BiKiTalk: AMA Recap with Alexander Chepurnoy, Ergo Core Developer and Justin Simpson, Ergo Foundation ($ERG)

BiKi to list ERG$ – a truly decentralized DeFi public chain platform. Ergo Platform is a secure, resilient, open-source, permission-less, truly decentralized DeFi public blockchain platform.

Its main objective is to provide an efficient, safe, easy way to create and manage financial contracts is also a platform for contract coins and smart contracts. Currently, to date, Ergo has multiple used cases such as crowdfunding, oracle pools, decentralized exchanges, algorithmic stablecoins, NFT auctions, and the applications are endlessly growing everyday. 

On March 10, 2021 we were honored to have invited Alexander Chepurnoy, Ergo Core Developer and Justin Simpson, Ergo Foundation to an AMA session with the BiKi community, sharing with them about the problems, solutions and challenges faced including what the future holds for them.

>>> Deposit $ERG now <<<

Here’s our AMA recap with $JULD on 2021/3/10, 18:00 GMT +8:

Host: Hi everyone! Thanks for your support and I am your host for tonight’s AMA.

We are very honored to invite Alexander Chepurnoy, Ergo Core Developer and Justin Simpson, Ergo Foundation to the BiKi community to share information about the project.

Hi Alexander, Hi Justin, please introduce yourself. After you answered each question, please give “OK” or say that the answer is complete~

Alexander: My pleasure to be here!  Thanks for inviting me!

I’m Alexander Chepurnoy, core develop of Ergo . I started my crypto adventures in 2011. Used to be core developer of NXT, co-founder of smartcontract.com (now known as Chainlink), one of the first employees of IOHK (one of the founding entities behind Cardano). From am 2016 I am fully concentrated on Ergo !

Justin: Hello everyone, my name is Justin (Jia Chen), I am glad to participate in this AMA and meet you guys. I have 8 years of cryptocurrency experience and my background is in traditional finance-most of them are in Hong Kong.

Host: What kind of public blockchain project is Ergo ? What are its core advantages and features?

Alexander: Ergo  is multi-asset Proof-of-Work cryptocurrency with powerful financial contracts in the extended UTXO model, unique flexible crypto-contracts based on sigma-protocols, storage rent, stateless and ultra-efficient SPV clients support and focus on long-term survivability. Based on scientific approach, but also very practical in any aspect.

Ergo is a DeFi and crypto contracts platform that takes a radically different approach to smart contracts than other networks. The Ergo platform is based on Bitcoin wherever possible, ensuring a high degree of security and retaining core features proven by a decade of usei (for example, It’s a PoW network with limited coin supply, and the first mining pools are now being launched). But our team has drawn on many years of experience of core development for other crypto projects (Nxt, Waves, Chainlink), as well as extensive peer-reviewed academic research, to create something truly unique.

Ergo enables use cases that would be impossible, risky or expensive with other platforms. We do this with Sigma protocols, powerful cryptography that allows very flexible and elegant coding of wide-ranging functionality, including off-the-peg use of ring and threshold signatures – great for privacy applications, such as our forthcoming trustless mixer. We also have a DEX on the way and a small but active and growing community building their own dApps.

Host: Wow! That’s awesome! How is Ergo designed in terms of consensus and incentive mechanisms? What is the original intention of such design?

Alexander: Ergo is Proof-of-Work cryptocurrency with limited native tokens supply. Proof-of-Work is well studied and its security is well-known, even more, its security in presence of powerful smart contracts and DeFi is also much more well-known (in comparison with Proof-of-Stake).

Also Ergo is sidechains friendly

Host: At 11:44 pm on February 2, 2021, Beijing Time, the Ergo  Platform completed the first hardening upgrade of the main network at block height 417792. What is the main content of this hardening upgrade? How can ordinary people participate in mining ERGs?

Alexander: The main point of the upgrade was about switching off pool-resistance in Proof-of-Work (turns out it leads to mining being dominated by large farms with private software). Also, The Hardening  upgrade fixed some non-critical issues found due security audits, and added support for next soft-fork protocol upgrade.  

Now everyone can mine Ergs using ordinary GPUs. At least 3GB RAM is needed.  

Host: What is the specific reward plan for participating in mining after the hardening upgrade? What is the approximate daily mining income? Please specify them in detail.

Alexander: Yes there was hf recently. Going to provide details

About 48,000 Ergs issued daily, network is about 25,000 GPUs currently approximately. In comparison with other coins (such as Ethereum), 3GB and 4GB cards are most profitable ones. Please note mining hashrate and difficulty changing being daily.

