An article to understand how the global community “tortures” the Ergo team

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On August 10th, the Ergo team visited the Bitcoin.com exchange telegram channel for an AMA event. The following is a review of the highlights:

Q: You have any comment on the use of the block chain, E RGO what can be done to continue to make it easier for the mainstream public to use this technology?

Alex: The Ergo community is making a lot of efforts to interpret cryptocurrencies. Please refer to the Ergo Declaration. But the first principle is very important! From a technical point of view, the protocol has been able to achieve different known high-efficiency on-chain scalability and provide off-chain and cross-chain solutions.

Mark: Ergo has been focusing on building a solid foundation for the past few years, building a solid foundation and financial tools for ordinary people. We work hard every day to make Ergo more accessible and make the most of our community to do this. Last week, a community member was organizing a group of “women in the coin circle” to attract more women to participate. I think the local exchange trading system will definitely help!

The development team iteratively builds our tools and systems to make them usable and friendly to everyone, while giving them financial autonomy.

Armeanio: Blockchain is an evolving technology. I personally think that there are three areas that need to be developed to drive the development curve.

One is practical use cases for ordinary people. Especially in DeFi, we need to position our work as: producing functional tools at a lower cost than traditional financial communities.

The second is user-friendly development tools and educational resources. I think part of this problem will be solved because of the stronger technical capabilities of the younger generation. As building and interacting with blockchain becomes a widely adopted skill set, I think we will see an influx of developers.

The third is user-friendliness. A friendly user interface is always extremely important.

Q: What do you think is the difference between Ergo ‘s smart contract?

Danish: Ergo has many differences that make it stand out; encrypted statements (implemented through the Sigma protocol) are indeed Ergo’s unique advantages. Let’s compare a project like Waves, which only has multiple signatures similar to Bitcoin. Ergo is also based on UTXO. Contracts are more difficult to make in the UTXO model, but UTXO is more friendly to off-chain and privacy protocols (and there are fewer security issues). Ergo will develop many different new privacy protection dApps, which should also be an excellent display of its capabilities.

Armeanio: I am a fan of the concept of multi-phase contracts, because the cost and computational processing requirements involved are lower, thanks to most of its logic running off-chain. This fits very well with the first adoption goal mentioned above. Its cost is competitive.

Alex: The core of the Ergo contract is to protect currency with logic, not itself. This is why we are talking about smart (or contract) currencies. After all, the public chain means cryptocurrency, and cryptocurrency means that the contract is above the currency. Ergo continues the idea of ​​Bitcoin, but there is no limitation of Bitcoin script.

Q: The highly anticipated ErgoDEX will be released soon. How is it particular place ?

Alex: ErgoDEX allows the coexistence of AMM pools and orders, which can be traded between the two in a single transaction. In addition, some known widgets have been discovered on DEX, such as token sales with repurchase guarantee, stable currency DexyUSD, etc.

Mark: ErgoDEX is a decentralized exchange that will run natively on the Cardano and Ergo blockchains. This means that it will use ADA or ERG as the base token when needed. Compared with other DEX on Cardano, ErgoDEX has a unique advantage: it has developers who have been working on the existing eUTXO blockchain for the past 2 years. (EUTXO, which is the extended unspent transaction output model, is based on the same research from IOHK and was also adopted by the Cardano blockchain during development.) Using the same model allows ErgoDEX to explore shared liquidity after it is deployed and the Cardano smart contract goes online. , Trustless exchange and other cross-chain functions.

Developers have shown that they are doing their best to develop a platform, a platform that does everything possible to prevent chaebols from domination, rather than selling large amounts of assets to private investors-to ensure that ErgoDEX remains truly decentralized. These are things that are currently often forgotten. Please refer to “ErgoDeX: Cross-chain Dark Horse”.

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 Armeanio: ErgoDEX has a unique token economics and liquidity mechanism. Future plans to migrate assets between Cardano and Ergo will provide benefits and tools for these two ecosystems.

Cardano’s Voltaire project is something I respect and follow closely. Ergo’s powerful privacy tools benefit users who want to enhance their privacy.

Q: If you have to make a recommendation on how individuals can make the most of cryptocurrencies and how companies can introduce cryptocurrencies into their business models what is your recommendation?

Danish: Blockchain technology has opened up many possibilities and opportunities for us to create highly disruptive and potentially very profitable solutions. These can indeed improve the existing system, so I have always advocated people to educate themselves, join the conversation, and never stop learning. Regarding business, we have seen very well-known payment providers such as PayPal or Square have begun to accept Bitcoin payments, so my suggestion is to pay close attention to this field and explore whether it is possible to increase the value of business models by introducing cryptocurrencies.

Armeanio: I think the best way to look at cryptocurrency from a corporate perspective is to treat it as a segmented open source software license. Cryptocurrency is a tool of commerce and trade. There are many cryptocurrency projects that provide various tools.

Ergo is a member of the BPSAA, covering everything from decentralized VPN to decentralized content storage and management tools. There are a large number of commercial apps available in that small area alone.

