[PRE-ANN] Ergo Platform is coming, the AAA class of blockchains

[kushti]

After a long break from real systems development (only research and prototypes), I'm going back with a complete new design for a cryptocurrency / blockchain system.

Basic ideas:

- Lightweight non-mining full-node. Basic ideas and efficient authenticated dynamic dictionary implementation details are given in the paper https://eprint.iacr.org/2016/994.pdf, I also highly recommend this presentation by  Prof. Reyzin from RWC'17 https://www.youtube.com/watch?v=PHY7JnLrK5o
- For the mining nodes, it will be supposed that they are mostly running in the regime similar to Warp-mode in Parity, fast-mode in Geth, but stronger security guarantees, see this draft (more formal paper is on the way): https://arxiv.org/abs/1603.07926
- Instead of SPV, much more efficient light client regime, tens of kilobytes instead of tens/hundreds of megabytes to bootstrap! So really light mobile clients: Based on the work of Kiayias et al. http://fc16.ifca.ai/bitcoin/papers/KLS16.pdf

- New economic model, "space-scarce economy" https://eprint.iacr.org/2017/644

- New transactional language, superior to Bitcoin Script, for now only 1-page description is done and a prototype interpreter: https://github.com/ScorexFoundation/sigmastate-interpreter

It will be Proof-of-Work system, with some memory-hard Proof-of-Work to resist ASICs.


website is: https://ergoplatform.org/

development could be tracked on github: https://github.com/ergoplatform/ergo. The earliest testnet will be around in September, hopefully.

We made some free giveaway to Waves community, token is EFYT (Ergo First Year Token).

In the next chapters I will share details on the transactional language, as well as plans on governance, funding etc.

Please join the effort!

[mxxxxxx]

Communication channels:

Github https://github.com/ergoplatform

Twitter https://twitter.com/ergoplatformorg

Telegram https://t.me/ergoplatform

Email ergoplatform@protonmail.com

Ergo slack channel(#ergo in Waves slack) http://wavesplatform.herokuapp.com/

[Charloz24]

Interesting project indeed, count me in to follow your  work too.

[kaduwall2]

So, no ICO then? Cool! Project looks quite interesting dev, looking forward to mine this and will be watching this thread closely, thanks!

[kushti]

Initial post maybe not very clear from in regards of what can be achieved. Main properties of the Ergo are following:

- Simplicity: only hash function and sigma-protocols to be used, no super-fancy cryptography. PoW consensus. All the proposals chosen are more or less clear in what they are doing.

- Blockchain safety: guaranteed upper bound on script verification time, no UTXO spam is possible(in long term), light full nodes (with full-node security guarantees), so we can have bigger output size with no much fear (blockchain as a database becomes real. database would be still costly and pretty limited for sure).

- Efficiency and scalability: we can do more without losing in security.

- Flexibility: not self-amendable blockchain, like Tezos, but miners will be able to change many parameters (slowly) dynamically (via voting).

- Soft-forkability: it will be possible to enrich the language and add some things to the block structure via soft-forks only

- Protocol friendliness: transactional language is more reach. There are already examples of crowdfunding via 1-line output (backer) script, demurrage coin, ring signature etc.


So Ergo will be not about fancy features, Blockchain 2.0 / 3.0 / 4.0, but Bitcoin replacement with solid tech (I hope).


Now on social/financial side of things:

development, maintenance and marketing are not free, moreover, not cheap. The plan is to charge miners, like in ZCash. The tax would be lower, 10%, and money are to be given to foundation. During the first year foundation is to be controlled by initial team. The team has right to sell these tokens or obligations for them. 50% of coins will be issued in the first year, means the initial team can sell in some way 5% of total supply. EFYT tokens issued on Waves are about these 5%.

Some minor part is given away for free, something will be sold to private investors. About ICO, I'm not sure, there are some positive as well as negative things about it.

