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Main Use Cases of Ergo#
The underlying Memory-hard ASIC-resistant Proof of Work (PoW) algorithm oriented towards GPUs.
Ergo uses a so-called extended-UTXO model, which implies UTXOs with the ability to contain arbitrary data and sophisticated scripts.
Enable extended support of light nodes which makes Ergo friendly for end-users, allowing them to run contracts on common devices such as mobile phones without centralised intermediaries.
The messengers in and out of blockchains. Ergo Blockchain’s design allows Oracle Pools, protected by trust heirarchies.
- Multi-Sig: Multi-Sig or Multi Provers are helpful for the reliability of smart contracts. This kind of implementation is vital for security. So that smart contracts aren’t in control of one person but rather governed by multiple accounts. Multi-stage contracts can also be designed for punishing malicious actors trying to take control of smart contracts.
- NIPoPoWs: Non-interactive proofs of proof of works can be used to build an interoperable blockchain ecosystem. With NIPoPoW implementation, Ergo Blockchain can interact with the smart contracts on proof of stake networks. This would open up an integrated use case between different dApps on different blockchains. Cardano is already planning to implement side chains with NIPoPoWs in collaboration with EMURGO. Limits are yet to be discovered.
- Oracles: Oracles are the messengers in and out of blockchains. They contain valuable data (e.g. price feed) so that applications work seamlessly. Ergo Blockchain’s design allows Oracle Pools, and this would help to create data hierarchies. A system of oracles that can be scored regarding their trust level is a significant phenomenon.
- Time Epoch: Ergo Blockchain can be designed to have timed operations. For example, during an ICO (or IDO), a code in a smart contract can provide timed-release so that investors have a protective layer if the project owner isn’t delivering his/her promises. In Ethereum, programming such a kind of timed operation isn’t possible.
- Parachain/Sidechains: This is a yet-to-develop area for Ergo Blockchain. It’s certainly possible, and we know that the implementation of parachains has a significant impact on scalability. Our core developer Alex Chepurnoy is about to release a paper on it, so stay tuned!
- ErgoLabs Repository
- EIP-0014: Decentalized Exchange Contracts
- Single-Chain Swap Contracts (DEX basis) by Alex Chepurnoy
The worlds first UTxO-based stable coin - an instantiation of the AgeUSD protocol. Its economic model designed in partnership between IOHK, Ergo, and Emurgo maintains the conservative settings for collateral reserves and avoids the need for liquidations. Along with that, it supports a fully decentralised stablecoin emission setup.
- Ergo Summit 2021 - The IOHK Perspective - Designing the AgeUSD StableCoin
- Overview Video (with diagrams)
- Building Ergo: How the AgeUSD stablecoin works
The first working non-custodial, programmable, non-interactive token mixer in the cryptocurrency space. Due to secret generation under the hood, it must be run as a local application.
- Ergo Crowdfunding CLI | Command-line tool which enables participating and interacting with crowdfunding campaigns on Ergo
Tool for joint spendings with on-chain privacy
This service will provide a way for dapps to distribute gains among dapps' token holders.
The first user of this service will be the ErgoMixer.
Ergomixer's income (in ERG and other tokens) is currently received by its creator, aka 'anon2020s', since it has only one stakeholder at the moment. He has announced that he is willing to create and sell some tokens shortly to obtain more stakeholders; let's call this token MIX. Later, anyone with the MIX tokens can stake them in the Profit Sharing contract and obtain the mixer's incomes proportional to their staked tokens.
So, it is NOT a way to stake ERG at first. But, it CAN BE USED in the future in some creative services to provide ERG-staking.
- A solution for staking
- Paying fee in ErgoMix in primary tokens
- Profit-Sharing for Ergo Auctions House
v2 contracts in review.
When external oracle data is posted on-chain, it needs to be encoded exactly within a transaction. Furthermore, oracle pools have many different moving parts that require transactions to be issued to move between the different stages of the pool protocol. Oracle Core creates all of the complex transactions which post the data on-chain & run the oracle pool protocol on-chain (such as averaging data points). This comes bundled with Oracle Pool Bootstrap and a Connector Library. The ada-usd-oracle source can be seen here. Currently, only the erg-USD-oracle is live as seen in the Oracle Pool List
See this overview by Robert Kornacki.
- eth/usd connector
- Ergo oracles | simple command-line tool to launch oracles. Inbuilt implementations for USD/ERG, EUR/ERG, BTC/ERG, AUG/ERG (gold) prices delivery.
- Learn about data inputs and the truly novel innovations they bring to UTXO-based Blockchains
- Ergo oracles | simple command-line tool to launch oracles. Inbuilt implementations for USD/ERG, EUR/ERG, BTC/ERG, AUG/ERG (gold) prices delivery. See also a forum topic with example