The distributed nature of the technology makes it difficult to destroy, and at the same time consumer market access is greatly amplified, especially when we enter the multi-chain world. 

Q: You recently hosted a hackathon. What types of projects does it produce? What kind of development is Ergo most interested in? Is there any plan to hold another Ergo hackathon?

Mark: This is the result of our last hackathon-there is more information in this blog post.

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After more development and testing, we should launch Raffle soon-this has also produced some great documentation for developers, of course everyone is anxiously waiting for what ErgoTeam has prepared for us.

ErgoTeam is developed by community developers and will allow simple joint spending methods while retaining complex threshold signatures to ensure the safety and anonymity of its users.

Last but not least, promoting decentralization in all aspects is one of the reasons that makes the Ergo community so great. The SmartPools team had some good discussions and published a research paper. This prompted another community member to be willing to provide funding for the team.

We plan to hold one or two more hackathons this year. Given that we have seen an influx of participants last time. These activities help us continue to build development tools and guidelines, and attract more people to join Ergo development to see what it really means. Once people do this, they tend to stick to it.

Alex: The hackathon was very successful in attracting developers. We welcomed the first wave of newcomers a few weeks before the event. Six projects submitted results. ErgoRaffle will be launched on the mainnet in the next few days, and there may be more in the future. We will definitely host another hackathon this fall!

Armeanio: The hackathon is a creative incubator. Front-line developers usually have the clearest view of the problem and the solution and the tools required.

In my opinion, the biggest asset of a cryptocurrency project is the community.

Question: Do you have any practical use cases, the kind that has never been implemented in any project and can change the world?

Mark: As far as I know, Ergo is the only blockchain that involves trustless LETS.

The Local Exchange Trading System (LETS) facilitates transactions between members by providing local currencies and a catalog of supply and demand. LETS allows people to create value in their communities and collectively barter —using their skills and services to trade each other’s equivalents.

Q: How is this project different from other excellent projects on the market?

Mark: The Ergo Declaration should provide some insights.

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Ergo has built advanced encryption features and brand-new DeFi functions on a solid foundation laid by ten years of blockchain theory and development. It complements the proven technical principles with the latest peer-reviewed academic research on cryptography, consensus models, and digital currencies.

Ergo is a unique PoW cryptocurrency and DeFi platform built on the first principles of Bitcoin. Through a research-driven but practical development model, Ergo prioritizes useful functions without compromising safety. The smart contract of the platform is based on an extended UTXO model with a unique concept of data input, providing a completely different method that can provide robustness and flexibility on the privacy-based sigma protocol (non-interactive zero-knowledge proof) Encryption and simple and safe scripting. Storage rental fee (about 0.13 ERGs every 4 years) is used for long-term viability, ultra-efficient light client and NiPoPoW technology!

Q: Do you have an audit certificate?

Mark: Ergo has successfully passed the security audit of some of the most critical parts of the code. You can check the audit report.

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Question: Can novices who do not understand cryptography successfully use, trust and invest in your platform?

Alex: I believe that many UIs are very simple now, let alone cryptography knowledge. At the same time, the community plan clearly stated the assumptions behind the Ergo core protocol and dApp, so even without cryptography knowledge, investors will know what to trust.

Q: Some people think that a PoW outdated, then why E RGO choose PoW rather than PoS? How will you solve Ergo’s ” staking problem”?

2. For almost all projects in the industry, they need to raise funds through private equity, seed sales, ICO, IEO, IDO… to build projects under fragile conditions. Why doesn’t Ergo do the same Where does the team development funds come from ? Is it affected by Ergo’s progress?

Armeanio: 1. I can still call PoW an emerging technology. Therefore, I think it’s too early to debate whether PoW and PoS are better. I will compare it to the debate on electric vehicles and internal combustion engines in the 1930s (both are by our side).

Proof of work is well researched, and security is well understood. The combination of simplicity and complexity creates a concise solution. I think if I can summarize it in the shortest way, Ergo uses this concept to balance the design: KISS (keep it simple and straightforward). The hierarchical complexity in the design creates multiple problems and points of failure.

2. Ergo was started without financing because it supports the concept of decentralization and prevents the hierarchical system when many projects are released. Many people believe that buying market access from the beginning is a viable method, but they will eventually be backed by technical debt. This means that the technology is far behind their market position and adoption rate. Ergo is built on a very solid technical foundation, which provides the impetus for its organic growth. Although it has gone slower, it seems to me that it has gone more steadily.

Q: Do you have a token destruction plan?

Mark: ERG really doesn’t do that. The developer did not keep a large number of tokens, and there was nothing to destroy.

Q: How long is your project?

Mark: The mainnet was launched in July 2019.

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Q: Is it true that you support Staking ?

Mark: Yes, through the tokenization of dApps-ErgoMixer will appear first. You can refer to the official website forum Staking Solutions” for technical details. But I believe this is almost complete, so you can experience it soon.

Q: How can I believe that there will be no rollovers?

