Coreum

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Discover Coreum's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Coreum?

Coreum (COREUM) is a layer one, proof-of-stake (PoS) blockchain designed for enterprise use, focusing on scalability, security, and interoperability. It features smart tokens with built-in business logic and supports various applications such as digital assets, stablecoins, tokenized traditional assets, and NFTs. The blockchain is built for high performance, with a capacity of up to 7,000 transactions per second, and utilizes the Tendermint Byzantine Fault Tolerance (BFT) consensus mechanism and Cosmos SDK’s Bonded Proof of Stake (BPoS).

How is Coreum used?

The Coreum (COREUM) token is the native token of the Coreum blockchain, a transactional token that facilitates all operations and functionalities within the network. It is used in various ways, including:

  • Consensus Protocol: The token is used in the Bonded Proof of Stake (BPoS) consensus mechanism, which allows for staking, delegating, slashing, and governance.
  • Tokenization: COREUM is used for tokenization, enabling the issuance of fungible and non-fungible assets on-chain, with features such as token burning, freezing, and whitelisting.
  • Smart Contracts: The token interacts with WASM-based smart contracts, enabling diverse use cases and advanced DeFi experiences.
  • Interoperability: COREUM is involved in cross-chain transactions using the IBC Protocol and Coreum’s native bridge to the XRP Ledger, ensuring swift and secure transactions.
  • Staking and Rewards: Validators and delegators use COREUM to participate in the consensus, increase network security, and earn rewards.
  • Custody and Integration: The token can be held in regulated custody and integrated with REST APIs for wallets and staking, as seen in BitGo’s support for Coreum.

These uses highlight the versatility and importance of the COREUM token within the Coreum ecosystem.

How do I store Coreum?

To store Coreum (COREUM) tokens, you can use various wallets that support the Coreum Mainnet. Some popular options include:

  • Cosmostation: A non-custodial multi-chain wallet that supports over 50 chains, including Coreum.
  • Ledger: A hardware wallet that provides secure storage and allows you to send, receive, and stake Coreum tokens.
  • Leap Wallet: An advanced wallet designed for Coreum and other Cosmos chains, offering features like on-chain governance voting and NFT management.
  • FoxWallet: A multi-chain web3 wallet that supports Coreum and other blockchain networks.
  • BitGo: A regulated custody service that provides financial services and core infrastructure for investors and builders.
  • Edge: A multi-chain wallet that partners with various blockchain services.
  • D’CENT: An ultra-secure hardware wallet using secure chip technology.
  • Citadel.One: An all-in-one solution for wallet management, staking, and DeFi gateways.
  • AirGap: A self-custody solution that allows offline transaction signing using a spare smartphone as a Cold Wallet.

How to buy Coreum?

To buy Coreum (COREUM) tokens, follow these steps:

  1. Choose a Crypto Exchange: Select a reliable crypto exchange that supports Coreum trading, such as gate.io, MEXC, or Bitget. Compare fees, security features, and supported currencies before making a choice.

  2. Create an Account: Register a free account on the chosen exchange's website or app. Provide required personal information, including your name and email address. You may need to complete Know Your Customer (KYC) verification to increase withdrawal limits and unlock additional features.

  3. Deposit Funds: Deposit funds into your exchange account using a credit or debit card, bank transfer, or other supported payment methods. You can also transfer existing cryptocurrencies to the exchange.

  1. Buy Coreum: Use the deposited funds to buy Coreum tokens. You may need to purchase a stablecoin like USDT first and then trade it for Coreum on the spot market.

  2. Store Your Tokens: Once you have purchased Coreum, store them securely in a wallet supported by the exchange or transfer them to an external wallet for long-term storage.

  3. Monitor Your Investment: Keep track of your Coreum investment performance and adjust your strategy as needed.

Remember to research and understand the fees, risks, and terms associated with each exchange and payment method before making a purchase.

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History of Coreum

Coreum (COREUM) is a blockchain platform designed specifically for businesses, focusing on scalability, security, and decentralized applications. The project was co-founded in 2021 by Bob Ras and Reza Bashash in Dubai, United Arab Emirates. Bob Ras is a prominent figure in technology and blockchain, known for his strategic contributions to the industry, including the development of Sologenic and CoreNest. Reza Bashash has over two decades of experience in technology and has been instrumental in advancing blockchain technology through his work.

