Summary of past AMAs:
https://twitter.com/ergoplatformorg/status/1230985345879171072Smart MoneyErgo is a DeFi and crypto contracts platform that takes a radically different approach to smart contracts than other networks. Ergo enables use cases that would be impossible, risky or expensive with other platforms. Non-custodial and non-interactive DeFi is being done with Sigma protocols
https://ergoplatform.org/docs/ErgoScript.pdf, powerful cryptography that allows very flexible and elegant coding of wide-ranging functionality.
Ergo smart contracts are based on a Bitcoin-like but extended UTXO model
https://www.ergoforum.org/t/ergo-terminology-a-box-and-a-register/32, where every output is protected by some script. If the scripting language is rich enough, it enables writing of Turing-complete contracts while avoiding ad-hoc solutions for program halting like gas in Ethereum. While having significantly more versatility than Bitcoin script, Ergo script only contains operations, that allow estimation of script complexity before execution, which prevents various DoS attacks. However this instructions set is enough to easily write any possible program. ErgoScript was proven to be Turing complete
https://arxiv.org/pdf/1806.10116.pdfPrivacyErgo is non a privacy coin, but if Ethereum is called "decentralized world computer", then Ergo is "decentralized world crypto-computer" as it has generic and flexible support for variety of cryptographic protocols to be built on top of it, including off-the-peg use of ring and threshold signatures(e.g. 2-out-of-3 which is preserving zero-knowledge, unlike multisig in Bitcoin: by observing a signature not possible to know these 2 guys who signed (only the ring of 3 is known))– great for privacy applications. As an immediate application, Ergo community members discovered ErgoMix, a next-generation mixer, simple, non-custodial (so no risks for operators and also users to get arrested or have money lost) and non-interactive (so more secure). More schemes will be discovered in future definitely, due to flexbility of Ergo's generic approach. And also Ergo's approach is efficient and secure, sigma-protocols (aka Generalized Schnorr Proofs) are known since 90s, they're efficient and well-studied so secure. We also have a DEX on the way and a small but active and growing community building their own dApps.
Value and SurvivabilityERG is working as the transaction fees AND storage fees to miners, providing the same incentive for miners even after emission ends, thanks to own economy model. Next very unique one is a contribution to non-interactive and non-custodial DeFi, years of research were put into improving Bitcoin design here, so we have more advanced and more powerful scripting with privacy in mind, advanced proof-of-work, support for tokens, more advanced fees, soft forking approach, miners can change parameters like block size etc on their own, so it is also self-amendable protocol at the same time built with survivability in mind what is important as for digital commodity and cash guarantees.
Main mission of Ergo is proving that cryptocurrency can`t be regulated with its possibilities. In some scanarios Ergo could be "digital gold with contracts" while Bitcoin is just "digital gold". Maybe people will love Ergo for simplicity and mixing. Maybe it will be a backbone to build community finance when the world economy will collapse. Let's see )
Supply, Treasury and EconomyErgo is POW cryptocurrency with fixed supply cap, like Bitcoin, 97,739,924 ergs to be issued in 8 years. To fund development, Ergo has in place a Treasury which will receive 4.43% of the Ergs, 4,330,791.5 and is completed in just 2.5 years. There was no premine, genesis state contains proof-of-no-premine. To stabilize mining income after emission is done, Ergo’s short emission schedule is made possible through its new economic model, namely, the storage rent fee component to stabilize minind rewards after emissions is done, so you need to pay for UTXOs which stay in the system but not touched for few years. We have modelling done for this new kind of economy, space-scarce economy, showing that this model could be sustainable and improved soft-forkability to avoid hard forks. Other benefits from having the storage rent fee include prevention of “state bloat”, building of an economy around state (users must pay to keep unspent boxes in miners’ memory for the long‐term) and a gradual return of any lost coins back into circulation
https://fc18.ifca.ai/bitcoin/papers/bitcoin18-final18.pdfSecurityInitial idea was to combine most prominent ideas from research papers, but also make a practical and simple system. It was really hard! Ergo was started in 2016 but mainnet was launched on July 1st, 2019. For dapps, working apps with UIs is the most needed part of the puzzle, and we're working on that! For 2021 a community member has this proposal
https://www.ergoforum.org/t/universal-dapp-interface-package-standard/153 which could change the dapp industry I believe.
Ergo is based on solid research
https://ergoplatform.org/en/documents/ done by the team and not only. But it's not a professor coin disconnected from reality, it is an engineer coin. On other hand, we're using solid methods and very careful about everything. As result we have powerful, secure and generic platform.