Mark: Ergo has no money to roll. Ergo has no pre-mining, no ICO, and no venture capital. We draw a small amount (about 5%) from the miner rewards of the previous 2.5 years to support all development, marketing, etc. The draw has begun to decrease and should end in January next year. Please refer to the “Ergo Release Plan” for details.

Q: A common problem with DeFi projects is that smart contract vulnerabilities can cause financial losses. What measures have your project taken to solve this major problem and prevent such incidents from happening in the future?

Armeanio: Regarding security issues, the way UTXO works is very different from the account model. In the account model, tokens and smart contract logic are separated, and programming flaws between the two are often based on exploited loopholes or failure points in the account model.

In the extended UTXO, the smart contract is embedded in the coin box (UTXO token) itself, and there is no separation. Each coin box is protected by a guard script, which makes malicious manipulation more difficult.

Q: 90% of investors will sell tokens after listing on the exchange for the first time. Can you give us advice and tell us the benefits of holding E RG for long time?

Alex: Ergo has been launched on more than 10 exchanges, and the prices are mostly rising. Please note that this is a mineable PoW cryptocurrency, like Bitcoin, so the pricing mechanism and distribution are different from most modern tokens.

Q: Does your project have a bounty program?

Mark: Yes, we are still making formal preparations, but please see the following GitHub page about bounty:

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Q: How safe is Ergo?

Mark: ” In terms of security, we have always tried to use the simplest and well-researched methods; otherwise, we will use published papers and a large number of tests to cover a new direction. “-Kushti

Each script is applied to unspent output. We extracted this feature from the Bitcoin protocol, which uses the UTXO or “coin” model instead of the “account” model like Ethereum. We think this is a safer method because the coin box is immutable and more flexible.

Ergo’s blockchain uses Autolykos as the consensus algorithm, which is a variant of Equihash and provides better ASIC resistance. This can achieve better decentralization. At the same time, we recognize that ordinary users who do not run full nodes should also enjoy the same security as miners. Ergo’s NiPoPoW allows anyone to execute and verify transactions with complete confidence, without the storage space, bandwidth, and time required to download a complete blockchain. Only 1 MB of data is required-which means that any device can do the job.

Q: Do Ledger or other hardware wallets support Ergo ?

Armeanio: Under development, see the video below.

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Q: What is your survival plan when you are in a bear market ?

Mark: Ergo was born in the cold winter of cryptocurrency. It has survived the most difficult days and will live well in the future. It is adaptable and sustainable.

Armeanio: The construction of Ergo focuses on the long-term, and developers have been devoted to research and development. The commitment to this is outlined in the Ergo Declaration.

Q: Can you introduce the background of your team? During the epidemic, how will the team advance the project?

Mark: Please see “Ergo Hall of Fame”:

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Ergo had established decentralization before the epidemic hit!

Q: You Can you share with us you approached the community ways and strategies to expand your community? You Are increase and encourage community-powered method ?

Armeanio: Personally, I think the best way to develop cryptocurrency as a whole is simple, and that is education that can promote growth and adoption. Ergo is a research-driven project.

This is not only on the user side. Although it is always extremely important to understand the tools provided, their benefits and their risks.

It is also important for developers to learn from the community which tools are needed.

With the development of system capacity and technology, it is very important for developers to learn from other developers.

This is a feedback loop that drives growth and adoption.

Q: the BSC speed, AS cost cheaper you in the future whether it intends to launch the main network or cut to other blocks chain?

Mark: The Ergo platform is one of the most complex protocols in this field. It has a stateless client (for true full nodes), NiPoPoW (for light clients), and the ability for miners to vote on parameter changes, such as easy increase The block size. The following is a summary of the expansion plan.

L0: Starting from the v4.0.8 version, a lot of efficiency improvements have been completed on the nodes. We will account for every memory allocation and every operation. Only by optimizing the node code, it is still possible to achieve 20-50 times improvement. We plan to use NiPoPoW proof and UTXO collection snapshots for bootstrapping.

L1: Ergo’s block has an “extension section”, which allows various other scaling solutions, such as “BitcoinNG-style micro-blocks” and “sharding”-even velvet or soft forks can be used for general purpose Side chain.

L2 (off-chain)-Ergo can support Lightning Network, Rainbow Network, zero-knowledge conditional payment and FairSwap/FastSwap protocol-and many other protocols. Our implementation here will depend on the application.

Q: Too many projects have made wonderful promises, but they have never released any usable products or proved any revenue in a short or long time after the release. Is E rgo like this? If not, can you tell us, how is Ergo different from other projects?

Alex: The Ergo mainnet was launched in 2019. Unlike Polkadot and others, it is fully functional.

Q: Can you list 1-2 killer features of Ergo?

Mark: NiPoPoW: Trustless light client with minimal resource requirements: Ergo block header supports NiPoPoW, enabling the synchronization network by downloading data less than 1 Mb.

Rigorous research and scientific methods: Ergo is based on original research and published in known peer review conferences. But Ergo is not limited to research, it will continue to realize other novel scientific ideas.

 

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/an-article-to-understand-how-the-global-community-tortures-the-ergo-team/
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