Coinlist takes you to understand the JavaScript smart contract public chain Agoric

CoinList announced last week that it will start selling Agoric tokens at 18:00 UTC on December 29. Agoric is a proof-of-stake public chain that uses JavaScript smart contracts to quickly build and deploy dapps.

The official CoinList blog recently discussed with several Agoric contributors the smart contract public chain Agoric that is being built, and how Agoric saves developers time and resources, and prevents reentry attacks and other common smart contract errors.

1. What is Agoric and how does it use JavaScript smart contracts for dapp development?

Agoric is the first-tier public chain of proof-of-stakes, which aims to enable developers to quickly build secure smart contracts using JavaScript, the most popular programming language on the planet.

The Agoric blockchain and crypto ecosystem is a smart contract platform that can quickly bring millions of developers to the forefront of DeFi. Agoric’s enhanced JavaScript enables more than 100,000 JavaScript developers to access blockchain programming. Enhancing JavaScript provides a safe and stable environment so that developers can build, deploy and operate complex Dapp, NFT and DeFi markets. The Agoric public chain is part of the Cosmos ecosystem. It is built on the proven Tendermint Proof of Stake (PoS) consensus system and has native IBC support. In addition, the Agoric programming model supported by native market infrastructure aims to form an exponential growth in the composability of the crypto economy standard library, and lead to exponential growth in Node.js, React.js, and other JavaScript ecosystems.

In addition to the JavaScript programming language, the Agoric platform also introduces Zoe, which is a “first-in-class” platform service that enables a safe and economic combination of smart contracts. Zoe brings a modern, pluggable component framework for mainstream web2 development to web3 developers on the Agoric platform.

2. What is Agoric token? What are the intrinsic value and use cases of Agoric’s BLD token? What about RUN tokens?

The Agoric chain has two native tokens, BLD and RUN. BLD is the basic token sold in this CoinList sale and is the original pledge token of the Agoric blockchain. BLD protects the network and is used for governance. RUN is a fee token used to pay for on-chain services (for example, gas), implement smart contracts on the chain, and support cross-chain activities. RUN will be created on the chain through governance through smart contracts authorized by BLD holders. BLD and RUN tokens serve complementary purposes to prioritize network security and expand the ecosystem.

Chain security:  BLD holders provide security for the chain by staking with verifiers. The Agoric blockchain is a proof-of-stake chain, operated by a network of validators using Cosmos’ tried-and-tested Tendermint BFT consensus algorithm. The validators come from an open ecosystem of contributors and infrastructure providers. BLD pledgers will be rewarded with BLD and RUN tokens.

Protocol governance:  BLD provides governance rights for the Agoric chain. BLD holders are stewards of the chain moving forward; they initiate and vote to approve new proposals. Governance includes various activities, including direct token voting on proposals and committee elections to manage critical infrastructure. We expect that this governance function will be extended to core economic primitives in the Agoric ecosystem, such as the RUN system.

RUN Protocol:  BLD creates a platform and foundation for RUN tokens. RUN tokens-which are not part of the Agoric token sale-are the fee tokens of the chain. It is conceived as a stable token linked to the value of the U.S. dollar (USD), constructed as a set of smart contracts called the RUN protocol. As expected, RUN is fully supported by user-provided collateral, which may include BLD, assets built on the Agoric chain, and funds from the $75 billion cross-chain ecosystem provided through the Inter-Blockchain Communication Protocol (IBC) assets.

3. How do BLD holders get staking rewards? How does the locked BLD token do this?

BLD holders entrust their BLD tokens to validators to support network security, thereby obtaining BLD and RUN rewards. The two sources of staking rewards are:

Issue new BLD tokens Early in the chain life cycle, new BLD tokens will be issued to provide rewards to mortgagers. The details of this issuance depend on the governance of BLD holders, but the expected plan is to issue an additional 250 million BLD tokens within three years. For more information, please refer to the CoinList trading page (http://coinlist.co/agoric).

RUN agreement fee. The BLD pledger provides the necessary security for the existence of the RUN protocol, and therefore will be rewarded for the service. The agreement fee paid in RUN is allocated to the BLD pledger. The agreement fee will include: the fee from the user vault that created RUN; and the agreement fee from the native Agoric automated market maker transaction.

Both locked and unlocked BLD tokens can be pledged with validators to help protect the chain. Locked tokens cannot be transferred, but they can be pledged with validators to help protect the chain and get rewards like unlocked BLDs. All staking rewards have been unlocked, ensuring that active network participants will have available liquid tokens before the BLD tokens purchased in the sale are unlocked.

