Ergo

What is Ergo?

Ergo coin or ERG is the official currency of the Ergo platform. The latter represents blockchain-based platform that allows users to develop decentralized applications (dApps).

ERG supports the Ergo platform. It is primarily used as a means of exchanging transaction fees and renting storage.

Ergo coins are divided. This means that there are smaller units of the coin itself. They are called nanoergs.

nanoErgs represent one billionth of one Ergo coin..

Ergo coin was launched without help Initial Coin Offering (ICO) or pre-mining events.

There are several ways to purchase an ERG. The most obvious way to do this is to purchase coins through a major exchange that has ERG listed on it. Another way to purchase ERG is through mining.

Ergo coins can be mined using Proof of Work (PoW) algorithm. One of the main advantages of this algorithm is that it does not require expensive mining equipment. This opens the door for ERG mining to the general public as almost all commonly used GPUs are capable of it.

The maximum number of Ergo coins is 97,739,925 coins. Moreover, no coins were pre-allocated to the founding team or investors.

Ergo originally planned to release all Ergo coins within 8 years. However, this token emission schedule was changed through a retargeting emission soft fork. The new end date for Ergo coins is set at approximately 2045.

Since ERG is a cryptocurrency, its price tends to fluctuate. To make an informed purchasing decision, you can take a closer look at Ergo’s price history or ERG’s current price in the chart above.

What are the main features of Ergo?

Ergo is a smart contract platform.

One of the main goals of this project is create a safe environment for the implementation of financial contracts. The Ergo Platform’s target audience is ordinary people with little or no knowledge of blockchain technologies.

As discussed in the “What is Ergo” section, Ergo operates using a special Proof-of-Work consensus mechanism that is exclusive to the Ergo platform. It is also known as Autolykos.

The reason for choosing PoW is directly related to its high security and safety.

It is well known that the Proof-of-Work consensus mechanism consumes a lot of energy. This is what it does Bitcointhe project that PoW introduced is so unfriendly to the environment.

This is where Autolykos comes to the rescue. Ergo solves the power consumption problem by modifying the original Proof-of-Work consensus mechanism to use power more efficiently.

Autolykos is paving the way for Ergo to become “more energy efficient than Bitcoin”.

Some of the other features exclusive to the Ergo blockchain include Sigma, eUTXO, NIPoPoW, and storage rental protocols.

Sigma protocols are a critical element of dApps development on the Ergo platform.

UTHO is the basis of Ergo smart contracts. Ergo uses an extended UTXO model, also known as eUTXO. It is a multi-stage model that provides improved privacy, increased scalability and reduced transaction costs.

NiPoPoW, or non-interactive proof of work, provides users with the ability to run smart contracts on mobile devices without trust. It also speeds up the process of verifying individual transactions.

Renting storage solves the problem of inactive network participants. Ergo coins that have not been interacted with in more than 4 years will incur a small fee.. Simply put, coins that have not been used during this period of time will have to pay a certain rental fee to store their coins.

Most importantly, the storage rental model ensures that ERG’s circulating supply does not decrease.

Additionally, Ergo introduced a new coding language called Ergoscript. Its main functionality is cconclusion of advanced financial contracts without compromising the level of security.

Additionally, all Ergo coins have ErgoScript behind them. This allows coin holders to change their parameters such as availability, terms and conditions of use.

Ergo Platform has been audited by Jean-Philippe Aumasson. The audit report is available for anyone to review.

Who developed Ergo?

The idea of ​​the Ergo crypto project was born in 2016, and its development began in 2017. The Ergo platform was officially launched in mid-2019. The company behind the project is registered as Ergo Platform. This is a blockchain based company The co-founder is a team of entrepreneurs with many years of experience in blockchain development..

Notable members of the founding team include lead developer Alexander Chepurnoy, who has been working in the crypto sector for over 10 years. He has worked with leading cryptocurrency projects such as IOHK and NHT. Apart from Ergo Platform, Chepurnoy also co-founded smartcontract.com, which later became one of the most famous oracle providers in the industry – Chainlink.

If Ergo interests you, be sure to do thorough research before committing. You can start by checking the Ergo price in the section above.

Ergo has managed to establish strong partnerships with major players in the crypto industry. This includes Cardano, EMURGO and Graviton.