Coreum's blockchain architecture is designed to accommodate complex global financial systems and ensure seamless interoperability between blockchains. This setup not only facilitates enhanced financial communication but also introduces efficient cross-chain functionalities and inclusive governance models, each crucial for diverse blockchain applications. The platform is built on the Cosmos SDK, employing the Tendermint consensus engine and Byzantine fault tolerance, ensuring high scalability and rapid transaction capabilities while meeting regulatory standards.

The native token, $CORE, plays a crucial role in the security and operation of the network through the Bonded Proof of Stake (BPoS) consensus mechanism. The token has a total supply of 500 million units, with a significant portion allocated to the community through a structured airdrop to enhance community ownership and involvement in the network's growth and security. Validators play a critical role by securing the network and maintaining consensus, rewarded through transaction fees and block rewards, dependent on their staked amount.

Throughout 2024, Coreum has introduced several key features to enhance its infrastructure, including the deployment of the XRPL-Coreum Bridge, the launch of an open-source Token Hub, and updates to its Developer Playground. The platform is set to further expand its services with the launch of a native decentralized exchange (DEX), an Asset Tokenization Gateway, and advanced DEX functions, solidifying its position in the blockchain space. Coreum's commitment to providing a scalable, efficient, and user-centric blockchain environment facilitates a wide range of financial activities in a decentralized manner.

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How Coreum works

Coreum is a Layer 1 blockchain designed specifically for businesses and institutions, offering a robust infrastructure for various applications such as digital assets, stablecoins, tokenization of traditional assets, and central bank digital currencies (CBDCs). It is built on the Cosmos SDK and employs a Delegated Proof-of-Stake (DPoS) consensus mechanism called Bonded Proof of Stake (BPoS), which ensures high performance, low latency, and advanced security.

Consensus Mechanism

Coreum's BPoS consensus mechanism allows for high scalability, processing up to 7,000 transactions per second with a block time of only 1.5 seconds. This mechanism also enables an innovative on-chain governance ecosystem, empowering stakeholders to vote on important decisions aimed at upgrading and improving the chain over time.

Smart Tokens

Coreum introduces advanced smart token technology, enabling higher-level tokenization with unparalleled controllability and customization. These tokens are natively issued on the Coreum chain and are wrapped around smart contracts. They are highly customizable, lightweight, and flexible, allowing developers to extend their functionality and add non-deterministic smart contract-like functions to achieve greater flexibility when developing specific use cases.

Interoperability

Coreum focuses on interoperability, using the Inter-Blockchain Communication (IBC) Protocol to enable seamless interactions with other Cosmos-SDK-based chains. Additionally, it has a native bridge to the XRP Ledger, allowing for cross-chain transactions and asset transfers between the two platforms. This interoperability works by locking or burning tokens in the source chain and minting or unlocking them on the target chain.

Governance

Coreum's on-chain governance system allows stakeholders to submit proposals for voting, which can include fee model parameters, slashing, staking, delegation, number of validators, block times, grants, and more. This approach ensures that the chain is always evolving to meet the needs of its users.

Side Chains

Coreum is researching the use of side chains for exponential scalability and increased throughput. By adding side chains, the network can handle a higher volume of transactions, making it suitable for large-scale applications.

Security

Coreum's security is ensured through its consensus mechanism and the use of WebAssembly (WASM) for smart contract development. WASM provides enormous speed and development capabilities, making it more powerful than most programming languages used in current smart contracts.

Overall, Coreum is designed to provide a robust, scalable, and secure infrastructure for businesses and institutions, making it an attractive option for those looking to leverage blockchain technology in their operations.

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Coreum's strengths

The token Coreum (COREUM) has several strengths that make it a robust and versatile cryptocurrency:

Interoperability and Scalability

Coreum is designed to be highly interoperable, allowing for seamless interactions between different blockchain networks. This is achieved through the use of the Inter-Blockchain Communication (IBC) Protocol and a native bridge to the XRP Ledger, enabling cross-chain transactions with global standards. Additionally, Coreum is built to scale, capable of processing up to 7,000 transactions per second (TPS) with an average block time of 1.5 seconds, making it suitable for large-scale enterprise applications.

Smart Tokens and Programmable Assets

Coreum's Smart Tokens are programmable blockchain assets that can be customized with unique properties and functionalities. These tokens are engineered for automatic business logic execution and advanced DeFi experiences, allowing for robust and predictable applications to be built on the network. This feature enables the creation of tokens with specific behaviors, making them highly versatile and useful for various use cases.

