Ergo is a next-generation smart contract platform that assures regular people's economic independence by providing safe, decentralized financial instruments.
"Ergo integrates powerful cryptographic capabilities and radically novel DeFi functionality on the rock-solid foundations provided by a decade of blockchain theory and development," according to the Ergo website.
Ergo encourages everyone to participate in the platform's initiatives and progress. Its creators are well-versed in blockchain and cryptography. Nxt, Scorex, and Waves are among the cryptocurrency and blockchain frameworks that the team has worked with.
PoW consensus Autolykos
Autolykos v2 Proof of Work consensus is used by Ergo. Autolykos is an Equihash variation designed to withstand ASIC attacks. Miners, like Ethereum miners, conduct memory-intensive calculations. Mining requires at least 2.5 GB of VRAM, but 4 GB is suggested for maximum performance.
According to the Ergo website, about 4 million BTCs have been permanently lost owing to missing private keys. Ergo solves this problem by charging "storage costs." Wallets that have not transferred their coins in four years or longer are subject to storage fees. These coins will be given to miners as part of the block reward.
In contrast to Bitcoin, where the block reward is halved every four years, resulting in a lengthy tail of emissions, Ergo's block reward will be zero after eight years. After 8 years, a permanent maximum supply (100 million) will be established.
Ergo uses Treasury cash to finance community-driven projects, among other things. This comprises projects developed on top of the Ergo platform as well as fundamental projects like smart contracts, payment frameworks, marketing the Ergo platform, growing the Ergo ecosystem, and so on.
Last but not least, Ergo allows non-fungible tokens to be used. Ergo allows miners to construct customized NFTs using the coinbase transaction ID as the ID of the minted tokens. On other platforms, this would be impossible.
Key Resources & Readings:
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