Blockchain platform addresses crucial Bitcoin problems for mobile
The platform uses the Autolykos consensus protocol, which solves many of the problems in Bitcoin’s blockchain regarding security and scalability and returns to the fundamental principle: ‘one graphics processor – one voice.’
The outstanding resilience of a blockchain system is achieved by a combination of modern cryptographic algorithms and decentralized architecture. While cryptography is widely used outside of cryptocurrencies, decentralized architecture forms a unique property of blockchain systems making them even more secure due to a lack of single point of failure.
Ergo is built from the ground‐up to resist centralization at all levels. Ergo has both an ASIC and pool resistant Proof-of-Work algorithm, preventing blockchain centralization in the hands of miners and pool operators. Its treasury system prevents governance and development centralization, while light nodes with high-security guaranties prevent services centralization.
Alex Chepurnoy, Ergo Core Developer, explained: “We have developed an approach to smart contracts in line with Bitcoin’s original concept, but with small additions that potentially cover 99% of current use-cases. Ergo allows people to synchronise with the network by downloading less than a megabyte of data, reducing the process from potentially weeks to minutes and enabling it to take place on mobile devices – all with the same security as current third-party solutions.”
IOHK CEO and Cordano’s founder Charles Hoskinson has been a vocal supporter of Ergo since 2017 publicly calling it “one of the most interesting and exciting projects in the space” that he is “happy to see grow and evolve.” Ergo also has a well-respected team, with developers cited in Facebook’s Libra whitepaper.
Alex Chepuroy added: “The most common use of blockchain technology is financial contracts. Unfortunately, innovation has stagnated and adoption stalled. We believe one of the main issues is that people have to rely on third-parties. By cutting out these middlemen, while maintaining the same level of security, we believe Ergo opens the door to more individuals to embrace blockchain technology.”