Consensus protocol of Ergo — Autolykos — is based on the well-known Proof-of-Work (“PoW”) consensus algorithm. PoW was chosen for several reasons including that PoW protocols are widely studied, have high security guarantees, and are friendly to light clients.
PoW has issues, but they are well-known at least, Ergo devs have few papers on PoW security published. About PoS, even problematics is probably not very clear.
ScalabilityErgo allows people to synchronize with the network by downloading less than a megabyte of data, reducing the process from potentially weeks to minutes and enabling it to take place on mobile devices – all with the same security as current third-party solutions. In addition, Ergo uses authenticated state and for any transaction included, a client may download a proof of its correctness. Thus, regardless of the blockchain size, a regular user with a smart-phone can join the network and start using Ergo with the same security guarantees as a full node. We also have support for ultra-efficient SPV clients via NiPoPoW tech
https://nipopows.com Ergo additionally is a self-amendable protocol that allows it to absorb new ideas and improve itself in a decentralized manner.
For interoperability, we have some space left in the protocol to fill in 2021. For volatility, we already have some stablecoin contracts , now apllications are needed. Please note that token mechanics in Ergo makes stablecoins not contradicting with the native token! Native token always has utility, it is being used to pay for storage rent!
Community and RoadmapCore team has some minimum plan, but it seems, more will be delivered, as external teams and contributors are also working. Minimalistic roadmap for 2020 (
https://ergoplatform.org/en/blog/2020_02_02/) including crowdfunding tool (we already done some campaigns), non-interactive and non-custodial mixing tool and also decentralized exchange. But from what we know from contributors we can announce more in coming months! And then in 2021 we'll focus on non-custodial DeFi, new funding mechanisms for projects (as IEOs will probably die by then) etc. Our core team is getting bigger and more decentralized over time, and that's the key for success I guess. Fund is providing grants, so please come to build the ecosystem and apply for a grant!
https://ergoplatform.org/en/foundation/ Also this is community-based project, so no ICO- or VC-funding related issues. Ergo's focus is on the long-term!
There's no plan to generate revenue for the Ergo Foundation, it will spend Dev Fund on common infrastructure development, and after the DevFund Foundation will switch to other means of funding, such as donations or will just disappear (as Bitcoin Foundation disappeared).
ErgoScript, language supporting non-interactive zero-knowledge proofs, actually is a small subset of Scala language, which is pretty well known, and now we have tooling to compile a subset of Scala into Ergo contracts (low-level representation called ErgoTree), so now developers can use ordinary IDEs for Scala and use established tools for formal verification, articles on that are coming!
Existing DeFiThe problems with current DeFi solutions are admin keys, centralized UI, control from certain parties over protocols etc. Ergo is focused on non-custodial DeFi. The perfect example is crowdfunding campaign we did: you just create a coin with a certain contract and then project can collect your coin if the crowdfunding contract conditions are met. And you create your coin just with your wallet. You do not send tokens to a smart contract (like in Eth), you just attach certain contract to your tokens
https://ergoplatform.org/en/blog/2019_04_10-ico-example/Another way to improve DeFi is community finance, such as LETS systems, to provide ability to boost economic activity without collaterals. Ergo devs presented some example contracts in regards with that
https://ergoplatform.org/en/blog/2019_05_29-exchange/Comparison?The big difference with Ergo is that Ergo mainnet with most promises has already been launched. Not like other projects which still need upgrades or countless other changes. Ergo mainnet is already running and any developer or team can build DAPPS on top of Ergo now, not at some promised time in the future. And our core team is getting bigger and more decentralized over time, and that's the key for success I guess.
Ergo is currently listed on Vite, Probit, Tidex, HotBit, Waves.exchange, P2PB2B, GJ.com. More listings are coming.
On Binance at some point we'll be there for sure ) But before that we plan to get on 3-4 smaller exchanges (some are big though, wait for announcements)
Ergo means "Work" in Greek, and also "Therefore" in Latin, both meanings are fine ) Logo is representing Sigma letter from Greek alphabet, an association with sigma-protocols, a class of efficient zero-knowledge protocols Ergo using.
Please join the Ergo comunity to help with development and promotion! Our Telegram: @ergoplatform , Discord:
https://discordapp.com/invite/gYrVrjS, Twitter:
https://twitter.com/ergoplatformorg, Github:
https://github.com/ergoplatform
