Why Ergo?
Ergo is a next-generation smart contract platform that ensures the economic freedom of ordinary people through secure, accessible, and decentralized financial tools. Backed by a powerful scripting language, advanced cryptographic features, and a foundation rooted in the best principles of blockchain technology, Ergo is poised to revolutionize the concept of Contractual Money.
The Vision Behind Ergo
Ergo encapsulates over a decade of blockchain evolution, merging proven concepts with the latest in peer-reviewed academic research. This blend has empowered Ergo to embed advanced cryptographic features directly into its core, crafting a resilient blockchain equipped for future innovations.
Strength and Security
Engineered with a strong emphasis on security and versatility, Ergo offers a reliable foundation for dApps to operate with predictable costs. Its smart contracts ensure Turing completeness without compromising on predictability or affordability.
- Declarative programming model
- Predictable execution costs
- Sigma Protocols integration
Intelligent and User-Friendly
Ergo leverages Sigma Protocols (Σ-Protocols) to power its smart contracts, enabling the use of efficient zero-knowledge proofs. This allows for the performance of complex, privacy-sensitive tasks without intermediaries.
- Zero-knowledge proofs
- Trustless environment
- Application-level privacy
Secure and Accessible to All
Ergo's dedication to universal blockchain security is evident through its implementation of Non-Interactive Proofs of Proof-of-Work (NIPoPoWs). This feature allows users to transact and verify with confidence without a full node.
- NIPoPoWs implementation
- Lightweight verification
- Storage Rent system
Commodity Money and Innovation
Ergo transcends the traditional concept of a blockchain token, embodying commodity money with real-world consumption of resources for mining. This approach distinguishes Ergo with unique features.
- Long-term mining incentives
- SigmaFi bonds
- Cryptographic protocols
The Genesis of Ergo
Launched in 2019 by esteemed developers and cryptocurrency luminaries, including Alex Chepurnoy and Dmitry Meshkov, Ergo emerged from a shared vision to revolutionize the blockchain landscape.
Fixed Supply
Ergo has a fixed supply of 97,739,924 coins, combating inflation.
Extended Emission
Through EIP-27, Ergo's mining rewards are extended for approximately 17.38 years.
Why Ergo Embraces Proof-of-Work
Ergo utilizes the Autolykos Proof-of-Work protocol, demonstrating its commitment to decentralization and fairness. Proof of Work enables a user-friendly environment where lightweight clients can interact directly with the blockchain, creating a truly programmable currency that is accessible and ready for use today.
How Does Ergo Address Bitcoin's Challenges?
| Challenges Faced by Bitcoin | Ergo's Solution |
|---|---|
| Limited smart contract functionality | Rich language (ErgoScript), eUTXO model, Sigma protocols, transaction chaining |
| Unclear network security as block reward subsidy approaches zero | More revenue from transaction fees due to DeFi and higher usage/scalability, storage rent |
| Lack of economy around state | Storage Rent provides additional rewards for miners, compensating for long-term UTXO holding |
| Inefficient merkle tree data structure | AVL trees enabling drastically more efficient light client verification |
| Weak and cumbersome optional privacy tools | Sigma protocols enable true peer-to-peer privacy, ErgoMixer provides better anonymity than Monero |
How Does Ergo Address Ethereum's Challenges?
| Challenges Faced by Ethereum | Ergo's Solution |
|---|---|
| Creating transactions requires paying fees in ETH | Babel Fees allow users to pay transaction fees in native tokens |
| Gas requirement and the 'stopping problem' | No gas fees or stopping problem, most computations done off-chain |
| High gas fees and network congestion | Engineered with long-term scaling in mind, using advanced and well-researched tools |
| Node centralization in AWS / Infura | Anyone can run a node (similar to Bitcoin), mitigants prevent bad node running experience |
| Censorship: Most blocks are OFAC blocks | Decentralization and PoW deeply ingrained in Ergo's ethos, resists censorship |
Want to Learn More?
Meet the Minds Behind Ergo
Ergo is powered by experienced developers and researchers with strong academic backgrounds in cryptography, compiler theory, blockchain technology, and cryptographic e-cash.
Notable contributor Alexander kushti Chepurnoy co-founded smartcontract.com (now Chainlink), served as a core developer at NXT, and was among the first employees at IOHK.
Learn MoreResources
- The Ergo Manifesto
- Explore Yield-Generating Strategies on Ergo
- Our comprehensive FAQ
- cafebedouin.org: Why Ergo
- Join our community chats
"Cryptocurrency should provide tools to enrich ordinary people. Small businesses struggling to make ends meet, not big depersonalised financial capital."