Consensus Mechanism and Security

Coreum employs a Bonded Proof of Stake (BPoS) consensus mechanism, which ensures robust participation and security through staking, delegating, slashing, and governance. This mechanism allows for a decentralized network of validators, ensuring the integrity and reliability of the blockchain.

Institutional Adoption and Enterprise Features

Coreum is designed with institutional blockchain adoption in mind, offering features such as ISO 20022 financial messaging for modern institutions on a simulator terminal. This makes it an attractive option for large enterprises and financial institutions looking to integrate blockchain technology into their operations.

Developer Support and Community

Coreum provides extensive resources for developers, including a Developers Hub, bounty programs, workshops, and grants for building dApps or integrating with the Coreum network. This strong support for developers fosters a vibrant community and encourages the creation of innovative applications on the platform.

Tokenomics and Staking

Coreum has a variable inflation model, where new tokens are minted each block and fed into a rewards pool along with transaction fees. This incentivizes validators and delegators, ensuring robust participation in the network. The current staking reward for Coreum is around 23.78%, making it an attractive option for stakers.

Overall, Coreum's strengths lie in its ability to provide a scalable, interoperable, and secure platform for building robust DeFi applications and institutional blockchain adoption, backed by a strong developer community and attractive tokenomics.

Coreum's risks

Coreum (COREUM) is a cryptocurrency that carries several financial risks. These risks include:

  1. Volatility Risk: The value of COREUM can fluctuate rapidly and unpredictably, leading to potential losses for investors.

  2. Liquidity Risk: The market for COREUM may not always be liquid, making it difficult to buy or sell the token quickly and at a fair price.

  3. Short History Risk: As a relatively new token, COREUM lacks a long history, making it harder to predict its future performance.

  1. Demand Risk: The success of COREUM relies on its widespread adoption by businesses and developers. If demand is low, the token's value may suffer.

  2. Forking Risk: The blockchain may undergo forks, which can lead to changes in the token's value or functionality.

  3. Code Defects: Bugs or security breaches in the code can compromise the integrity of the blockchain and the token.

  1. Regulatory Risk: Changes in laws and regulations can negatively impact the use, transfer, or value of COREUM.

  2. Electronic Trading Risk: Technical issues or security breaches in trading platforms can affect the token's value.

  3. Cybersecurity Risk: Hacking or other security threats can compromise the blockchain and the token.

  1. Competition Risk: The Layer-1 blockchain space is highly competitive, and COREUM must compete with other established players to succeed.

These risks highlight the importance of thorough research and careful consideration before investing in COREUM or any other cryptocurrency.

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Did Coreum raise funds?

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Coreum’s team

  • Bob Ras: Co-Creator of Coreum.
  • Reza Bashash: Tech Lead & Co-Creator of Coreum.
  • Keyne Leuyckx: Rust Smart Contract Developer at Coreum.
  • Yaroslav Savchuk: Golang Developer at Coreum.
  • Artem Linetskyi: Golang Developer at Coreum.
  • Milad Zahedi: Golang Developer at Coreum.
  • Wojciech Małota-Wójcik: Golang Developer at Coreum.
  • Dzmitry Hil: Golang Developer at Coreum.
  • Helwan Mande: Network Expansion Supervisor at Coreum.
  • Jay Hussain: Developer Relations Advocate at Coreum.
  • Alberto Robles: Tech Manager at Coreum.
  • Oleksandr Khlopiachyi: Front-end Developer at Coreum.
  • Juan Camilo Cifuentes: Front-end Developer at Coreum.
  • Kate Nguyen: Front-end Developer at Coreum.
  • Kuvshynnikov Mykola: QA Tester at Coreum.
  • Dai Nguyen: Lead UI/UX Designer at Coreum.
  • Roberto Valdes: Compliance Manager at Coreum.
  • Paulina Fierro: Junior UI/UX Designer at Coreum.
  • Erik A Stoltz: BD & Securities Markets Analyst at Coreum.
  • Favio Velarde: Head of Growth & Partnership at Coreum.
  • Michael McCaffrey: Web3 Strategic Business and Network Developer at Coreum.
  • Zachary Rice: Digital Marketing Specialist at Coreum.
  • James Shipp: Marketing & Branding Specialist at Coreum.
  • Nicole Fonseca: Videographer at Coreum.
  • Della Dibaj: Head of Operation at Coreum.
  • Michelle Arjoon: Head of Administration at Coreum.

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