Coreum L1 Launches, with New Smart Token Technology to Unlock Potential of DeFi

·3 min read
Coreum Development Foundation
Coreum Development Foundation

Advancements Include Smart Tokens, WASM Contracts, IBC Interoperability and ISO20022 Compliance

DUBAI, United Arab Emirates, March 24, 2023 (GLOBE NEWSWIRE) -- Coreum, the new enterprise-grade layer one blockchain developed by the Coreum Development Foundation, has officially launched. The low-latency, proof-of-stake blockchain supports the expansion of modular, fast, secure, and interoperable blockchain-based applications, ultimately cultivating the mass adoption of decentralized technology among enterprise-grade entities.

Since its devnet launch in 2021, the Coreum blockchain has gained attention by introducing a new standard for enterprise-use cases that employ best-in-class features, such as:

  • Smart Tokens: Tokens that are natively issued tokens on the Coreum chain, and which are wrapped around smart contracts. They are highly customizable and are designed to be lightweight and flexible while remaining extendible. Truly plug-and-play, these tokens are faster, more secure, and more reliable compared to smart contracts.

  • ISO20022 Compliance: A single standardization approach (methodology, process, repository) used by all financial standards initiatives.

  • Inter-Blockchain Communication (IBC) Interoperability: A protocol for interoperability between different ledgers, where all blockchains connect to and communicate with each other via the IBC.

The release of the Coreum blockchain represents the last step of what has been a well-staged development plan, with its origin based on the Sologenic Tokenization Technology. Sologenic has allowed investors to trade stocks, ETFs, and other assets while being built on the XRP Ledger. Sologenic will integrate with the Coreum network so users can hold and trade fungible and non-fungible assets on both Coreum and the XRP Ledger.

“This is an exciting day. Coreum’s open-source project is 100% community-owned, built by developers with developers in mind, with a passion for making a more advanced, secure and fast blockchain for enterprises of any size,” said Bob Ras, co-creator of Coreum and co-founder of Sologenic. “Coreum emerged from the Sologenic Tokenization Platform, and the XRPL has been a key to our journey up to this point. The XRP Ledger inspired many aspects of the Coreum Blockchain, and the foundation will keep the two blockchains side-by-side in a complementary and interoperable way.”

Intending to process up to 7,000 transactions per second allowing for next-generation scaling to occur on-chain, Coreum will be supported by genesis validators Cosmostation, Huobi, Citadel One, Stakewolle and many other well-known validator operators. In addition to heightened scalability, the new layer one will bring immense multi-chain interoperability through the deployment of bridge functionality and collateralized wrapping. Multichain will be implemented as the first bridge between the XRPL and Coreum to foster continued portability and innovation across both ecosystems.

Coreum actively supports projects in its ecosystem – the first wave of grants brought hundreds of applications, with the six winners now actively building on Coreum's L1: Zeeve, enterprise-grade no-code Blockchain Infrastructure Automation platform; Telios, decentralized email service provider; D’Cent, hardware and software wallet; Stably, regulatory-compliant stablecoin infrastructure provider; Common, new generation loyalty system; and Amber, free-to-play game and metaverse platform. Corerum has just launched its second wave of grants, Wave 2, geared at projects that will leverage Coreum's proprietary Smart Token technology.

“It’s a suitable time to expand the Coreum community, increase its reach within the crypto space, and make the Coreum ecosystem truly decentralized,” said Reza Bashash, co-creator of Coreum and co-founder of Sologenic. “The tokenization and decentralization of assets remain key tenants of what we believe, and inform all the decisions we make. We are also anchored by a belief in a proof-of-solvency model, which can help restore faith in the best crypto projects and protect this industry’s future.”

To celebrate the launch of Coreum mainnet, the Coreum Foundation will be hosting an event at The Lighthouse in Los Angeles, California. The event will include a fundraiser for the non-profit Save the Children. The Coreum Foundation will match all donations made by attendees. Details of the event, Core Nova, can be found at coreum.com/core-nova.

To apply for a Coreum Smart Token grant, visit https://coreum.typeform.com/wave-2. Applications are open until March 30th, 2023.

About Coreum
Coreum is an enterprise-graded blockchain (EGB) built by the Sologenic Development Foundation. With the ability to process up to 7,000 transactions per second with a federated group of 32 validators, Coreum prioritizes cutting-edge speed. Coreum also brings a low-latency proof-of-stake blockchain to a wide variety of audiences seeking access to a multi-chain, interoperable future.

EGB is a new standard introduced by Coreum for blockchain networks specifically designed to provide the essential tools and infrastructure for enterprises of any size to build and run decentralized applications.

About the Sologenic Development Foundation
The Sologenic Development Foundation is an independent community of developers actively working on various open-source projects and use cases around the SOLO and CORE tokens. More information can be found on www.sologenic.org

For Media Inquiries

Brooke Tanner
Wachsman
Email: sologenic@wachsman.com