Host: How is the native token ERG of the Ergo Platform designed? And what is its token value rise logic?

Alexander: ERG has limited supply, about 97.74M tokens in total to be issues in 8 years, and 32M of them already issued. Limited supply makes Ergo native token like Bitcoin (digital gold) by properties. However, custom tokens with very different properties (NFT, tokens with limited or unlimited supply) can be issued on top of Ergo . 

Thanks for the interest to mining

I guess it is popular in China

Host: There are less than 0.1 billion ERGs and ERGs will never be additionally issued or burnt. Its current price is still at a low level, will you consider how to add more value creation in the future?

Alexander: Monetary policy of ERG token cannot be changed. But there’s a source of income in Ergo which does not exist in other cryptocurrencies, namely, storage rent. That is, miners can charge small fee from coins not being moved for four years. Also, with custom tokens and DeFi miners will have additional sources of income likely. 

Host: How are the operations in Ergo ‘s user traffic and development going? What are the better results that were achieved by Ergo in 2020?

Alexander: 2020 was hard but successful.

In 2020 first application was launched: Ergo Mixer, Ergo Auctions, oracle pools. Very active community got formed! A lot of new tools for development appeared, and new developers joined the community. With all that. 2021 should be very bright.  

Host: As we know, the competition in the public blockchain market has always been fierce. What’s your view on the public blockchain market? What stage of maturity do you think the current Ethereum is at? In the future, what type of public blockchain has the most potential to become a superstar in this market? And how will Ergo avoid being replaced ?  

Alexander: Great question!

I think not so much interesting Proof-of-Work cryptocurrencies we have now actually, especially as Ethereum is going to be on Proof-of-Stake. Also, with growing market cap we will see more interest about security inevitably.

As Ergo is based on solid research and focused on protocol simplicity and security, there will be interest around it. Also, scalability and DeFi-readiness makes it attractive.

Ergo is getting cross-chain solutions on top of it, partnership with Gravity going to bring gateways from other blockchains to Ergo and vice versa.

Host: In fact, a lot of DeFi applications currently has gone or will go to Ethereum. If Ergo wants to introduce other projects and attract developers, it is still very important to move toward the larger market. What are Ergo ’s plans for to acquire talented devs and good applications? Is there any plan to attract more developers to the Ergo Platform in the future?

Alexander: In many cases, Ergo  allows for simpler and more secure contracts. Also, its approach to contracts is forcing developers to move most of logic off-chain and just check essential logic on-chain (in expensive global trust computer). With such attitude, many developers find Ergo at least interesting. For getting more developers aboard, Ergo Foundation is providing grants and will run hackathons in 2021.  

Host: What is your opinion on the future of DeFi? ? Will DeFi become a growth point in transaction volume and scale in 2021?

Alexander: Yes, DeFi being developed for many years (first stablecoins, DEXes, on-chain financial derivatives appeared back in 2013-14), but now it has really attractive liquidity, and the space definitely will see quick progress in 2021 as well.  

Host: Okay, last question. Please tell us about the future development and planning of Ergo ?

Alexander: First algorithmic stablecoin SigmaUSD (SigUSD) is going to be launched soon, DEXes (Ergo Swap, kind of Uniswap for Ergo , and also orderbook-based DEXes are coming), first token-sales pre-announced (for Ergo Mixer). So it seems we will have very tight schedule in observable future. Then, local exchange trading systems and sidechains will be launched in Q2-Q3 2021! Undoubtedly this year will be very productive for Ergo !

Thanks for the good questions!

Host: Okay, our AMA has ended now and let’s start our Q&A session. Everyone, please feel free to ask our guests anything!

烟 ༽ ༊火 ཽ落幕深莞: How to interpret that Ergo is highly adaptable to environmental changes, and how to do it without the intervention of the “core developer team” in the future?

Post-AMA answers by Ergo Team: Firstly, Ergo has on-chain voting every epoch (1 epoch = 1024 blocks) by miners allowing them to determine key parameters most notably of which is the max block size and max computational cost of a block. This miner voting is totally outside the control of the developers although they can of course make recommendations. Miners have a special status in the Ergo ecosystem due to this ability to vote and Ergo scaling in a way that is both safe for network and profitable for the miners is more achievable.

Secondly, Ergo follows a soft-forkability approach, avoiding hard forks at all cost. Soft forks are doable, also via on-chain mining with a much higher 90% threshold and 32 epochs in length voting period than the parameter voting mentioned above. Again, this shows that miners have a special status within the Ergo ecosystem.

