Why is everyone bullish on ERGO and it's ecosystem ?
Let's see what they have in the pipeline, in this thread 🧵 below.
#ERGO #erg $erg $ERGO
The thread will cover, but not be limited to the following scope.
1/ What's ergo about
2/ Tokens / mining
3/ What makes ergo unique and attractive
1/ Ergo is a next-generation Proof of Work smart-contract platform that enables new models of financial interaction, underpinned by a safe and rich scripting language built with flexible and powerful Zero-Knowledge proofs.
Ergo is a self-amendable protocol that allows it to absorb new ideas and improve itself in the future.
It is based on original research published at known peer-reviewed conferences.
#Ergo prioritises useful features without compromising security.
When Ergo launched in 2019, there was no initial coin offering, no pre-mine and no pre-allocation of tokens to any team members or venture capitalists.
A truly fair launch with 4.43% of funds allocated to ecosystem development. Distinctive from any other smart-contract platform.
2/ Tokens / Minimg
ERGO's native token, which is the $ERG, has a hard-capped supply of 97 million.
These ergs will be emitted over 8 years.
#Ergo mining is based on Autolykos, a fairly launched efficient ASIC-resistant Proof of Work algorithm.
Ergo’s protocol offers another economic incentive for miners, called the storage rent.
The Storage Rent component is a proposition to eradicate unused data bytes (dust) from the blockchain.
Every four years, users will need to pay 0.13 ERGs per unused UTXO box .
Unused or lost coins will be mineable and eventually flow back into circulation.
This is a commitment to secure future cash flow and create a more liquid crypto economy.
Users can simply move their coins every four years to avoid paying unnecessary storage rent.
Miners can also adjust parameters with on-chain voting, with larger changes implemented by a supermajority via a soft-fork.
Miners canparticipate in any of the exciting developments such as:
•voting tokens
•subpooling, and
•log-space mining.
Ergo focuses on simplicity in the core, with advanced features built on the application layer to create resilient, contractual money.
3/ WHAT MAKES ERGO UNIQUE?
I) Powerful safe and secure
Ergo provides superior support for real-world financial agreements.
It supports versatile dApps that run predictably, with known costs, and don’t have any of the dangers of unrestricted functionality.
Ergo’s smart contracts allow us to execute wide-ranging tasks.
ii) Intelligent and straght forward.
Sigma Protocols (Σ-Protocols) are the foundation of Ergo’s smart contracts.
Welcome to self-sovereign application-level privacy.
It allows for a class of efficient zero-knowledge protocols that enable us to implement sophisticated tasks that would otherwise be impossible, risky, or expensive.
iii) Secure and accessible.
Ordinary users who do not run a full node should enjoy the same security benefits as miners.
Non-Interactive Proofs of Proof-of-Work (NIPOPOWS) allow us to make and verify transactions with complete confidence.
Usually, without needing the storage, bandwidth and time required to download the full blockchain.
As little as 1 MB of data is necessary, meaning you can use any device.
iv) Resaerch-lead and real world focused.
#Ergo draws on ten years of blockchain development, complementing tried and tested principles.
Arguably, the best peer-reviewed academic research into cryptography, consensus models and digital currencies.
Ergo starts with solid blockchain basics and implement new and powerful cryptography natively.
v) The team/ community.
Ergo was founded with a team who have solid backgrounds in core development with cryptocurrencies and blockchain frameworks including NXT, Scorex, Cardano and Waves.
$ERGO team is comprised of developers and community members some of whom are anonymous.
Ergo's grassroots, and most core team members (and even foundation members) started out as community members.
In conclusion, I believe the project keeps developing, and Developers keep working hard.
Moving forward, ergo has many exciting partnerships and innovations that we'll dive into.
Please follow @2xnmore, for more educational threads 🧵.
That's all for now fam.
What's your opinion about #ERGO?
What did I miss?
Follow @ergoplatformorg for more updates and
2xnmore
@2xnmore
Demystifying DeFi & Web3—insights, analysis, and strategies for the future of crypto.