Thread by @cyrilXBT

#Ergo an AMAZING project that has been developing it's product

WITHOUT any VC's involved.

Could $Erg be one of the few alt's to jump into the top 10?

Let's find out 🧵

#ergo #erg $Erg @ergoplatformorg

What I'll cover in this thread

1️⃣ What is #Ergo
2️⃣ The team's background
3️⃣ What sigma protocol
4️⃣ Storage rent & NiPoPoWs
5️⃣ #Ergo's use case
6️⃣ Ergo's scalability
7️⃣ why UTXO
8️⃣ My closing thoughts

Let's dive in 🎯

1️⃣

#Ergo is a next-gen proof of Work smart-contract contract platform that enables new models of financial interaction.

It's underpinned by a safe and rich scripting language and flexible and powerful Zero-Knowledge proofs.

2️⃣

Ergo was designed and implemented by experienced developers.

Most of them hold publications and PhDs in cryptography, compiler theory, blockchain technology.

@oskkkin & @MrStahlfelge one of the team members i managed to find on twitter

3️⃣

Sigma Protocols are a form of a Zero Knowledge proof system.

A zero-knowledge proof allows someone to prove they know the solution to a problem without actually revealing the solution itself by providing information derived from that secret.

4️⃣

#Ergo 's storage rent is a protocol-level feature that allows a small fee to be taken from coins unmoved for four or more years.

The term NIPoPoWs means Non-Interactive Proofs of Proof-of-Work
and here is how it works

NIPoPoWs are short stand-alone strings that a computer program can inspect to verify that an event happened on a proof-of-work-based blockchain without connecting to the blockchain network and without downloading all block headers.

5️⃣ #Ergo use case

• ErgoScript is a straightforward high-level language that supports formal contract verification.

• Sophisticated smart contracts with Turing-complete support.

• Turing-complete smart contracts.

• Easy Oracle creation allowing robust decentralised networks of oracles organised into a trust hierarchy within a pool, bringing lower risks of exploits and manipulation.

• Sigma Protocols that enable world-class optional privacy on the peer to peer level; and truly unstoppable DeFi.

• Support for Multi-Stage contracts that operate on a stateful level.

#Ergo Platform has many tools in its toolkit to deal with scaling and a research-based strategy for long-term success.

6️⃣

It's important to note that TPS is mostly a vanity metric.

Transaction speed, specifically TPS, measures the transactions per block/second a blockchain can perform, quantifying how fast a blockchain can perform transactions.

7️⃣

Privacy as UTXOs are one time objects, makes it possible to formalise privacy leaks.

Scalability, as parallel transaction processing is more straightforward in UTXO.

UTXOs are also more friendly to known stateless client solutions.

8️⃣

I know most of you will think but "theres much more for $ergo."

Yes , indeed theres much more for this amazing project can't cover all in this thread but I do plan on covering #ergo

The project is a good start and i must say I like the fact that it has no vc's involved

Alright , that's it for #ergo

#erg #Ergonauts

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Let me know if you found this thread helpful. #ergo $erg

What's your opinion on $Erg ? What did I miss?

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