Thirdly, Ergo was built from the ground-up in an anticipation of the rise of DeFi and so was built with Sigma protocols and smart contract functionality to accommodate many use cases that didn’t even exist when Ergo was being developed.

小黄人: What mechanism will ERG use to attract investors? What factors enable later investors to actively join in and believe in a long-term project, thereby further promoting ecological development?

Alexander: Bitcoin mechanics, namely proof of work and limited supply, plus DeFi, like ergoswap and stablecoin bank, plus sidechains in future like in polkadot

小明: Is it possible that the 51 calculator attack?

Alexander: Ergo is true proof of work cryptocurrency so yes. Currently mining reward is high in comparison with liquidity on exchanges, so unlikely we will see attacks like witnessed for etc, verge etc. In future miners will get additional profit from merged mined sidechains etc, also Ergo will get a lot of mining hashrate hopefully with time

Sidechains research is going on, to make Ergo kind of proof of work polkadot

If you can develop , please come to the community

猫猫: At this stage, what are the main areas of work?

Alexander: Core developers are improving efficiency of clients and working on tooling, community developers going to launch stablecoin next week and also ergo swap and other dexes later in first half of 2021

童话: Excuse me, where will the main revenue of ERG come from in the future?

Post-AMA answers by Ergo Team: Ergo doesn’t make “earnings” as is not a Company. But users will have many opportunities to get returns on their ERGs by pledging them to smart contracts that reward fees or other compensation to pledgers. There are many other possibilities too of course, including buying a share of the revenue stream of future DAPPs to be launched on Ergo – some developers will certainly “sell stakes” in their DAPPs to raise funds and boost interest in their DAPP.

小明: Does ERG have pos?

Justin: No, it’s POW. But in the future, you can use ERG to mortgage in decentralized applications, and there will be a return.

草雨轩: Any tutorial on the mining?

Alexander: Yes, mining pools are providing tutorials. Please check Chinese pool 666pool.cn

湘家常菜: Which tokens will ERG connect to in the future? Will there be rewards for buying and selling?

Post-AMA answers by BiKi Team: ERG will be opening for trading on BiKi Exchange anytime this week. Please stay tuned to our official announcement.

Host: Alexander, please choose and answer any 3 questions.

Alexander: Good questions! Hard to choose.

打工肥仔: What is ERG’s marketing and mass adoption strategy? What message do you want to send to the community through AMA today?

Post-AMA answers by Ergo Team: Ergo is a community-driven ecosystem so anyone can participate in marketing. The strategy is for more organic marketing and more community driven marketing. However, the Ergo Foundation is also committed to increasing press coverage of Ergo and doing events that increase awareness of Ergo and also drive more community-based marketing.

你好明天: When will Ergo officially go live? How will you guide user usage and growth?

Post-AMA answers by BiKi Team: ERG will be opening for trading on BiKi Exchange anytime this week. Please stay tuned to our official announcement.

Post-AMA answers by Ergo Team: Ergo will encourage miners and other users to use Biki from launch in our extensive social media channels. We welcome Biki users to join our social media, Wechat, Telegram, Twitter, Reddit, Discord and others, to interact with the community and learn more about Ergo.

你好明天: What are the current application scenarios of ERG?

Post-AMA answers by Ergo Team: There are multiple applications listed here: https://sigmaverse.io/. However, the number is only limited by the number of developers building on Ergo. Strongly encourage more developers to join Ergo ecosystem and begin making DAPPs ASAP: 1) the base protocol is mature and ready for deployment of your application; 2) many new developer tools have been made available over the past one year to assist you; 3) developing Ergo DAPPs can be very profitable and although the ecosystem is still small, developers such as those of Sigma USD, the Ergo Mixer and Ergo Auction House have already generated substantial profits. 

心外无物: Do you have any advantages in future development?

Post-AMA answers by Ergo Team: Ergo has a strong development team as recognized around the industry. Charles Hoskinson himself said that Ergo Core Developer, Alexander Chepurnoy, was perhaps the smartest guy in the entire industry. However, the biggest advantage Ergo has is the community. As an open ecosystem anyone can build on Ergo and not everything or even a large portion of development should be done by the Ergo core developers. Therefore, Ergo encourages more developers to join ASAP and start building on Ergo!

