What is Ergo? Launched in 2019, Ergo is a Blockchain network founded by Cardano founder Charles Hoskinson. In this article, you can access answers to frequently asked questions from investors such as what is Ergo, what are its features, what is ERG, what is it used for, and how to buy it. As Kriptokoin.com, we have prepared it for you.
What is ergo?
Ergo is an energy efficient and secure Blockchain equipped with decentralized finance (DeFi) products and features. The network is designed to bridge the gap between the Bitcoin and Ethereum network. Accordingly, Ergo leverages Bitcoin’s Proof-of-Work consensus mechanism for security. Besides, it uses smart contract technology of Ethereum network for DeFi products. The network uses a different version of the Bitcoin mining protocol. This version was called “Autolykos”. The Autolykos protocol is highly resistant to large mining pools. As a result, the network becomes more energy efficient. Also, Ergo limits the mining size in nodes to minimize the environmental damage of the Bitcoin network’s Proof-of-Work mechanism.
In addition to all these, Ergo stands out as a programmable blockchain. Accordingly, developers can produce decentralized applications (dApps) within Ergo. Available dApps on Ergo include SigmaUSD and Ergo Auction House. Ergo is the same as Ethereum in terms of dApp creation facility. However, the difference from Ethereum is that it does not require any gas fee to develop applications. Ergo’s DEX named ErgoDEX is also available in the market. Using Automated Market Maker (AMM), this DEX is used for liquidity sharing between Ergo and Cardano networks.
What is an ERG? What does it do?
2021’s ERG is the native cryptocurrency of the Ergo network. Just like most blockchains, ERG is used for governance and mining purposes. By burning ERG assets, users gain voting rights in decisions taken for the future of the platform. In addition, users who want can also be a block validator. ERG is a minable altcoin. Accordingly, users can verify various transactions performed on the network via their computers. Users who verify transactions are rewarded with ERG coins for their efforts.
At the time of writing, Ergo (ERG) had a market capitalization of $77.9 million. In addition, 32 million ERGs were in circulation, which is 33% of the altcoin’s maximum supply of 97.73 million ERGs.
What is ergo? How to take ERG?
Investors interested in the Ergo (ERG) project should find a crypto exchange where ERG is listed. ERG is currently traded on KuCoin, Gate.io, CoinEx and HotBit exchanges. Interested investors should become a member of one of these exchanges and verify their accounts. After that, they should deposit an asset in their wallet that matches the ERG pairs. Then, it is necessary to place a purchase order for the ERG and wait for the exchange to execute your transaction.
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