2/27 Ergo is a next-gen Proof of Work smart contract platform that enables new financial interactions, underpinned by a safe and rich scripting language and flexible and powerful Zero-Knowledge proofs (Σ-protocols).
I will explain what Σ-protocols mean a bit later.
I will explain what Σ-protocols mean a bit later.
3/27 Ergo is self-amendable, allowing it to absorb new ideas and improve itself in the future.
Prioritizing useful features without compromising security & using a research-driven but practical development approach.
Ergo is all about functionality.
Prioritizing useful features without compromising security & using a research-driven but practical development approach.
Ergo is all about functionality.
https://twitter.com/ErgoClips/status/1613310349565956098?s=20&t=ZMaABl9c1U6I4upzgEHmrw
4/27 Creating financial contracts on the blockchain isn't just about functionality, though.
It's about making that functionality safe, accessible, and powerful.
Ergo was built to be a battle-ready scalable network that supports permissionless, composable financial contracts.
It's about making that functionality safe, accessible, and powerful.
Ergo was built to be a battle-ready scalable network that supports permissionless, composable financial contracts.
5/27 Ergo has a max supply of ≈97.7M. Originally there was an 8-year emission schedule but it was extended to ~2045.
The Ergo Foundation treasury received 4.43% of the total monetary base to fund ecosystem development.
The Ergo Foundation treasury received 4.43% of the total monetary base to fund ecosystem development.
6/27 Native token is called $ERG.
There was no private sales, premine, or initial coin offering.
There was no private sales, premine, or initial coin offering.
7/27 However, VCs are welcomed to join Ergo ⬇️
https://twitter.com/ErgoClips/status/1617248187760377856?s=20&t=ZMaABl9c1U6I4upzgEHmrw
8/27 The Ergo Foundation promotes development & adoption of the Ergo Platform.
Ergo was designed/implemented by experienced developers/researchers with publications & PhDs in cryptography, comp. theory, blockchain tech, and cryptography.
Some stay anonymous.
Ergo was designed/implemented by experienced developers/researchers with publications & PhDs in cryptography, comp. theory, blockchain tech, and cryptography.
Some stay anonymous.
9/27 I find interesting that Ergo uses PoW. Intentionally.
Ergo uses the extended-UTXO model, which implies UTXOs with the ability to contain arbitrary data and sophisticated scripts.
UTXO = Unspent transaction output
Ergo uses the extended-UTXO model, which implies UTXOs with the ability to contain arbitrary data and sophisticated scripts.
UTXO = Unspent transaction output
10/27 Ergo extends Bitcoin's way of writing contracts by attaching a guard script to every coin.
This "chaining" approach allows the implementation of secure and efficient contracts of arbitrary complexity.
I hope that's understandable.
This "chaining" approach allows the implementation of secure and efficient contracts of arbitrary complexity.
I hope that's understandable.
11/27 If not, check out this explanation by @dav009 that should help ⬇️
dav009.medium.com/learning-ergo-…
dav009.medium.com/learning-ergo-…
12/27 I mentioned 'Σ-protocols' at the beginning. So what are they?
Σ-protocols (Sigma protocols) are a form of 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.
Σ-protocols (Sigma protocols) are a form of 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.
13/27 Why am I mentioning it?
Because Σ-protocols can be used natively in complex and sophisticated contracts, making Ergo uniquely useful as "Contractual Money".
These protocols can be used to enable truly P2P finance - e.g. creating a trustless Local Exchange Trading System.
Because Σ-protocols can be used natively in complex and sophisticated contracts, making Ergo uniquely useful as "Contractual Money".
These protocols can be used to enable truly P2P finance - e.g. creating a trustless Local Exchange Trading System.
14/27 Which brings me to DeFi & their ecosystem.
They showcase 20 dApps on their website and in total more than 150 projects in all categories.
They showcase 20 dApps on their website and in total more than 150 projects in all categories.
15/27 However, Llama tracks only 3 dApps. The total TVL is $6.2M with staking & $4.5M without staking.
Projects tracked:
- SigmaUSD
- @SpectrumLabs_
- @ErgoPadOfficial
Here is a TVL split (without staking -> without ErgoPad) over the past year ⬇️
Projects tracked:
- SigmaUSD
- @SpectrumLabs_
- @ErgoPadOfficial
Here is a TVL split (without staking -> without ErgoPad) over the past year ⬇️
16/27 So why is Ergo unique?
