An overview of Corestarter
Corestarter is a cross-chain fundraising IDO and INO launchpad with an NFT marketplace. The company is currently at the forefront of connecting early-stage Crypto projects and investors through blockchain-based decentralized services. The team at Corestarter includes a seasoned team of developers with years of experience in smart contract development. Their core principle is top-level security. In addition, with a decentralized launchpad, the investors wouldn't need to worry about the authenticity of a project. Corestarter undertakes a rigorous selection criterion. A dedicated team of experts manually checks the authenticity of projects. The innovation behind Corestarter is based on interoperability between blockchains, including Matic, Binance, Ethereum, among others.
Key Features
NFT launchpad
Crowdfunding
StakingGovernance
Staking
Problems faced by Corestarter
Based on its team and company strategy, the main question concerning NFTs is decentralization in a centralized system. When the buyer uses the platform to buy an NFT, they acknowledge that you have acquired a specific digital asset. Therefore, most actual NFTs are stored on a centralized server due to cost issues. Corestarter cited the problem that was the entity that runs the server deciding to delete the NFT, and buyers can do little. Even in well-known marketplaces, there is a limited guarantee of success.
Corestarter faces the problem that file sharing has to be a centralized exchange; they end up controlling the keys as all centralized crypto exchanges. Corestarter also explained to us that their users were concerned that if they decided to remove or freeze a digital asset for reasons such as copyright infringement, the NFT would become worthless. This is particularly critical for Initial Sex Offering token launch models based on a decentralized exchange. For example, in the case of an ICO, if the crypto exchange does not verify it, Corestarter may decide to stop the sale of tokens. While this provides its disadvantages, it poses the challenge of whether the NFT marketplace is really decentralized.
Solutions provided
We advised Corestarter to create smart contracts that are clear on their NFT marketplace. These digital contracts illustrate some aspects of the NFT marketplace that must be centralized due to file sharing, security, and verification. The smart contract remains on the blockchain. Therefore, Corestarter cannot purport to run a fully decentralized marketplace, and they can have decentralized computing that won't end up in a decentralized market structure.
We also recommended they adopt centralized crypto exchanges, which could operate in an NFT marketplace. Therefore the essence of the decentralized structure still exists.
Technology stack used
The technology stack of choice is Solana. It can handle many transactions per second at a lower cost and thus would be favorable for an ICO and IPO launchpad. Also, its Proof of History algorithm is practical for small crypto investors.