Ergo is a multi-asset Proof-of-Work cryptocurrency with powerful financial contracts possible thanks to the extended UTXO model and unique flexible crypto contracts based on sigma protocols. As well as various other features such as storage rent, stateless and ultra-efficient SPV clients support and focus on long-term survivability. Ergo is based on a scientific approach but is also very practical.
Ergo is a DeFi and crypto contracts platform that takes a radically different approach to smart contracts than other networks, non-custodial and non-interactive approaches including off-the-peg use of ring and threshold signatures – great for new privacy applications.
Ergo provides superior support for real-world financial agreements. It does this through the following:
- A simple high-level language, ErgoScript, enabling clear descriptions of contractual logic.
- Support for formal verification of contracts, bringing improved security guarantees.
- Turing complete smart contracts as demonstrated in this peer-reviewed paper.
- Easy Oracle creation
- A unique Data Inputs concept, enabling a radically different approach to provide robust, flexible cryptography.
- The cryptographic part of ErgoScript is based on Sigma Protocols and naturally supports threshold
m-of-nsignatures, ring signatures, and more.
- Support for Multi-Stage contracts that operate on a stateful level.
Most successful public blockchain use cases are related to financial applications. Ergo extends Bitcoin's way of writing contracts by attaching a guard script (together with additional custom data) to every coin.
In addition to regular protection by some
m‐of‐n signature, Ergo allows specifying the possible recipients of these coins, which may be another contract with similar complex conditions. This "chaining" approach allows the implementation of secure and efficient contracts of arbitrary complexity.
ErgoScript is the language used to specify the conditions under which currency can be spent. The language supports a type of non-interactive zero-knowledge proofs called Σ-protocols which is flexible enough to allow for ring signatures, multi signatures, multiple currencies, atomic swaps, self-replicating scripts, and long-term computation.
Keeping all this in mind, we expect ErgoScript and Ergo's design to be uniquely useful as Contractual Money
"Cryptocurrency should provide tools to enrich ordinary people. Small businesses struggling to make ends meet, not big depersonalised financial capital."
Ergo had a fair launch with only a 4.37% of funds allocated to ecosystem development. No smart contract platform is fairer.