An Introduction to the Ergo Blockchain

in #cryptolast year

What is Ergo?

Ergo is a proof of work (PoW) layer 1 cryptocurrency. It is not a fork of another blockchain and was built from the ground up using its custom built coding language called ErgoScript. It is a smart contract compatible blockchain which uses the eUTXO model (extended unspent transaction output).

Get to know Ergo better by reading the Ergo Manifesto: https://ergoplatform.org/en/blog/2021-04-26-the-ergo-manifesto/

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Why Ergo?

Ergo is ASIC resistant, so the network is secured using GPUs which makes it more decentralised and less vulnerable to government intervention such as mining bans. Another advantage of GPU minable cryptocurrencies is that anyone with a computer and access to the internet can acquire the coins directly from the blockchain without having to buy from a third party such as an exchange which will require KYC if there is a fiat onramp and the loss of privacy of its users. It is likely that Ergo will remain ASIC resistant as periodic changes are made to the mining algorithm, which makes it hard for an ASIC to adapt to.

Ergo is built in an opensource environment. dApps which are built on Ergo are encouraged to be opensource with their code. This has two benefits; first, it makes it easier for new projects to build on Ergo by using the code which is already available, and second, it allows dApps to be audited by the community with the result of greater security and trust.

The genesis block was minted on 1st July 2019. Ergo had a fair launch with no pre-mine, ICO or team allocation. 4.43% of total supply was allocated to the Ergo Foundation, which is a community driven non-profit organisation. This allocation was taken from mining rewards over a period of two and half years. Ergo originally had an emissions curve that would have reached zero after eight years; however, in 2020 there was an emissions reduction by a soft fork allowing block rewards to continue until 2045. Ergo has a maximum supply of 97,739,925 ERG. Block rewards are currently 42 ERG. There is a reduction every three months of three ERG.

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How to create a wallet and where to buy ERG?

The most popular wallet is the Chrome extension Nautilus wallet. A link and installation guide is available on the Ergo Platform website: https://ergoplatform.org/en/blog/2022-03-10-storing-crypto-on-ergo-nautilus-wallet/

You can buy ERG on Kucoin, CoinEx and gate.io

What dApps are on Ergo?

Ergo has NFTs. The number one marketplace is https://www.skyharbor.io/

AMA Dex: https://app.spectrum.fi/ergo/swap

Overcollateralised algorithmic stablecoin: https://sigmausd.io/#/

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