After first year we hope it will be possible to change the team (including firing founders) via community voting organized by the foundation. This is one particular reason why we also want to put some  money into developing cryptographic voting technologies along with some universities (more to be announced in coming months, hopefully).

We are also thinking on launching two blockchains, one for money, another to be public bulletin board for protocols (voting, auctions etc) and data records (DNS etc), with atomic cross-chain swapping and maybe sidechaining. EFYT tokens will be changed for tokens in both systems.
 

 

[Notin2]

I thought this coin is already trading on wavesdex and tidex?

[mxxxxxx]

I thought this coin is already trading on wavesdex and tidex?

Yes, there was a free giveaway to Waves community, token is EFYT (Ergo First Year Token).

It will be converted to Ergo after launch.

[65cerberus]

I thought this coin is already trading on wavesdex and tidex?

Yes, there was a free giveaway to Waves community, token is EFYT (Ergo First Year Token).

It will be converted to Ergo after launch.

Looks like I need to pick up a few more EFYT...

[Route69]

Dmitry Meshkov! what a cunning look at us on your team photo!

[kushti]

There are four developers working now on the project. There were some AMA sessions in May-June, I think another one could happen around early September.

[.LooTz.]

Always welcome on Crypto Core Radio brother, just let me know

[dolores13]

Some Scammer is trying to scam bitcointalk community using your coin name

[Vaniaayu]

happy to see a project with a unique idea, I am very interested in this, and I will see the further development of this project, I am very curious about your promotion program, hopefully it works very well.

[kslavik]

This looks interesting. I'm bookmarking your website and will be checking regularly. Its about time we see new things.

[kutangterbang]

the idea is unique, I like your concept, but I'm not sure to join this project, besides, there is no promotion program yet, so I will see the progress of this project, good luck

[OriginTrain]

Are there any native english speakers on your team? This would help lend the coin a professional look if it were to take off..

[kushti]

Please beware of scams! And dont' trust even single official channel (website, Twitter, slack), it could be compromised. Trust only if all the channels are providing the same information.

===================================================

Testnet0 will be on Equihash Proof-or-Work function. Implementation of this PoW is just merged.

Can't say delivery date of Testnet0. Even very initial version of Ergo will be very ambitious:

- light-SPV mode with utterly compact chain bootstrapping data
- lightweight fullnodes with very limited storage consumption
- additional hybrid mode of operations
- memory-hard Equihash PoW

We made a lot of improvements, tests and benchmarks in our own underlying libraries. We are writing a lot tests for Ergo as well (93 tests atm). I think quality should be the highest priority.

We need to start to work on documentation and parametrization of light-spv mechanism and Equihash.


We are ready to show some demos, so we're looking for some guys capable to deliver stunning video effects.

=====================================================

Recently foundation account sold EFYT tokens for 0.6 BTC via DEX to pay a dev. Maybe we will continue to do that (selling less than 1 BTC / month) in coming weeks.

On marketing / volunteers, we're focusing on technical things now (and overbusy even with them). We do need for some community manager.

[tottong]

I thought this coin is already trading on wavesdex and tidex?

Yes, there was a free giveaway to Waves community, token is EFYT (Ergo First Year Token).

It will be converted to Ergo after launch.

How to join in free giveaway to waves communty?  Interesting to take part in free giveaway.
This ergo want to use token from waves and when ergo will be launch?

[mxxxxxx]

Equihash PoW implementation merged, Testnet Update

https://twitter.com/ergoplatformorg/status/906630703923843072

[mxxxxxx]

I thought this coin is already trading on wavesdex and tidex?

Yes, there was a free giveaway to Waves community, token is EFYT (Ergo First Year Token).

It will be converted to Ergo after launch.

How to join in free giveaway to waves communty?  Interesting to take part in free giveaway.
This ergo want to use token from waves and when ergo will be launch?

Links to Q&As:

https://ergoplatform.org/qa_2017_05_29.html

https://ergoplatform.org/qa_2017_06_09.html