As cryptocurrencies world evolves, blockchain technology has found increasing use cases from databases to identity management services, Bitcoin’s underlying technology can be used for a lot of things. However, the same problems still haunt most projects with no solution in size. Bitcoin is a perfect example of this: Blocks are full, the economic model is weak, transactions fees are high, the network is centralized and not applicable for mass adaptation yet.
Two blockchain researchers Alexander Chepurnoy and Dmitry Meshkov are going to bring revolutionary technology based on novel scientific ideas to the crypto world in an effort to build a blockchain platform that is to be known as Ergo platform.
Researchers started discussing ideas for what is now the foundation of the Ergo platform in February 2016 and now it is time for design compilation and implementation. Ergo’s website reads:
“ΣRGO’s platform is based on a variety of ideas that complement each other and aim to provide solutions for various cryptocurrency problems. The concepts that underlie our vision have been presented at top conferences and have received positive reviews from a wide audience.”
So what is Ergo, exactly? Written from scratch, Ergo will be a brand new and unique, decentralized Proof-of-Work blockchain platform with state-of-art efficiency and a new transactional language which is more suitable for protocols to be built on top of the blockchain, focusing on fixing the most persistent problems in the cryptocurrency space, like scalability and centralization, while offering multiple improvements for different blockchain layers and allowing it to be ready for mainstream adoption with no overcapacity problems like the ones that are currently seen in cryptocurrencies like Bitcoin.
First announced during the Genesis Moscow Conference on Friday, the Ergo platform will make use of a proof system known as PoPoW or “Proofs of Proof of Work” – Learn more about PoPoW. This system allows the blockchain to be secured while granting full node security to any internet-connected device with just a few KB of data, resulting in decentralized user-friendly light nodes that can easily synchronize the network and quickly begin processing blocks in a trustless manner.
Dmitry Meshkov, co-founder of the Ergo platform, stated in a recent interview:
“When creating a new block, miners provide the proof of its accuracy, while low-end clients can easily verify this, keeping only a few kilobytes of data. A similar approach is used for validation of Blockchain in general.”
Not only that, but the platform will also make use of Bitcoin-ng, a scalable blockchain protocol which will allow Ergo maximize its on-chain throughput and of the Aspen protocol which further improves scalability by dividing the blockchain into partitions and allowing users to download only the relevant subset of information. This allows the blockchain to be used as an efficient decentralized database.
Ergo will also employ advanced technologies such as Rollerchain, sidechains, off-chain protocols, novel smart contracts with Sigma-State authentication language and more. You can find more info about technology here.
The founders issued EFYT(Ergo First Year Tokens) on Waves platform and distributed it partially(100K EFYT) to the Waves Community Token holders. This token is the obligation backed by the Ergo tokens of the initial team.
Before genesis block and for the first year after it, an initial team will work on development and maintenance. After that, the community will vote on developments and spendings with the help of privacy-friendly liquid democracy system. To fund development and maintenance, miners will be taxed like in ZCash (with lower %, 10% for the first year). The initial team has a right to spend tokens upon needs of bootstrapping for the first year.