What is Ergo ?
According to the whitepaper ‘ Ergo is based on the UTXO model and provides a convenient way to implement financial applications covering an overwhelming majority of public blockchain use-cases.’
Ergo is proof of work blockchain. Today when everybody is talking about staking, yield farming and defi why would anyone be interested in Pow right? Wrong.
Well let me introduce you the world of Ergo. In simple words for common crypto enthusiast think of it like Bitcoin and Ethereum merged together. Now you might be thinking is it even possible when it happened in those times when everybody was focusing on the price of bitcoin 3 years ago in 2017.
What Ergo offers?
Ergo has a lot to offer but for the sake of beginners we will keep language easy to understand.
So firstly, just like Bitcoinscript, Ergo has its own Ergoscript started from ground up. Now its time to open Pandora’s box. Ergo is a also a smart contract platform means what you can do on Ethereum you can do it on Ergo. Yes, you guessed it right including issuing native tokens which are few clicks away. Ergo just launched auction house for NFTs where you can create and auction your NFTs securely. Ergo has Ergo mixer just like bitcoin mixer for privacy but its optional. So Ergo has all the features of Monero but its not a privacy coin. Ergo is an oracle too with limited data as of now. But why would anyone care about Ergo oracles when Chainlink is there ? Because Ergo uses oracle pools for more secure and decentralized data. Well why providing data because its launching Defi soon. We are not done yet, stable coin is launching next year in Q1. Many more new features coming 2021 its going to be exciting year for Ergo.
Well Ergo has all what other blockchains have. Does it has anything unique besides being most secure, all in one blockchains features?
Yes, storage rent. Well, what is that do we have to pay to store Ergo in our wallet? The answer is no but before explaining what that is let’s talk about mining it will make it easier to understand. Ergo has maximum supply of about 97 million which will be mined in about 8 years and out of which 2 years have already passed. So, what incentive do miners have to keep mining and securing the network. Well besides getting transaction fees they can charge small rent for storing Ergo but only from those wallets that did not move any Ergo in about 4 years.
I hope it will give readers the idea what Ergo is and its potential. This article aimed at nontechnical readers. For more in-depth knowledge feel free to jump into ergoplatform.org
