Hardcore Mode

This is a new mode being added to the game in 1.0.5 mentioned in aBlog Post by Tiy. This mode will (assumingly) allow you to die only once before game over. It is character specific and will not affect Multiplayer worlds. It is unclear as to what benefit await this new mode of play (some sort of player prestige perhaps?) or weather or not you can make an already created character 'Hardcore'.