Is ERGO the spiritual successor to Bitcoin?

[ptkk95]

The Ergo project is a cryptocurrency that builds upon the same UTXO model as Bitcoin but extends its functionality with additional features. Ergo allows for more complex programmability by providing access to the entire spending transaction and the block solution in the execution context. This enables the creation of Turing-complete contracts and the implementation of contractual money, where digital coins can be explicitly bound to a contract in the form of executable code.

Proof of Work. No pre-mine. Interoperability with any other chain thanks to Rosenbridge. The founder is one of the founders of CHAINLINK. Charles Hoskinson, Cardano's founder, said that it is the spiritual successor of Bitcoin.

Their community looks like the early Bitcoin cypherpunks community, lot's of innovation, lots of nerds, lots of technical talking.

Currently it has a $70m market cap........... Should I sell part of my BTC BTC for ERG?

[ryzaadit]

We already seeing a thousand projects saying the same things, and guess what? where are they now?

If these claims came from the project itself, to be honest, the project will be on my avoid/ignore list. Most of the projects who are using the "Bitcoin" name on their project or told us we are gonna better than Bitcoin are only for marketing purposes.

Bitcoin is bitcoin and is no other bitcoin.

[ptkk95]

I agree with you.
What makes me think that this might not be one of those cases is that it's Charles Hoskinson, who has nothing to do with ERGO and is the founder of another chain, Cardano (meaning he is a competitor) that says that ERGO is the spiritual successor to BTC... Why would he say something like that?

[bitbollo]

...
Why would he say something like that?

it is certainly a coin that does not have that speculative aspect as the main aspect of its development as we have seen with many (if not all) coin launched...

"Spiritual" is a... philosophical term, at least in my view that doesn't fit to much in such environment.
I have just seen valuation in coin market cap and the price fluctuated continuously reaching x20 several times.
for sure, people who like to speculate it is a good starting point ... for the rest I would not expose myself so much "talking about the next bitcoin" (not even in spiritual terms... )

[ptkk95]

...
Why would he say something like that?

... for the rest I would not expose myself so much "talking about the next bitcoin" (not even in spiritual terms... )

Yeah... you are right.
I'll just buy some ERG and forget about it and see where it goes during the next bull run...

[MAAManda]

Currently $ERGO is a growing project, ranked #310 in CMC and getting enough attention from the crypto public. But, when compared to Bitcoin, of course it won't make much sense especially if you expect $ERGO to become successor of Bitcoin.

Currently it has a $70m market cap........... Should I sell part of my BTC BTC for ERG?

My advice is don't sell your Bitcoins for $ERGO, because soon we'll be in a halving (hopefully the first quarter of next year) which will (probably) have a significant impact on the price of Bitcoin itself.

[o48o]

The Ergo project is a cryptocurrency that builds upon the same UTXO model as Bitcoin but extends its functionality with additional features. Ergo allows for more complex programmability by providing access to the entire spending transaction and the block solution in the execution context. This enables the creation of Turing-complete contracts and the implementation of contractual money, where digital coins can be explicitly bound to a contract in the form of executable code.

Proof of Work. No pre-mine. Interoperability with any other chain thanks to Rosenbridge. The founder is one of the founders of CHAINLINK. Charles Hoskinson, Cardano's founder, said that it is the spiritual successor of Bitcoin.

Their community looks like the early Bitcoin cypherpunks community, lot's of innovation, lots of nerds, lots of technical talking.

Currently it has a $70m market cap........... Should I sell part of my BTC BTC for ERG?

Big words for a $70M marketcap coin. I have nothing against Ergo, in fact i sort of like it, but calling it successor to bitcoin is a stretch. There has been several neat non ico try outs and sooner and later they die because devs have lives and actual work to do where they get paid. So development of hobbyist is a little different then paying for 24/7 job to develop.
It isn't in the radar of nearly anyone. Maybe one reason is that it isn't offering any real competition to any other crypto out there.

Charles had a thing for Ergo for a long time now, and i guess he sees something in it that he likes. Maybe it's the fact that it didn't need ICO, which has pros and cons. One of the main pros being that i don't think there's a change that it ever could be a declared as a security.

[AmoreJaz]

Currently $ERGO is a growing project, ranked #310 in CMC and getting enough attention from the crypto public. But, when compared to Bitcoin, of course it won't make much sense especially if you expect $ERGO to become successor of Bitcoin.

Currently it has a $70m market cap........... Should I sell part of my BTC BTC for ERG?

My advice is don't sell your Bitcoins for $ERGO, because soon we'll be in a halving (hopefully the first quarter of next year) which will (probably) have a significant impact on the price of Bitcoin itself.

i am more on the side of selling ERG (if you have any) to buy BTC. just look at the current ranking of this alt and you know that it won't even come near with BTC. but it is your prerogative to invest on this market, you have short-term and long-term plans. so it depends on your strategy here. some can possibly earn profit from ERG on a short-term basis. in this regard, there's no concrete path that you can take, but the profitability depends on your next steps, how you will handle such assets.

[MAAManda]

i am more on the side of selling ERG (if you have any) to buy BTC. just look at the current ranking of this alt and you know that it won't even come near with BTC. but it is your prerogative to invest on this market, you have short-term and long-term plans. so it depends on your strategy here. some can possibly earn profit from ERG on a short-term basis. in this regard, there's no concrete path that you can take, but the profitability depends on your next steps, how you will handle such assets.