Overall, Ergo is a blockchain platform that has unique features like UTXO model, ErgoScript, and privacy features that make it great for creating & using smart contracts in a secure & private way, especially for financial agreements.
Let me explain.
Overall, Ergo is a blockchain platform that has unique features like UTXO model, ErgoScript, and privacy features that make it great for creating & using smart contracts in a secure & private way, especially for financial agreements.
Let me explain.
17/27 Ergo is using UTXO (Unspent Transaction Output) which makes it possible for transactions to be made with powerful financial contracts.
This model ensures that each transaction output can only be used once in a future transaction.
This model ensures that each transaction output can only be used once in a future transaction.
18/27 Ergo also has a feature called ErgoScript which makes it easy to create and understand smart contracts.
This high-level programming language enables clear descriptions of contractual logic and supports formal verification of contracts for improved security.
This high-level programming language enables clear descriptions of contractual logic and supports formal verification of contracts for improved security.
19/27 Ergo is designed for DeFi and has features that support real-world financial agreements.
It also supports Multi-Stage contracts that can operate on a stateful level, making it unique in the blockchain space.
docs.ergoplatform.com/dev/scs/multi/
It also supports Multi-Stage contracts that can operate on a stateful level, making it unique in the blockchain space.
docs.ergoplatform.com/dev/scs/multi/
20/27 One of the key features that sets Ergo apart from other blockchain platforms is its focus on privacy.
It uses off-the-peg use of ring and threshold signatures which makes it great for new privacy applications.
It uses off-the-peg use of ring and threshold signatures which makes it great for new privacy applications.
21/27 So let's say you liked what you read and you are curious how big Ergo's market cap is.
Well - not tiny, but still small for L1.
As of right now, CoinGecko ranks $ERG as the #257 coin & tracks MC ≈$107M with ≈65% circ. supply.
Well - not tiny, but still small for L1.
As of right now, CoinGecko ranks $ERG as the #257 coin & tracks MC ≈$107M with ≈65% circ. supply.
22/27 I know I did not cover everything. It is almost impossible to do so in 20-25 tweets. Ergo is indeed very complex & hard to understand for a newbie.
Therefore I recommend checking out this thread by Ergo itself.
It helped me, it could help you too.
Therefore I recommend checking out this thread by Ergo itself.
It helped me, it could help you too.
https://twitter.com/Ergo_Platform/status/1579490615804690432?s=20&t=K4wvU-Pite_bqOD7yHm6-g
23/27 In terms of scalability, I found some information, but I am not 100% sure with it. So please, the $ERG community contribute with your scalability stats & future plans. Thx.
I am attaching a link to the $ERG scalability plan & update from Nov22:
ergoforum.org/t/a-scalabilit…
I am attaching a link to the $ERG scalability plan & update from Nov22:
ergoforum.org/t/a-scalabilit…
24/27 I hope you've found this thread helpful 😊
Follow me @CharlieXDeFi for more.
Like/Retweet the first tweet below if you can:
Follow me @CharlieXDeFi for more.
Like/Retweet the first tweet below if you can:
https://twitter.com/CharlieXDeFi/status/1618353291016146944
25/27 If you want to keep up with $ERG development, I suggest following these accounts:
- @ErgoMinnow
- @ErgOnTop
- @Ergo_Platform
- @Sigmanauts
- @anetaBTC
- @ErgoFoundation
- @AdaverseNews
- @ergo_whale
- @ErgoClips
Feel free to add more relevant accounts below ⬇️
- @ErgoMinnow
- @ErgOnTop
- @Ergo_Platform
- @Sigmanauts
- @anetaBTC
- @ErgoFoundation
- @AdaverseNews
- @ergo_whale
- @ErgoClips
Feel free to add more relevant accounts below ⬇️
26/27 And if you are still in the mood for more knowledge, consider checking out my previous thread on Hathor $HTR ⬇️
https://twitter.com/CharlieXDeFi/status/1618021703153750016?s=20&t=ApNsw9bO7ZTZKpJRXU6ZoQ
27/27 Tomorrow be ready for another thread and become slowly but surely L1 expert with me! 🤓
This time I will look at @partisiampc $MPC 👀 #Day15 (!)
This time I will look at @partisiampc $MPC 👀 #Day15 (!)
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