What is Coreum?
Coreum is a term that may be unfamiliar to many individuals, particularly those who are not well-versed in the world of cryptocurrency and blockchain technology. In essence, Coreum is a blockchain platform that is designed to facilitate the creation and deployment of decentralized applications, also known as dApps, and smart contracts.
The Coreum platform was created to address some of the key issues that plague other blockchain platforms, such as scalability and transaction fees. The platform uses a consensus mechanism known as Proof of Stake (PoS) to validate transactions on the blockchain, which is much more energy-efficient than the Proof of Work (PoW) mechanism used by many other platforms. Additionally, Coreum utilizes sharding technology to allow for parallel processing of transactions, which improves the speed and efficiency of the platform. Coreum boasts over 7000 transactions per second - which as of writing is the fastest layer-1 blockchain.
One of the key advantages of Coreum is its support for the development of smart contracts. Smart contracts are self-executing programs that can be used to automate a wide range of business processes, from simple payments to complex financial instruments. These contracts are stored on the blockchain and are executed automatically when certain conditions are met, which makes them highly secure and tamper-proof.
Another key feature of Coreum is its support for decentralized applications, or dApps. These are applications that are built on the blockchain and run on a distributed network of computers, rather than on a centralized server. This makes them much more resilient to hacking and other forms of attack, as there is no single point of failure. Some examples of dApps that could be built on the Coreum platform include decentralised marketplaces, social networks, and even online games.
In addition to its technical features, Coreum also has a strong community of developers and users who are committed to building a more decentralised and democratic internet. The platform is open-source, which means that anyone can contribute to its development and improvement. This has led to the creation of a vibrant ecosystem of third-party tools and services that make it easier for developers to build and deploy dApps on the platform.
Coreum has been distributed via airdrops, initially to users who had a trustline setup for both XRP and Sologenic and also later to holders of Coreum. They claim no initial-coin offering has ever taken place. According to CoinMarketCap, Coreum has a total supply of 500,000,000 coins.
Coreum is an exciting blockchain platform that has the potential to revolutionise the way we think about applications and transactions. Its support for smart contracts and dApps, as well as its innovative use of sharding and PoS consensus, make it a promising platform for developers and users alike. As the platform continues to grow and evolve, we can expect to see even more innovative use cases emerge, and the decentralized internet become a reality.