Bitcoin (BTC) has more fundamentals than Ergo (ERG), however, it will take a long time to get any real profit if it comes down to investing in Bitcoin (BTC).

I don't blame the OP for being on the Ergo (ERG) side, but it would be wise indeed to invest in Bitcoin (BTC) for now because of the hype that Halving events might create (as I mentioned in my previous post).

[ptkk95]

i am more on the side of selling ERG (if you have any) to buy BTC. just look at the current ranking of this alt and you know that it won't even come near with BTC. but it is your prerogative to invest on this market, you have short-term and long-term plans. so it depends on your strategy here. some can possibly earn profit from ERG on a short-term basis. in this regard, there's no concrete path that you can take, but the profitability depends on your next steps, how you will handle such assets.

Bitcoin (BTC) has more fundamentals than Ergo (ERG), however, it will take a long time to get any real profit if it comes down to investing in Bitcoin (BTC).

I don't blame the OP for being on the Ergo (ERG) side, but it would be wise indeed to invest in Bitcoin (BTC) for now because of the hype that Halving events might create (as I mentioned in my previous post).

Exactly that. I'm thinking risk-reward here. BTC is much safer than ERG, true, but this also means that potential rewards are lower. I think that I will just buy some ERG in the end and keep the BTC that I currently hold.

For anyone who's interested: I've done a bit more research into ERG and what seems to me the most interesting possible catalyst for growth is that they are developing a bridge (currently live in beta), which is called RosenBridge, which enables sending and receiving coins and tokens between Ergo and any other blockchain with supporting multi-signature transactions or threshold signatures (e.g. BTC, Cardano, Binance Smart Chain, Ethereum etc.). What's nice is that the bridge is capable of serving as a hub for interoperability as it allows, for example to send and receive coins and tokens from ChainX to ChainY (e.g. from Cardano to Ethereum) using Ergo....

[MAAManda]

What's nice is that the bridge is capable of serving as a hub for interoperability as it allows, for example to send and receive coins and tokens from ChainX to ChainY (e.g. from Cardano to Ethereum) using Ergo....

Dafuq , is that real? I've only heard of normal bridges before, where we can send tokens between 2 different networks but one of the networks still has to come from the main network (eg BEP-20). Then, how can we send tokens using the Ergo network (ERG) but one of the destination or origin of the bridge is not from Ergo (ERG)? This is interesting, can you provide references regarding this interesting feature in Ergo, I'm interested in reading it further.

[passwordnow]

Their community looks like the early Bitcoin cypherpunks community, lot's of innovation, lots of nerds, lots of technical talking.

If you are seeing positive with that then join them. But you have to know that many projects and fans already said the same thing with the projects that they've supported before but none of them actually replaced bitcoin.

Currently it has a $70m market cap........... Should I sell part of my BTC BTC for ERG?

$70M is still low but who knows if this project you're believing could be near with the top ones. And if you're wanting to sell your BTC for ergo, you decide. But for me, I have learned my biggest mistake in the past and that's not to use my Bitcoin for buying some alts that I like to own.

[vv181]

Proof of Work. No pre-mine. Interoperability with any other chain thanks to Rosenbridge. The founder is one of the founders of CHAINLINK. Charles Hoskinson, Cardano's founder, said that it is the spiritual successor of Bitcoin.

But he said Bitcoin's proof of work should be abandoned and all Bitcoin user better move their bitcoins into some other networks, somehow.[1] Why does he support something that still uses Proof of Work?

Also, the Rosen Bridge seems barely usable, where is the interoperability? If this coin truly brings something novel toward cryptocurrency spaces, their team and communities should just simply prove it, not just merely compare and find similarities with Bitcoin.

[1] https://youtu.be/4nV3PC47G9k?t=287

[unomie]

...
Why would he say something like that?

it is certainly a coin that does not have that speculative aspect as the main aspect of its development as we have seen with many (if not all) coin launched...

"Spiritual" is a... philosophical term, at least in my view that doesn't fit to much in such environment.
I have just seen valuation in coin market cap and the price fluctuated continuously reaching x20 several times.
for sure, people who like to speculate it is a good starting point ... for the rest I would not expose myself so much "talking about the next bitcoin" (not even in spiritual terms... )

Well, exactly. The OP even came to the same conclusion themselves in the next sentence. That is what's meant by that statement.

> Their community looks like the early Bitcoin cypherpunks community, lot's of innovation, lots of nerds, lots of technical talking.

CH's gripe with BTC's PoW is that miners won't change anything. In Ergo miners have advanced governance control, easy soft-forking; and the community even has some novel ideas for things like chain-agnostic decentralized mining pool infrastructure. (Lithos Protocol) You can even do things like FIMOs (Fair Initial Mining Offerings), where users can mine ergo native tokens, enabling tokens to launch with PoW-backing.

Ergo's built everything from scratch with no VC funds, in a market polluted by them. It aims to make resilient P2P financial tooling available to all.

[DeathAngel]

There is no successor to bitcoin & no you shouldn’t sell your bitcoin to buy Ergo. Bitcoin is the King, the best performing asset over the last 14 years, to sell to buy some random altcoin would be stupidity. By all means, invest a small amount of fiat into chosen alts but not at the expense of your bitcoin stash. Bitcoin is precious, selling is a bad move because the price has probably bottomed now & will only go up.