TALLINN, Estonia, Dec. 20, 2021 (GLOBE NEWSWIRE) -- The Sologenic Development Foundation announced “Coreum”, a new Layer-1 Blockchain being built to improve many weaknesses present on current Blockchain networks and provide developers with an essential infrastructure to develop decentralized apps, from asset tokenizations, banking and remittances to DeFi, Metaverse and Gaming.
With no Initial Coin Offerings (ICO), Coreum is an open-source project built to be 100% community-based, allowing this technology to support extensive future growth in Decentralized Applications (dApps) and DeFi space within the whole blockchain ecosystem. The first round of CORE tokens airdrop distribution is scheduled for February 2022 destined for the Sologenic community and SOLO holders with the very first snapshot to be taken at a random time between December 24th to 31st 2021.
While many modern Blockchain networks are currently using the Ethereum Virtual Machine, Coreum benefits from the modern turing-complete Web Assembly (WASM) engine to process smart contracts written in many different languages and compiled into WASM before processing.
Among other features, Coreum will offer Cross-Chain Interoperability by deploying a bridge functionality, which allows other cryptocurrencies to flow into Coreum’s Ecosystem through the collateralized wrapping. This functionality is being backed by built-in modules that support a fully Decentralized Exchange with Synthetic Order Book functionality.
Coreum stands out with a block time of 1.5 seconds and the ability to process 7000 transactions per second when it comes to speed. Moreover, with a stable fee model, Coreum’s Blockchain is set to maintain extremely low transaction fees regardless of block size and network activity, so that the Blockchain can be sustainable and optimal during heavy load and no-load while the validators are always being incentivized.
A dynamic ratio of fees generated through each block will be used towards validator incentives and rewards pool replenishment. The remaining portion will be burned on the network, making Coreum’s economy deflationary.
When the network is busy, and transaction volume is high, validators are incentivized directly from the transaction fees. When there is less activity, incentivization is through a reward pool designed for low traffic times. This pool will be filled with excess transaction fees during heavy loads.
Additionally, with native support for the issuance of any fungible and non-fungible tokens on-chain, Coreum takes asset issuance and minting to the next level. This built-in functionality even allows issuers to customize their tokenized assets with optional features such as wallet whitelisting, burning and freezing for when it comes to the heavily regulated financial markets like Stock and ETFs.
The Coreum team is integrated by passionate individuals already creating a frictionless world by redefining the way people build and use decentralized applications. Some of the more notable figures within the blockchain space are taking leadership and advisory roles at Coreum, such as Bob Ras and Reza Bashash the Co-founders of Sologenic, Carl Hua, Current Chief Architect at Celsius, Ex-Head of DeFi Engineering at Ripple and JPL NASA Engineer, and Michael Zochowski, current VP at Valon, and Ex-Head of RippleX Product.
Learn more about the Coreum blockchain on www.coreum.com.
About Sologenic
The “Sologenic Development Foundation” a.k.a SOLO Core team is an independent community of developers with the passion of making the Sologenic Ecosystem successful. It consists of developers who are actively working on various open-source projects and use cases around the SOLO. More information can be found on www.sologenic.com.
A video accompanying this release is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/3c61988e-022a-49cb-ae18-345ac6c0e12f
