With the announcement of Coreum, a 3rd generation, layer-1 blockchain built to serve as a core infrastructure of future Blockchain applications, many questions and concerns have arisen within the Sologenic and XRP community.
In this FAQ we will address the most frequently asked questions and clarify Sologenic’s roadmap with regards to its interoperability with both Coreum and the XRP Ledger.
Is Sologenic leaving the XRP Ledger?
Sologenic and SOLO will continue to live and operate on the XRP network. Some of Sologenic’s use cases within the DeFi field in the future will require Smart contracts, therefore, the Sologenic token must be interoperable with other blockchains such as Coreum.
Is the team ditching Sologenic for Coreum?
Absolutely not. The Sologenic Development Foundation has decided to build a whole new Layer-1 blockchain with a lot of capabilities for the sake of Sologenic success, to release its full potential and accelerate mass adoption.
Why does Sologenic need Coreum?
The XRP ledger does not support all the features Sologenic will need to reach its full potential, such as Smart Contracts. Sologenic’s roadmap involves smart contracts, on-chain token issuance functionalities, and cross-chain compatibility.
The Sologenic Development Foundation (SDF) has created Coreum for the success of the Sologenic ecosystem. Many capabilities of Coreum blockchain have been designed in a way to meet Sologenic’s roadmap and future expansion for example, Tokenization of assets, Ultimate cost efficiency of the transaction and a native DEX with synthetic order book.
Where can I get $CORE Tokens?
Coreum is a community-build project, with no Initial Coin Offering (ICO); tokens will initially be distributed to SOLO holders. The 20% of the total CORE supply, 100,000,000 CORE, will be distributed to those wallet addresses holding $SOLO at the time of each snapshot. A total of 13 snapshots will be taken within the next 371 days.
There will be another Airdrop equal to 30% of the total supply of Coreum to $CORE holders. The time, dates and distribution will be decided directly by the Coreum community.
For detailed information about the upcoming $CORE Airdrop in the following article: https://sologenic.medium.com/coreum-airdrop-100m-core-for-sologenic-community-and-solo-holders-d7dc73c9271d
When is the first Snapshot for the $CORE token?
The first snapshot is scheduled to be taken at a random time between the 24th and the 31st of December 2021.
Can XRP holders receive $CORE?
XRP holders will receive SOLO tokens in a separate Airdrop. Potentially, if they hold SOLO tokens during each CORE snapshot, they can receive CORE tokens as well.
What makes Coreum superior to other layer-1 blockchains?
Coreum is a modern 3rd generation Layer-1 blockchain with many new capabilities:
Transactions per second
lower carbon footprint
Built-in DEX with orderbook
Coreum solves the three biggest problems modern Layer-1 blockchains encounter without ever sacrificing decentralization. Scalability, interoperability, and low transaction fees can now be available on the same blockchain with the integration of rotating validators.
Do I need to set up a trustline to be eligible for the $CORE airdrop?
No action is needed! If you hold SOLO on your decentralised wallet, this means a trustline has been already established.
If you keep your SOLO on a centralised exchange, then you need to contact your exchange to make sure they will support CORE airdrop.
At the time of the initial $CORE IOUs distribution on the XRP Ledger, all participants must create a trustline with the Coreum gateway to be able to receive the $CORE token deposits. More information on this will be released in late January 2022.
Is the team behind Coreum the same one behind Sologenic?
Coreum and Sologenic are both projects backed by the Sologenic Development Foundation. The Solo Core team is integrated by energetic professionals looking to shape and build the future of DeFi. However, part of the development team will be different as Coreum requires a different language to be programmed and built.
Where can I learn more about Coreum?
We suggest you watch the explainer video and review the blueprint:
Can I be part of the Coreum project?
Yes! Coreum is a 100% community based project. If you believe you can bring value to the project then get in touch with us at firstname.lastname@example.org or check out the available positions here: https://join.coreum.com/