2022 was a significant year for the #Ergo Platform!
— Ergo (@Ergo_Platform) December 31, 2022
The website states that Ergo is a next-generation smart contract platform that ensures the economic freedom of ordinary people through secure, accessible, and decentralized financial tools. The foundation of Ergo started in 2016, with the mainnet launching in 2019. This blockchain held no private sales, premine, or initial coin offering. This means they have a 95.57% public allocation giving it a truly fair launch. Measuring the decentralization of blockchains is something Charles Hoskinson recently spearheaded and Ergo is certainly on track to be on top of the list.
The team behind Ergo boasts professional researchers and experienced developers who hold PhDs in cryptography, compiler theory, blockchain technology, and cryptographic e-cash. The Co-founder, Alex Chepurnoy, has been active in blockchain since 2011. Chepurnoy, aka kushti, has written over 20 academic papers and was also the co-founder of smartcontract.com (now Chainlink), and one of the first employees at IOHK.
A truly Decentralized Stable Coin
2022 was a big year for development on Ergo, yet the public attention they receive seems minimal outside of the Ergonaut community. In a year where stable coins have come under scrutiny, Ergo has SigmaUSD, the first UTXO-based stable coin. It was developed in partnership with IOHK and Emurgo and claims to be a truly decentralized stable coin now live on sigmausd.io. Some feel that stable coins should still be collateralized with Proof-of-Work (PoW) coins. The argument is that PoW captures actual value in the form of energy. This may be an argument that needs to be revisited following the crash of some PoS stables.
A brief look at Sigmaverse.io provides insight into the many dApps and platforms being built on Ergo. Ergo Raffle, Ergo Pad, and Ergo Auctions are some of the highlights, but it doesn’t end there, and the list is exhaustive with several wallets and yes, Ergo NFTs. The site also offers an “Add your dApp” function so non-tech savvy users or developers can easily complete a dApp submission to contribute to the ecosystem.
The Root of the Crypto-Revolution
The community involvement is one of the greatest features of Ergo. The Ergo Manifesto offers insight into the thinking behind this platform, but the highlight is the desire to stay at the root of the crypto-revolution by offering decentralized tools that help people, not large monopolies.
The goal of the Ergo blockchain is to create Ergonomic Money. The manifesto states, “Ergonomics is the scientific discipline concerned with understanding the interactions among humans and other elements of a system and the profession that applies theory, principals, data, and methods to design to optimize human well-being and overall system performance.”
Ergo has what is essentially a social contract that they adhere to in order to create ergonomic money. The top points are decentralization first, open permissionless and secure, created for regular people, a platform for contractual money, and long-term focus.
As the crypto world re-evaluates their portfolios for the new year, some may want to re-evaluate their favorite blockchain. Ergo platform has proved they at least deserve a spot on this year’s watchlist.
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