ERGO coin is a UTXO-based blockchain protocol designed to create a platform for efficient and secure financial contracts with the all-new DeFi functionality.
Charles Hoskinson founded ERGO. This favorite technician also helped to develop CARDANO, NXT, Scorex, WAVES, and smartcontract.com (now named CHAINLINK). The Ergo blockchain uses a well-known Proof-of-Work (PoW) algorithm for its consensus mechanism. Employing smart contracts, it uses a number of advanced features such as zero-knowledge proof, loop signature, and customizable block size.
ERGO’s Sigma protocols and blockchain architecture operate tasks that are difficult to do in conventional smart contract operating systems while protecting privacy and ensuring that security is not compromised. Today the range of decentralized finance (DeFi) usage is trending significantly. Some of these popular DeFi platforms are: Stable Money, Negligible Signs (NFT), Oracle Pools, and ErgoMixer that enable participants to spend without anyone knowing who made the transactions.
In 2020, ERGO coin, in collaboration with EMURGO, Stablecoin Research, and the department and offered DeFi applications using interrelated skills in CARDANO technical structures and UTXO-based smart contracts.
How to buy an ERGO coin?
Not all cryptocurrencies can be traded with fiat currencies. Individuals can purchase Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and other popular cryptocurrencies with US dollars through crypto exchanges such as Coinbase or BlockFi. So, to purchase Ergo coin, you need to have coins like BTC and then exchange them for Ergo in crypto exchange platforms offering Ergo, such as Binance.
Where can I get an Ergo wallet?
Ergo generates its own wallet software that is available for download on its website and allows you to save Ergo to your computer. For maximum security, you can store your cryptocurrencies on a dedicated hardware wallet such as the TREZOR or Ledger Nano X wallet. If you do not want to buy a Cold-storage wallet, you may want to use a mobile wallet such as Atomic, Jaxx, or Coinomi to store multiple cryptocurrencies with some additional security benefits.
What is the value of the ERGO coin?
One Ergo (ERG) is currently valued at $ 10.76 in large cryptocurrency exchanges. You can also exchange an Ergo coin for 0.00030471 bitcoins in major exchanges. The value (or market capitalization) of this digital asset is $ 344.56 million.
Ergo coin prices and market data
Ergo is currently priced at $ 10.87 with a 24-hour trading volume of $ 4,245,318. The maximum supply of ERG is 97.7 million and the platform has supplied 38 million ERGs till now. Currently, CoinEx is the most active exchange for trading ERG.
Advantages of the Ergo protocol
Ergo is a flexible blockchain designed to develop decentralized applications with the primary focus on providing an efficient, secure, and easy way to execute financial contracts. To achieve this, it has provided various technical and economic advances in Blockchain solutions. It is a powerful protocol-friendly programming language based on the Σ protocols. Extensive support for light nodes has made Ergo coin a user-friendly platform because it allows contracts to run on untrusted hardware.
What is the ERG price forecast?
As of May 30, 2021, the ERG price is $ 10.436 on Sunday, and the price chart illustrates that the asset price has been on an upward trend since last year.
According to forecasting systems, the future price of the asset after one year is predicted to be $ 18.230097 (74.685%).
This means that if you invest $ 100 now, your capital may rise to $204.685 by next year. So this asset is suitable as a new addition to your portfolio.
ERG price forecast
Ergo coin mining
Mining ergo is based on Autolykos 98, a proof-of-work algorithm that is ASIC-resistant and pool-resistant. Cloud miner center has to do hard memory calculations (requires at least 4GB of memory, but running the most efficient current method is between 8GB of VRAM) which makes Ergo friendly for GPU mining. In addition, Autolykos requires access to private keys, meaning the existence of a mining pool is not feasible.
Once the miner found the correct solution for the block, it can receive the block reward after delaying 720 blocks using the secret used during cloud mining. The rest of the nodes in the network then verify the transactions using their public keys, and this verification requires less than one kilobyte of memory.
ERG mining requirements
For Ergo mining, you need the following settings:
A complete node which is started with a synced wallet.
An operating system that can recognize GPU
Ergo mining software for your operating system. The Ergo can support both AMD GPU and NVidia.
Also, Ergo mining requires a configured and coordinated Ergo node and at least one GPU for mining. You can use multiple GPUs if you wish (to multiply your hashing power) but you only need one Ergo node to kick off the mining process.
Note that Ergo no longer works in Java 8 due to the lack of strong encryption. So you must use Java9 or above versions
What advantages does the Ergo coin bring to Cardano?