4. What is the RUN protocol and why is it important to the Agoric ecosystem?

The RUN protocol implements the RUN stable token. RUN is the native fee token of the Agoric platform and is ready to play a greater role in the $75 billion cross-chain ecosystem.

Opportunity: The envisaged RUN protocol provides a stable token for the IBC ecosystem and the broader inter-chain economy. RUN tokens are fully mortgaged by the assets of the inter-chain system and linked to the U.S. dollar (USD) to achieve wide accessibility.

The competition for stable tokens in the cross-chain ecosystem is heating up; currently, the cross-chain ecosystem does not have a stable token backed by a wide range of available assets (such as ATOM, OSMO, SCRT, etc.). The Agoric blockchain provides an ideal platform for building applications to support healthy stable tokens and surpasses in the cross-chain ecosystem.

The RUN protocol consists of several economic primitives written in Agoric’s smart contract framework, and is closely connected with chain functions: the treasury system and getRUN, automatic market makers and staking reward distribution. Let’s take a look at the various parts of the RUN protocol in turn.

Vault system: Allows holders of encrypted assets such as BLD, ATOM, OSMO, etc. to lock these assets in Vaults to create RUN. As mentioned above, the accepted assets are determined by the agreement governance.

Automated Market Maker (AMM): The native Agoric AMM supports the RUN protocol by ensuring that there is sufficient market depth to liquidate the user’s treasury. In addition to its role in the RUN protocol, native AMM will also support asset transactions initiated on Agoric or brought to the Agoric chain through IBC.

getRUN: BLD pledgers  can lock the BLD they have pledged to create RUN, similar to Vault. This allows BLD pledgers to participate in the ecosystem while still protecting the chain.

Rewards and reserves: The cost of running the RUN protocol flows to the BLD mortgager. Part of the fee is reserved by the RUN agreement. The reserve fund further protects the RUN agreement from fluctuations in the value of collateral by making up for the deficiencies of Vault’s liquidation.

5. What is the Zoe smart contract framework? How does Zoe help developers build on Agoric?

The Zoe smart contract framework is a means by Agoric to provide developers with security and composability. Despite the great success in the past few years, the development of blockchain is still in its infancy. Contracts with simple business logic still require months or years of development time to ensure safety, and they still often fail.

Zoe supports the development of smart contracts in a modern, pluggable component framework, which has always been the main paradigm for web 2 applications. The platform is designed to speed up development and reduce the risk of using and building smart contracts.

One of the core differences between Zoe and other smart contract platforms is offer-safety, which ensures that all on-chain transactions are either settled and closed, or return what they provided in the proposed transaction to the user. In a blockchain like Ethereum, users cannot get such protection: users directly provide tokens as part of the request to smart contracts such as UniSwap; if the contract fails due to vulnerabilities, malicious code, etc., the user will not be able to Get back the assets they provided. In contrast, on Zoe on Agoric, users make such an exchange request in the form of instructions-“If and only if you give me Y tokens, I will give you X tokens”, and put X Each token is provided to the Zoe smart contract infrastructure, not the contract itself. The contract will then receive the provided exchange notification, and will only receive X tokens when it provides the Y tokens the user wants to the infrastructure. The infrastructure itself ensures that users get what they want, or the assets they provide. Offer-safety is a ubiquitous transaction model in Agoric, which allows developers and users to avoid catastrophic errors that often occur in other systems.

The Zoe smart contract framework also includes the Electronic Rights Transfer Protocol (ERTP), which is Agoric’s token standard for creating and transferring tokens and other digital assets. The ever-growing component library uniformly supports various types of digital assets and contracts, including non-homogeneous tokens NFT and remote assets from other chains.

6. How does Agoric promote cross-chain activities, and what opportunities does this provide for developers and users of the Agoric ecosystem?

Agoric uses the Cosmos IBC protocol to realize the original idea of ​​interoperable smart contracts and adapt to the specific needs of Tendermint and the Cosmos SDK. The Agoric team collaborated with Informal, Interchain Foundation, and Tendermint Inc. and other teams to deeply participate in the development of the protocol.

The uniqueness of the Agoric platform is that it was built from the beginning to enable applications to span multiple blockchains. This makes the Agoric platform an ideal place to build native IBC applications.

