What is Ergo Platform? Ergo Platform is a Layer 1 that uses Proof of Work consensus mechanism, enabling new, secure and rich financial interaction models as well as applying flexible and powerful Zero-Knowledge proof.
So what is Ergo Platform? How does it work? Let’s find out in this article!
What is Ergo Platform?
Ergo Platform Overview
Ergo Platform is a Layer 1 that uses Proof of Work consensus mechanism, enabling new, secure and rich financial interaction models as well as applying flexible and powerful Zero-Knowledge proof. The platform offers superior privacy, scalability, and interoperability.
Sigma Protocol is the foundation of smart contracts built on Ergo. An efficient zero-knowledge protocol layer enables the implementation of complex tasks. Thanks to Zero-Knowledge proofs, users have enough privacy: they can access the mixer or other functionality without any third party.
Non-interactive Proof-of-Work (NIPoPoWs) enables high-trust execution and verification of transactions without the storage, bandwidth, and time required to download the entire blockchain. Just 1MB of data means you can use it on any device.
ErgoScript is the primary language used on Ergo, flexible to enable ring signatures, multi-signatures, multiple currencies, atomic swaps, self-replicating scripts, and long-term computation.
Ergo uses the so-called extended UTXO (eUTXO) model, based on Bitcoin’s original model, with more power, adding support for clearer smart contracts. This allows smart contracts to use UTXOs as data inputs without changing them.
Additionally, Ergo Platform also provides a storage capacity rental service that acts as an on-chain garbage collector that helps solve the blockchain bloat problem and is even profitable.
The difference of Ergo Platform
- Privacy: UTXO helps eliminate privacy leaks.
- Ability of extension: Parallel transaction processing is simpler in UTXO. UTXO is also friendlier to stateless client solutions.
- Interactive abillity: Like Off-Chain and Sidechain protocols, cObjects are easier to work with from outside the chain.
- Transaction cost predictability: The only on-chain action is the validation of smart contracts. As a result, transaction costs are significantly lower and most importantly, transaction costs are predictable, eliminating the need for gas.
Development Roadmap
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Core Team
Denys Zadorozhnyi: Rust Software Engineer
- In 1999, Denys worked as System Administrator/Software Developer at Ltava Leasing. After more than 3 years working here, Denys was promoted to Head of IT department.
- In 2012, Denys moved to work at Ciklum. The positions he held there were Senior Mobile Developer and Team Lead / Senior Mobile Developer.
- In 2016, Denys became Senior Mobile Software Engineer / Team Lead at Aida Health, Inc.
- Currently, Denys is a Rust Software Engineer at Ergo Platform.
Investors
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Tokenomics
Overview information about Token Ergo
- Token Name: Ergo
- Ticker: ERG
- Total supply: 97,739,924
Token Allocation
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Token Use Case
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Exchanges
ERG tokens are traded on exchanges such as Gate, KuCoin, CoinEx,…
Ergo Platform’s Information Channel
- Website: https://ergoplatform.org/en/
- Twitter: https://twitter.com/Ergo_Platform
- Discord:
Summary
Ergo Platform is one of the platforms that improves on Bitcoin’s limitations and uses ZK technology to grant privacy to users. But other platforms have come a long way compared to Ergo. So it’s too difficult for Ergo to enter the L1 race.
So I have clarified what Ergo Platform is? Ergo Platform cryptocurrency overview. Hope this article provides you with a lot of useful information!