The crypto market is having an explosive start in 2023, with many cryptocurrencies seeing a resurgence in price and buzz. It goes without saying crypto is not dead, despite detractors saying Bitcoin and other leading altcoins will go to zero.
Now that there is a renewed interest in crypto, new entrants like Core DAO are taking the spotlight. In fact, leading exchanges like Huobi Global, OKX, and MEXC have announced that they will be listing its native asset. So, what is Core DAO, and why are crypto exchanges rushing to list its native token?
What Is Core DAO?
According to Core DAO’s whitepaper, it is a new and independent blockchain that embodies the principles of Web3 with the help of Satoshi Plus — a new consensus mechanism.
Satoshi Plus claims to offer the best of both worlds of the Bitcoin and Ethereum networks. In detail, Satoshi Plus is a Turing-complete blockchain that is fully compatible with the Ethereum Virtual Machine (EVM). Meanwhile, the new mechanism alleges to “leverage the Bitcoin mining hash rate” to provide stability to its network.
In a nutshell, Core DAO aims to combine Bitcoin’s secure network with Ethereum’s smart contract system to create an independent blockchain ecosystem.
Core DAO Airdrop
Core DAO announced its airdrop today, January 16. As per the announcement, the network will distribute up to 525,600,000 CORE to network participants. This translates to 25.029% of the total supply of the token.
So far, Core DAO is boasting about 1.4 million Twitter followers and 204,000 Discord members. However, as shown on its official website, there are only 75 unique addresses at the moment.
The announced airdrop may be the reason why the aforementioned crypto exchanges are scrambling to list the CORE token to their exchange.
Should You Invest in CORE?
As it stands, there is no guarantee that Core DAO’s Satoshi Plus will function according to expectations. The network is new, and there is not enough stress test happening anytime soon.
It is important for investors to never get overly excited by any platform that makes astonishing claims. Hackers and fraudsters would do anything to get their hands on money, and should the network fail in terms of security, its participants could become easy victims.
On the other hand, Core DAO’s ambition is huge, and if the network actually pulls it off, there is a huge reward for those who believed in the project in its earliest stages.
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