Everybody is in search for the next big token or the next big project so that they can jump on the wagon early on. However, in this land filled with scams and shitcoins that is far easier said than done. During my hunt for potential candidates I stumbled onto Ergo and I think it’s a project which everyone should be keeping an eye on.
What is Ergo?
Ergo is a layer 1 protocol for powerful decentralized finance contracts that builds advanced cryptographic features and radically new DeFi functionality on solid foundations laid by a decade of blockchain theory and development. The Proof of Work consensus algorithm and underlying UTxO model enable robust scalability and security.
In 2020, Ergo partnered with EMURGO, the commercial arm of cardano, to improve research on blockchain and zero knowledge ecosystems.
Details of the partnership can be found here.
Aim and Motive
Ergo was founded to be a blockchain sandbox to implement and test new ideas that add value to blockchain without compromising currently existing advantages. Ergo's main focus is to provide an efficient and secure way to implement financial contracts so they can be used by common people in a completely decentralized environment. Ergo is pushing to be a big player in the DeFi ecosystem and is on a mission to make better financial systems for everyone.
Ergo Team
What does Ergo have?
Ergo DeFi supports...
- Oracles - Oracles connect off chain data with on chain world and are essentially the backbone of DeFi systems. Ergo created the oracle pool that maintains robust defi system because the UTxO design and its programming language ErgoScript create a more decentralized oracle network. Unlike Chainlink, Ergo has multiple oracles merging into an oracle pool and the most trusted ones provide the information.
- Stable Coins - Ergo also has stablecoins, specifically the SigmaUSD stablecoin which uses AgeUSD protocol which they created to provide a robust reserve/minting contract. So, the SigmaUSD is linked to Ergo coin itself. More on SigmaUSD can be found here.
- NFT- Ergo provides a marketplace for NFT transactions. More about NFTs on Ergo can be found here.
- Decentralized Exchange (DEX) - Finally, the most exciting part is the upcoming ErgoDEX because its the most popular DEX on the cardano ecosystem. This will allow for swapping Cardano ecosystem tokens which will use Erg native token to swap between them.
Why should you look into Erg?
- Erg had a fair launch as there were no premined coins or an ICO.
ERG has a maximum supply of 97,739,924.00 ERG and a current circulating supply of 32,012,428.00 ERG.
- Four new exchanges are to be announced soon. One of the factors suppressing the price of ERG is the lack of availability in one of the big exchanges which might be sorted out soon.
- With the release of Cardano smartcontracts, ADA and ADA tokens can be traded on ErgoDEX, bringing in a community worth $50b as of now into Ergo ecosystem.
- Ergo is PoW. As for PoW chains go, their Autolykos system is as green as it gets. They chose PoW because it is tried and true for security and ergo aims to be used in strictly financial ways, meaning security is of upmost importance.
- Once ETH2.0 comes out to PoS, all of the eth miners would have to move somewhere. Ergo is ready for it. And their system is also ASIC proof so you can mine in your own home with the same efficiency as a miner, making it more decentralized.
ErgoMixer that will makes your coin private.
- And so much more.......
Conclusion
In my opinion, Ergo is very undervalued, as of now its market cap is $291,030,092 and will soon find its way among the top 30 projects as acknowledged by Charles Hoskinson. Please DYOR and keep this project in you radar.
Stay Safe