君 (Ergo Team):Ergo has been developed since 2017. From the beginning, it was designed for DeFi, and it was born for DeFi, but that is because DeFi has not yet become popular. 2. Really inherit the mantle of Bitcoin, always put decentralization in the first place, and will not sacrifice decentralization in order to increase transaction speed. It is a truly decentralized and secure DeFi platform. 3. The new PoW consensus mechanism Autolykos will always keep the PoW mechanism and will not bring the community to the POS mechanism like Ethereum. If the Ergo consensus mechanism changes, it will no longer be Ergo. 4. Ergo is a century-old design, and it will be able to operate on its own for a long time without the intervention of the core development team like Bitcoin. 4. Total supply of tokens: The final supply of Ergo’s native token ERG is only 97,739,925, which is less than 100 million. It will never be issued, never destroyed, no ICO, no private placement, no pre-mining, scarce quantity, and storage of valuable value. The characteristics of Bitcoin and its practicality at the same time make up for the regret that Bitcoin has no practicality. 5. Sigma protocol, a subtype of zero-knowledge proof protocol, has the characteristics of high efficiency and can protect privacy. Except for ERGO which adopts Sigma protocol, other public chains do not. Based on the Bitcoin economic model, a storage rental fee incentive mechanism has been added. After all block rewards are mined, miners can obtain incentives by relying on storage rental fees instead of just earning commissions, and continue to maintain network security. The storage lease fee coefficient can be adjusted by miners in the future. 7. The original scripting language ErgoScript has the ability to implement complex financial contracts far beyond its opponents. Ethereum can implement complex financial contracts, but the cost is too high, Ergo does not have this problem. 8. Ergo avoids the Gas mechanism and eliminates high transaction fees from the source, making ERGO affordable for ordinary people. 9. NiPoPoW supports cross-chain interoperability and ultra-light client, and Ergo can be used with a smart phone. Since NiPoPoW can only be used on the POW blockchain and cannot be used on the POS blockchain, Cardano will implement cross-chain interoperability with Ergo in the future, borrowing ERGO’s NiPoPoW technology, and supporting ultra-light clients, which is better than SPV clients. The fast one. 9. Using the modular technology framework Scorex, using the Scala language, allows unlimited experiments with various designs for free. 10. Turing is complete, can prevent DoS attacks and prevent program downtime. The Ergo block size can be adjusted, and measures such as sub-block protocols and side chains will be adopted to increase transaction throughput. 12. Cooperating with Emurgo, Yoroi Wallet supports ERG. In the future, it will play an ecological portal role similar to Ethereum Metamask to facilitate users to use ERGO. 13. Currently working with Gravity to develop a cross-chain portal to allow tokens on other blockchains On Ergo, Erg can go to other blockchain platforms such as Binance Smart Chain. 14. It is also cooperating with Waves to integrate Ergo as the Gravity target blockchain, and at the same time cooperate to develop cross-chain solutions focusing on decentralized finance and decentralized oracles. 15. If the oracle pool does not issue coins, it will allow Africa and other places with poor economic conditions to use the oracle service, just as close to the people as water, electricity and the Internet. Coin-issuing oracle projects such as Link are unnecessary intermediaries and will increase the cost of use by end users. At present, the first algorithmic stablecoin based on the EUTXO model public chain has been launched. 17. Decentralized auction house, Ergo Auction House is an NFT market on the Ergo platform and one of the first Ergo DAPPs. The release of Auction House is a major milestone for the Ergo platform. The Ergo platform allows users to safely and easily sell NFT tokens on the Ergo platform, which is a major development in the growing DeFi movement. The NFT on the Ergo platform provides more functions than the NFT on other blockchains. At present, auctions such as Ergonaut have been held, and there are more auctions to participate in. 18. The ErgoSwap decentralized exchange will also be launched this year, similar to Uniswap’s automated market making (AMM)-based decentralized exchange. 19. Ergo developers have insisted on developing the ERGO platform for more than 3 years. It is developed based on the top technical level and experience of the development team headed by core developer Alex in the blockchain industry. The technology is very mature. It can be said that Ergo is integrated. The technology and experience advantages of the entire industry. 20. Blockchain technology tycoon and Cardano founder Charles Hoskinson is optimistic about ERGO and holds ERG. In an interview with the media, he said that the market value of ERGO should be in the top ten. Waves founder Sasha Ivanov believes that ERGO is a top blockchain based on the POW mechanism. project.

This is the recently translated materials on the advantages of ERGO. Please refer to it.

Host: This is the end of this AMA, thanks to the guests for their wonderful sharing, and also thanks to the translator~( ̄▽ ̄~)~

ERG/USDT will be opening on BiKi exchange in this coming week. Traders can look out for more information on BiKi’s twitter on how to trade ERG crypto.

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