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Insurance Dekho. Star Health Insurance Network Hospitals. They allow for a class of efficient zero-knowledge protocols that enable us to implement tasks that would otherwise be either impossible, or else risky and expensive. For example, Sigma protocols let us implement ring and threshold signatures out of the box. And, while it can be done with Ethereum, it would be expensive and complicated — especially with a ring size of 10 or 20 members, which would be required for robust privacy. With Ergo, this kind of application can be created easily, thanks to the integration of Sigma protocols in the core.
This enables self-sovereign application-level privacy: trustless scripts that can be used to access mixers or other functionality, without any third parties required at all. Each script is applied to an unspent output. We consider this a more secure approach, since boxes are immutable, as well as being more flexible. This enables better decentralization, avoiding large pools that can collude or be coerced to attack the network.
At the same time, we recognise that ordinary users who do not run a full node should enjoy the same security benefits as miners. In fact, as little as 1 MB of data is required — meaning any device can be used. Choose your wallet. We believe that digital scarcity is important for underpinning value, and have capped coin supply at under million ERG.
Unlike Bitcoin, the block rewards decrease steadily after the first two years, with no long tail of emission. Block rewards start at 75 ERG, and over a period of eight years will fall to zero, after which total supply will be fixed. At this point, in addition to transaction fees, miners will also benefit from storage rent fees charged on boxes UTXOs that have not moved their coins for four years or more. There are at least two advantages to this approach. Firstly, it gives miners an additional source of revenues once block rewards end.
Since the security of the network depends on hashrate and miner participation, this is an important incentive to provide. Secondly, it has the effect of recycling lost coins and dust back into the Ergo economy. Research suggests that up to 4 million BTC have been permanently removed from circulation due to lost private keys. Supported exchanges. There is a difficult balance between ensuring a project is adequately funded and potentially disadvantaging later users if a large proportion of tokens is pre-mined or reserved in an ICO.
We have chosen a strategy that has proven successful for other cryptocurrencies, whereby a percentage of tokens from each block reward is allocated for development and marketing. As block rewards begin to reduce after two years, the Foundation will continue to receive rewards over More about the Ergo Foundation. Ergo is designed and implemented by a team of experienced developers and researchers, who hold publications and PhDs in cryptography, compiler theory, blockchain technology, and cryptographic e-cash.
The team also has a solid background in core development with such cryptocurrencies and blockchain frameworks as Nxt, Scorex and Waves. We are also supported by community developers, who may work on a volunteer basis or who receive grants from the Foundation for implementing useful features and dApps. Meet the Ergo team. Ergo is the open protocol that implements modern scientific ideas in the blockchain area.
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