What Is Coreum (XCORE)?
Coreum (XCORE) is a derivative token of Coreum CORE with a 1:1 redemption value in 2 years once the option matures (See Swapping XCORE to CORE section). xCORE represents Coreum tokens that are conditioned by specific time or price-based factors. Coreum aims to provide enterprise-level blockchain solutions. It is designed to be highly scalable, secure, and interoperable with other blockchains. Coreum's technology is built with a focus on Smart Tokens, which allow businesses to tokenize their assets and automate complex business processes. The platform is also ISO20022 compliant, which is a global standard for financial messaging.
Coreum is an open-source project that is 100% community-owned and built by developers who are passionate about creating a more advanced, secure, and fast blockchain for any size of enterprise. It was founded in 2021 by the Sologenic Foundation, a blockchain-based platform for trading and tokenizing assets. The Coreum blockchain is built on Cosmos, which is an open-source blockchain ecosystem.
Who Are the Founders of Coreum?
Bob Ras is the CEO and Co-founder of Coreum, a new-generation, layer 1 blockchain designed to function as the core infrastructure for future decentralized applications. He is a serial entrepreneur who has founded several ventures in the manufacturing, tech, and blockchain industries. In the manufacturing sector, his businesses have over a hundred distribution outlets in 62 countries worldwide. In 2018, Bob shifted his focus to cryptocurrency and blockchain technology with the objective of creating a new financial ecosystem for the new era. Apart from his role as the CEO of Coreum, Bob is also the Co-founder of Sologenic, a tokenization ecosystem that uses on-demand tokenization of a wide range of assets. He is a regular commentator on tech topics and has been featured in several outlets, including Nasdaq, Entrepreneur, and Barron's.
Reza Bashash is the CTO and Co-founder of Coreum, and an experienced engineer with a track record of working in the fintech and artificial intelligence sectors over the past decade. He has founded several successful tech companies throughout his career, making him a solid entrepreneur with a proven track record. Reza is an influential blockchain advocate and has gained extensive experience in the field over the years. As CTO of Coreum, he is responsible for overseeing the technical operations of the company, ensuring that the platform delivers on its promises of scalability, security, and efficiency. Reza's extensive knowledge and expertise in artificial intelligence and fintech are valuable assets to Coreum's success in the blockchain space.
Swapping XCORE to CORE
xCORE is an option token that can be exchanged for CORE tokens if the price of CORE reaches and stays above $10.00 for 240 consecutive hours or expires on March 24th, 2025, 04:00 AM UTC. Each xCORE token is fully backed by one CORE token and held in a smart contract until redemption takes place. Holders of XRP or SOLO tokens at the time of the snapshot will receive xCORE tokens, which can be exchanged for CORE tokens if the price of CORE meets the conditions outlined above. To receive xCORE tokens, a TrustLine to the xCORE gateway must be established. If the price conditions are not met, holders will receive 1 CORE token regardless of the price after 2 years.
When will the Snapshot be taken?
The snapshot for the CORE and xCORE airdrops will be taken on March 24th, 2023 at 04:00 AM UTC.
When will the CORE and xCORE Airdrops be Distributed?
The CORE airdrop distribution to the CORE holders will take place in 4 equal installments with 60 days buffer time in-between, and the xCORE will be distributed in one installment to the XRP and/or SOLO holders on May 15th, 2023. Here is the distribution schedule for the CORE tokens:
Distribution 1: April 1st, 2023
Distribution 2: June 1st, 2023
Distribution 3: August 1st, 2023
Distribution 4: November 1st, 2023
Why is the SOLO and XRP community included in this Airdrop?
The SOLO and XRP communities are included in this airdrop because Coreum was built out of a necessity by the Sologenic Tokenization Platform, and the XRPL has been a key to this journey. The XRP Ledger inspired many aspects of the Coreum Blockchain, and the Coreum team would like to keep the two blockchains side-by-side that complete one another and remain interoperable. This interoperability allows these assets to fully utilize the power of the Coreum Blockchain and create more use cases by using Smart Contracts and Smart Tokens. In addition, by design, these assets will flow into the Cosmos-based chains through IBC. This will unlock many new opportunities for XRP, such as DeFi and innovative smart contracts-based d’Apps.
What wallets will be excluded?
All the wallets belonging to the foundation and teams at Coreum and Sologenic will be excluded from the airdrop, and any exchange or custodial company’s wallets will not release an official announcement to support the airdrop to their users. The team at Coreum would like to ensure the airdrop will go directly to the communities.
How to set up Trustlines?
The process of setting up Trustlines depends on whether you hold CORE tokens or XRP/SOLO tokens. Here are the steps to follow:
For CORE Holders:
If you hold your CORE tokens on decentralized wallets like SOLO DEX and XUMM, you can establish a TrustLine with the Coreum Gateway on the XRP Ledger. You can learn how to do this by visiting the Coreum website.
If you hold your CORE holdings on a centralized exchange, you need to contact your exchange to ensure they will support the airdrop.
For XRP and/or SOLO Holders:
If you hold your XRP and/or SOLO tokens on decentralized wallets like SOLO DEX and XUMM, you should establish a TrustLine with the xCORE Gateway on the XRP Ledger. You can learn how to do this by watching the example video provided on the Coreum website and changing the parameters with the following specs:
xCORE Gateway (Issuer): r3dVizzUAS3U29WKaaSALqkieytA2LCoRe
xCORE Currency Code: 58434F5245000000000000000000000000000000
If you hold your XRP and/or SOLO holdings on a centralized exchange, you need to contact your exchange to make sure they will support the airdrop for the XRP and/or SOLO holders on their exchange.
It's important to note that you need to set up your TrustLine with the Coreum or xCORE Gateway before the snapshot date and time of March 24th, 2023, 04:00 AM UTC.