Coreum COREUM Price

What is Coreum (COREUM)?

Coreum (COREUM) is a layer-1 blockchain solution designed specifically for enterprises and developers, aiming to facilitate the creation of decentralized applications (dApps) and smart contracts. Launched in 2022, it enhances the functionality of the blockchain ecosystem by offering high scalability, interoperability, and low transaction fees. Coreum utilizes a unique consensus mechanism known as the Coreum Consensus Protocol, which combines elements of Proof of Stake (PoS) and Byzantine Fault Tolerance (BFT) to ensure both security and speed. COREUM, the native token of Coreum, is primarily used for transaction fees, staking, and governance within the Coreum ecosystem.

Who are the Founders of Coreum?

The Coreum project was co-founded by a team of experienced blockchain professionals, including:

• Shawn D. R. R.: A seasoned blockchain developer and entrepreneur with a background in software engineering and financial technology.
• Nick D.: A blockchain architect with expertise in decentralized finance (DeFi) and smart contract development.
• Emily J.: A marketing strategist specializing in blockchain projects, focusing on community building and outreach.

Their combined experience and vision aim to make Coreum a leading platform for enterprise blockchain solutions.

How does Coreum Work?

Coreum operates on a unique architecture that integrates different blockchain functionalities to enhance user experience. The Coreum Consensus Protocol ensures that transactions are processed quickly and securely. Here are the key components of how Coreum works:

• Layer-1 Blockchain: Coreum is built as a standalone blockchain, providing developers with a robust platform to create dApps without relying on other blockchains.
• Smart Contracts: Coreum supports various programming languages for smart contract development, making it accessible for developers from different backgrounds.
• Interoperability: Coreum allows for seamless integration with other blockchains, enabling cross-chain transactions and interactions.
• Low Fees and High Throughput: The blockchain is designed for high throughput with minimal transaction fees, making it suitable for enterprise-level applications.
• Staking Mechanism: Users can stake COREUM tokens to participate in network validation, earning rewards in the process.

Top Use Cases of Coreum

Coreum offers a variety of use cases that cater to different sectors, particularly focusing on enterprise solutions:

• Decentralized Finance (DeFi): Coreum supports DeFi applications, allowing users to lend, borrow, and trade assets without intermediaries.
• Supply Chain Management: Companies can utilize Coreum’s blockchain to track products through the supply chain, ensuring transparency and efficiency.
• Digital Identity Verification: Coreum can be used to create secure digital identities, enabling users to control their personal information.
• Tokenization of Assets: Coreum allows for the tokenization of real-world assets, making it easier for investors to access fractional ownership.
• Gaming and NFTs: The platform supports the development and trading of non-fungible tokens (NFTs) and blockchain-based games.

How to Keep your Coreum Safe?

Keeping your COREUM tokens safe is crucial to safeguarding your investments. Here are several best practices:

• Use Hardware Wallets: Store your COREUM tokens in hardware wallets for maximum security against hacks and malware.
• Enable Two-Factor Authentication (2FA): Always enable 2FA on exchanges and wallets to add an extra layer of security.
• Keep Software Updated: Regularly update your wallet software and devices to protect against vulnerabilities.
• Be Wary of Phishing Attacks: Always verify the authenticity of websites and emails before entering sensitive information.
• Backup Your Wallet: Regularly backup your wallet and store the backup in a secure location to prevent loss of funds.