Agoric will be launched with IBC enabled and integrated into the platform. Agoric chain assets such as BLD and RUN will be available on IBC applications, including Osmosis DEX, Evmos and other environments that support IBC. Cosmos users will be able to use IBC assets such as LUNA, ATOM and OSMO within the Agoric platform. With the strengthening of the IBC network effect, bridged assets from other L1 (layer 1 chain) can also be used within the platform.

With the smooth integration of IBC, other chains and their assets look like smarter contract Lego blocks for JavaScript developers to use!

7. What are the plans for network decentralization and foundation tokens?

Agoric is a large project with many important elements. The main distribution of BLD tokens is reserved for various supporting purposes or entities used for long-term tasks to incentivize the development of the Agoric platform. In most (but not all) cases, this will result in tokens being locked. Before BLD tokens are actually locked, they are classified as “potential circulation”.

Network decentralization fund: The purpose of the network decentralization fund is to expand the decentralization of the system by staking BLD with a wide range of validators, designing liquidity mining, and incentivizing developers of early components. Most such distributions will be locked for 2-4 years, just like all BLD tokens currently in circulation. For example, the testnet rewards are distributed from the network decentralized fund with a lock-up period of 2 years (reflected in the token circulation chart on the CoinList trading page). However, if some of these funds are allocated to an on-chain DAO in the future, the DAO may make them liquid. Since the BLD tokens in the network decentralized fund have not been locked, they are currently classified as “circulation”, even if there is no plan to put them into circulation before the public sale of tokens is unlocked.

Foundation: The foundation is being formed. Once established, the foundation will be managed by different Agoric stakeholders to promote the interests of decentralized technologies built on or using the Agoric blockchain and related technologies. The foundation can choose to lock some of its BLD tokens at its own discretion. Like network decentralized funds, foundation tokens are currently classified as “circulation”, although there are no plans to put them in circulation before the public sale of tokens is unlocked.

8. Which encryption trends will you be most interested in at the beginning of 2022?

The crypto ecosystem has seen amazing growth in 2021, and we think there will be some catalysts to continue this growth in 2022.

Increased demand for decentralized stablecoins  The demand for stablecoins will increase sharply in 2021. This is a key turning point, because a stable medium of exchange reduces economic friction and accelerates economic growth. The Agoric platform envisions RUN for this purpose: to make it easier to build, deploy and develop new economic applications and services. The time for the cross-chain ecosystem to further develop in this field is ripe.

IBC’s rapid expansion and interoperability L1 : A year ago, interoperability was a new idea in the distant future. Today, with the emergence of “layer 2” chains like Polygon, major inter-chain bridges like Wormhole and Gravity Bridge, and the increasing adoption of market-leading IBC protocols, interoperability has become a reality. Currently, multiple chains are competing to provide greater, better, and cheaper interoperability. As IBC activities continue to increase and more projects (including Agoric) enter the mainnet, users will begin to see vibrant alternatives to EVM-based encryption activities. Upcoming versions such as Interchain Accounts and Interchain Staking may promote new cross-chain features that have never been seen before.

Entry of mainstream developers : Although the number of developers in the encryption field has grown strongly, the community of smart contract developers is still small relative to the number of global developers. As more options for developers open up, we believe there will be a surge in activity. Agoric has the unique advantage of being able to reach the world’s largest developer group-JavaScript developers-and provide the necessary extensions for the next wave of decentralized applications.

Financial service integration: For compliance reasons, mainstream financial institutions are largely excluded from decentralized financial innovation. By 2022, we expect to see regulated smart contract insurance entering the market-driven in part by Agoric-which will allow these institutions to participate. New capital will mean new opportunities to take advantage of innovative builders in this field and more mainstream applications.

9. What is the best way for the community to participate in Agoric?

Agoric provides a variety of ways to participate in the community. Take a look at the options below and choose your path! Want to contribute something different? Discord (https://agoric.com/discord)

Developer:  Agoric invites DeFi entrepreneurs, JavaScript communities and native encryption developers to use Agoric components to build many important infrastructures. First visit https://gitcoin.co/agoric/bounties

Verifier: Want to set up a verifier and protect the Agoric chain? Please go to https://github.com/Agoric/agoric-sdk/wiki/Validator-Guide

Content creators:  Agoric is always looking for quality content on topics related to the Agoric ecosystem. Some things of special interest: tutorials, thought snippets, constructions and industry insights. Leave a message in the #contribute channel on Discord on https://agoric.com/discord

Peripheral products: Maybe you want to express your support through some exquisite products. Visit the Agoric store on https://agoric.com/shop.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/coinlist-takes-you-to-understand-the-javascript-smart-contract-public-chain-agoric/
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