of Web3.
In conclusion, Core Blockchain may be more than just another new blockchain platform. Its vision and innovative ecosystem embody the essence of Web3, representing a beacon in the blockchain space, illuminating the path toward a decentralized future.
For builders, investors, and enthusiasts alike, Core Blockchain offers a unique opportunity to be part of a transformative journey in the blockchain world. I highly recommend builders look into deploying on Core and how CorePass ID can be used to validate and verify users.
