Coreum is a third-generation, enterprise-grade Layer 1 blockchain network developed by Sologenic. It is designed to address the pain points of current blockchain networks by providing a scalable infrastructure for decentralized applications (dApps) and offering fast, low-cost transactions with cross-chain support and smart contract capabilities. Coreum competes with established blockchains like Ethereum by tackling issues such as high transaction fees, slow processing rates, and excessive energy consumption.
One of the unique features of Coreum is the concept of Smart Tokens. These tokens combine natively issued tokens with smart contracts for increased customization, speed, security, and reliability. Smart tokens offer the next generation of blockchain-based assets by enabling them to execute functions independently without intermediaries. This introduces a new way to interact with digital assets on the Coreum network, allowing enterprises to predetermine behaviors and execute contract-like functions while operating on the chain’s storage.
Scalability and Interoperability
Coreum aims to process up to 7,000 transactions per second and is supported by notable validators like Cosmostation, Huobi, and Citadel One. The network is built on the Cosmos SDK, leveraging Byzantine fault tolerance and the Tendermint consensus engine, utilizing a bonded proof-of-stake consensus mechanism. Coreum focuses on achieving scalability through sidechain research and development. To enhance interoperability with other Cosmos-SDK-based chains, Coreum utilizes the Inter-Blockchain Communication Protocol (IBC), enabling seamless interactions between enterprises using Coreum and other chains.
Adoption and Ecosystem
Coreum actively supports projects within its ecosystem and has provided grants to companies such as Zeeve, Telios, D’Cent, Stably, Common, and Amber. The platform has also launched its second wave of grants for projects leveraging its Smart Token technology. The development of Coreum was based on the Sologenic Tokenization Technology, which allows trading of stocks and ETFs on the XRP Ledger. Sologenic will integrate with Coreum, enabling users to hold and trade fungible and non-fungible assets on both platforms.
Roadmap and Future Plans
The Coreum roadmap outlines several key milestones and developments. In Q3 2023, the focus is on implementing a decentralized exchange (DEX) with features like order submissions and a synthetic order book. Moving to Q4 2023, Coreum aims to introduce the Inter-Blockchain Communication Protocol (IBC) for on-chain native interaction with the Atom Token. By Q1 2024, the roadmap includes plans for advanced DEX functions such as One-Cancel-Other (OCO) orders and Trailing-Stop Orders. Additionally, Coreum aims to provide IBC support for other blockchain networks including XRPL, Ethereum, Solana, BSC, and Bitcoin.