A quote from the Ergo website: “Ergo builds advanced cryptographic features and radically new DeFi functionality on the rock-solid foundations laid by a decade of blockchain theory and development.”
Ergo promotes everyone to join and contribute to the platform projects and growth. Its developers have extensive blockchain and cryptography knowledge. The team has experience with cryptocurrency and blockchain frameworks including Nxt, Scorex, and Waves.
Ergo technical information
Name: ErgoShort Name:ERGMinable: Yes Consensus: Proof-Of-Work Algorithm: Autolykos v2Block time: 1m 40s Block Reward: 75 ERG (65.5 ERG distributed to miner)Max supply:100,000,000 (100 million)Launch date: July 1, 2019
Short History of Ergo
Ergo was launched in 1st of July 2019 by Alexander Chepurnoy and Dmitry Meshkov. You can find all team members in the Ergo hall of fame. Alexander Chepurnoy was one of the first employees at IOHK. IOHK is known for the Cardano blockchain platform.
Ergo launched with no pre-mine and no ICO. But it is funded by allocating 10% of the block reward to the Ergo Treasury for the first two years.
Ergo forked to Proof of Work consensus also called protocol version 2 (Autolykos v2) on the 1st of July, 2019.
Ergo open price was 0.0015 BTC on the launch price. The Ergo highest price was 19 USD on the 16th of December, 2018.
Uniqueness -Autolykos Consensus, Recycling Wallets, and more…
Autolykos PoW consensus
Ergo uses unique Autolykos v2 Proof of Work consensus. Autolykos is an Equihash variant intended to be ASIC-resistant. Miners, like with Ethereum mining, are performing memory-hard computations. At least 2.5 GB of VRAM is needed for mining but 4 GB is recommended for optimal performance.
As stated on the Ergo website, it is suggested that around 4 million BTCs are permanently lost due to lost private keys. Ergo tackles this problem by creating so-called storage fees. Storage fees apply for wallets that have not moved their coins for four years or more. Miners will receive these coins as part of the block reward.
Upon launching, there is a habit of creating an ICO to raise funds or do a pre-mine. Ergo decided to opt for the third option. 10% of each block reward is allocated to the Ergo Treasury for the first two years. This means that out of 75 ERG, only 67.5 ERG is allocated to the miner who finds the block.
Ergo team uses funds from the Treasury to fund the project development.
Unlike Bitcoin, where block reward is halved every four years – which leads to a long tail of emissions – Ergo block reward will fall to zero after 8 years. After 8 years, a max supply (100 million) will be set for good.
Miners will be paid from transaction fees and storage fees once the block reward falls to zero in 8 years after launch date.
Ergo uses funds from the Treasury to, amongst other things, fund community-driven projects. This also includes projects built on top of the Ergo and core projects such as smart contracts, payment frameworks, promoting the Ergo platform, developing the ecosystem around the Ergo platform, etc.
Last but not least, Ergo also supports Non-fungible tokens. Ergo allows miners to create special NFTs, where the ID of the minted tokens is the ID of the coinbase transaction. This is otherwise not possible on other platforms.