How to understand why @Ergo_Platform is uniquely amazing without spending 100’s of hours researching.
I spent the entire weekend making this the EASIEST #ERGO thread out there.
Let’s dive in 🧵
What I’ll be covering:
1️⃣ What Is Ergo (ERG)?
2️⃣ How does Ergo work?
3️⃣ Notable Ergo dapps
4️⃣ Tokenomics
5️⃣ Ergo Team
6️⃣ My personal thoughts
1️⃣ What Is Ergo (ERG)?
#Ergo is a PoW smart contract platform known for its start.
It had no pre-mine and no initial coin offering;
it’s also very related with the Cardano network.
Interestingly, Charles Hoskinson, the founder of Cardano (ADA), has been supporting Ergo since 2017, calling it a “technological marvel.”
Like #Bitcoin, Ergo ( $ERG ) employs PoW consensus to secure its blockchain network.
Like Eth, Ergo is a programmable blockchain capable of deploying smart contracts but without gas fees.
Ergo devs call it a “Resilient Platform for Contractual Money,”
It has the benefits of the BTC and Eth networks, without their downsides — energy waste and lesser security.
2️⃣ How does Ergo work?
ErgoSript uses Sigma Protocols as the building blocks for zero-knowledge proof, used in cryptography.
sigma (Σ) protocol’s 3-fold proofing mechanism to secure contractual money:
- Message sent from the prover to verifier, as the first one
- Random challenge coming from the verifier
- Message sent from the prover to the verifier, as the second one
These sigma protocols, ErgoScript makes it easy to develop smart contracts.
They make $Ergo very mobile-friendly because the need for storage space and computing power is significantly reduced.
Specifically, contractual money in a Turing-complete manner but with a reduced potential for spam attacks thanks to its ahead-of-time estimation feature.
By divesting itself from languages like C, Java, or Python, ErgoScript was specifically designed to be the best at what it does — create code for decentralized finance.
3️⃣ Notable Ergo dapps
ErgoMixer - Hailed as the first non-custodial and non-interactive crypto mixer
SigmaUSD- Built on the AgeUSD protocol, it is the first UTx0-based stablecoin.
Ergo Auction House - an NFT marketplace
ErgoDEX - a non-custodial DEX on the Ergo platform.
4️⃣ Tokenomics
$ERG is a deflationary token, hard-capped at under 100m ERG.
Since its launch, $ERG token achieved its ATH in Dec. 2017 of $22.37.
Followed by a 3 year gap under $5, Currently at $1.39.
Given the relatively small Mcap, at $81m, The upside could be euphoric.
5️⃣ Ergo Team
Ergo has an experienced team behind it, with co-founders Alexander Chepurnoy and Dmitry Meshkov.
#Ergo is an alumni of the blockchain research company IOHK, the entity behind Cardano.
Chepurnoy was also the co-founder of blockchain oracle Chainlink.
6️⃣ My personal thoughts
ERG token hasn’t yet been listed on major exchanges like Binance, Gemini, or Coinbase.
If that happens, its price level could rise, given its unique blend of BTC and Eth features discussed at the beginning.
Given Ergo’s unique prospects, and the relatively low $ERG price, it likely wouldn’t hurt to diversify your crypto portfolio with it.
If you would like to see more quality projects:
Follow me, Like & RT for more of these. #ERGO 🚀
Share this Scrolly Tale with your friends.
A Scrolly Tale is a new way to read Twitter threads with a more visually immersive experience.
Discover more beautiful Scrolly Tales like this.