Ergo is the first blockchain adopting the eUTxO (extended UTXO) model used by Cardano which is compatible with the PoW algorithm.
Instead of trying to compile PoW inherently natural cryptographic concepts into PoS, where game theory concepts are quite different from the protocol, Ergo brings proven PoW security with sufficient security for more complex DApps implementations on top of the common UTxO model.
This allows the entire Cardano ecosystem to work with the Solana 63 blockchain, accepted by major exchanges such as Okex or Binance.
Not all of the benefits of the eUTxO model will copy by other blockchains. Thanks to the interoperability of DApps, they can borrow these unique benefits by bringing their tokens to Ergo.
The cryptography used in the Ergo protocol is more advanced and runs on Sigma protocols, where the cryptographic signature is very flexible and combinable.
Useful and efficient DApps can build on top of Ergo coin, such as auction house, NFT, crowdfunding program, DEX, and zero-knowledge treasury (a small DAO that controls a certain amount of budget and, thanks to Sigma protocols, voters can protect their privacy).
Ergo platform also supports non-financial applications such as Oracle groups which are essentially important for software functioning.
With these complementary features in addition to PoW and Sigma Encryption, Ergo has a competitive advantage over Cardano cloud mining, as developers have a complete solution for building their own DApps.
The native token of Ergo Platform, ERG is using to pay all transaction costs for the smart transfer and execution of the contract. Storage costs are also deducted from inactive accounts and provide ongoing incentives for miners on top of block prizes. This new economic model ensures a stable network. ERG acts as the primary security and it is using for various DApps collateral such as stable coins and many other coins. The ecosystem efficiency improves as the ErgoMixer algorithm removes the deactivated nodes.
Custom tokens are the first-class citizen token in Ergo. These tokens will distribute to miners and other ecosystem stakeholders using logically defined smart contracts. Some of them are including PoW-style internal publishing programs.
Ergo designed from scratch, including the POW algorithm, Autolykos v2, hard memory, and GPU.
The Ergo team believes that the network must adapt to changing environments without the intervention of trusted parties. So it has an on-chain miner voting protocol that allows gradual changes in a number of parameters, including maximum block size, storage cost factor, and more. For more fundamental changes, if the vast majority of network participants accept a new feature, Ergo tries to follow the soft-fork approach, then activates, yet old nodes that do not upgrade work normally.
Ergo and Cardano
Powerful but safe
We have various experiences working with blockchain operating systems. So we learned that typical smart contracts may be powerful, but they may cause certain adverse results. Performing complex computational tasks in blockchain can have unintended consequences.
Network conditions, bugs, and misuse of the code reveal that it is impossible to know if the software is running. Or whether the code is running as intended. This can lead to security vulnerabilities and faulty DApps.
Ergo smart contracts allow us to do a wide range of tasks. But we always know in advance where the code will spend and whether it will run successfully or not.
Meanwhile, we can still write scripts by repeating processes in multiple blocks. This means that Ergo can support DApps that are predictable, at a known cost, and have no unlimited performance risks.
Intelligent but straightforward
Sigma protocols allow us to take loop and threshold signatures out of the box. Let’s say you want to create a “ring spending contract”, where each of us can trade from the same address. But we do not want anyone else to know which of us is spending the budget. This is not possible with Bitcoin. Sigma protocols can do this with Ethereum. But it can be expensive and complicate. Especially with a ring size of 10 or 20 members, which is necessary for strong privacy.
Using Ergo, these types of applications will create quickly, thanks to the integration of Sigma protocols into the kernel. It provides privacy at the application level:
Trusted scripts that we can use to features without the need for third parties
Secure but accessible
Each script applies to an unused output. We drew this feature from the Bitcoin protocol. It uses the UTXO or “coin” model rather than the “account” model, such as Ethereum. We consider this method safer because the boxes are immutable and also more flexible.
The Ergo blockchain uses the Autolykos algorithm for consensus purposes. It is a type of Equihash, offering better ASIC resistance and a degree of pool resistance. This allows for better decentralization, avoiding large pools that can collude or force to attack the network. At the same time, we recognize that ordinary users who do not run the full node should enjoy the security benefits of miners. Ergo’s non-interactive proof-of-proof-of-work (NiPoPoW) allows anyone to perform.
Also, they can have verified transactions with complete certainty without having to worry about some problems. The problems like storage, bandwidth, and time required to download a complete blockchain. You need less than 1 MB of data – which means you can use any device for mining purposes.