Ergo (ERG) Price

Brief History of the Ergo Platform

The Ergo project embarked on its mission to create a safe and powerful financial contract ecosystem on July 1st, 2019, after a rigorous design and test net process that started in 2016. Unlike many other blockchain networks, Ergo had no private sales, pre-mine, or initial coin offering, ensuring a fair distribution of its native cryptocurrency, Erg.

The current price of Ergo, as well as the ERG price history, is available on the chart above. Changelly is a reliable crypto price tracking service that provides a wealth of information on how different digital assets behave on the crypto market.

Ergo Team

The Ergo platform was created by a team of talented developers with a background in core development with Nxt, Scorex, and Waves. Their collective expertise in blockchain technology and cryptography paved the way for the development of Ergo, ensuring a strong foundation for innovation and security in the platform.

Ergo Blockchain

The Ergo blockchain operates using the Proof of Work (PoW) consensus mechanism to secure its network. PoW allows miners to contribute computing power to solve complex puzzles, thereby validating transactions and adding new blocks to the blockchain.

Ergo (ERG) employs Autolykos, an ASIC-resistant PoW algorithm written in Scala, enabling even low-end GPUs to participate in the mining process. This approach promotes decentralization, cooler temperatures, and longer equipment longevity compared to traditional ASIC mining.

ERG Token

ERG is the native digital asset that powers the dApps functionality on the Ergo network. It serves as the primary currency for all decentralized applications built on Ergo, facilitating network processes and functions.

Apart from its role in the Ergo ecosystem, the ERG coin has broader applications in global digital peer-to-peer payments. Users can utilize ERG tokens to cover transaction fees, execute smart contracts, and access other services within the network.

It also maintains value as both a store of value and a medium of exchange. Moreover, ERG holders have the opportunity to stake their tokens, contributing to the network's consensus mechanism and earning rewards.

Furthermore, Ergo's platform enables the creation of custom assets, which can serve diverse purposes like crowdfunding or tokenizing real-world assets.

If you are wondering how many Ergo are there, the cryptocurrency has a fixed total supply of 97,739,925 ERG coins. New Ergo coins are released into the circulating supply through mining.

Ergo mining relies on Autolykos, a fairly launched efficient ASIC-resistant Proof of Work algorithm, geared towards GPUs. Ergo's block reward is designed to decrease by 3 ERG per block every quarter until 2026, and it will stabilize at 3 ERG per block thereafter.

UTXO

The Unspent Transaction Output (UTXO) model is a system used by Ergo (ERG) to manage transactions within its blockchain network. In this model, instead of having account balances like in traditional banking, Ergo keeps track of the individual outputs of every transaction. Think of these outputs as virtual coins or tokens.

When someone wants to send Ergo to another person, they take a certain number of these virtual coins, or UTXOs, from their wallet and transfer them to the recipient's wallet. Importantly, the entire UTXO must be spent in a transaction, meaning that it cannot be split or partially used. For example, if you have a UTXO worth 10 Ergo, you can only spend the whole 10 Ergo and not a portion of it.

This model brings some benefits to Ergo's blockchain.

It ensures a high level of privacy as each UTXO does not reveal information about the sender's wallet balance.

It also enhances security by preventing double-spending, as each UTXO can only be used once.

Finally, the UTXO model allows for more efficient parallel processing of transactions, enabling the Ergo network to handle a larger volume of transfers.

Sigma Protocols

Sigma Protocols form the backbone of Ergo's flexible Zero-Knowledge proofs, which are essential for privacy and complex contracts. These zero-knowledge proof systems allow for peer-to-peer finance while ensuring privacy. Ergo incorporates unique features, such as trustless systems, non-disclosure of signers in multisig, and zero-knowledge ring signatures, providing users with advanced privacy and security capabilities.

Storage Rent

Storage Rent is a distinctive feature of Ergo aimed at incentivizing efficient blockchain usage. After four years, a small fee is automatically deducted from unused coins to prevent loss and encourage miners to prioritize active and valuable transactions. This system creates a sustainable environment where resources are efficiently managed.

NiPoPoWs

Non-Interactive Proofs of Proof-of-Work (NiPoPoWs) are a groundbreaking innovation in Ergo that allows for the verification of events on a proof-of-work blockchain without the need for a network connection or downloading all block headers. These proofs can be used to demonstrate cryptocurrency payments and other critical events on the Ergo blockchain.

Main Use Cases

Ergo's design and features enable various real-world applications and use cases. Its support for ErgoScript and Turing-complete smart contracts allows for the creation of real-world financial agreements.

Ergo also provides easy Oracle creation and advanced Sigma Protocols, making it suitable for privacy-focused and unstoppable DeFi (Decentralized Finance) applications.

Moreover, Ergo's eUTXO model and off-chain heavy-lifting make it highly efficient for complex DeFi transactions, serving as a common settlement layer for both Layer 1 and Layer 2 protocols.

Ergo Foundation

The Ergo Foundation (EF) is a non-profit organization promoting Ergo, a blockchain technology. It funds its Treasury with a small portion of mined blocks, totaling 4,330,791.5 ERGs (4.43% of the total supply).

The foundation's mission includes promoting the development of Ergo's smart contract platform and its ecosystem, as well as supporting decentralized infrastructure and privacy. It ensures protocol changes are approved by miners, users, and projects.

The foundation aims to maximize ecosystem developments through open-source initiatives and distribute the Treasury to the community for building trustless environments, smart contracts, and privacy-oriented payment frameworks.

The Current Price of ERG Today

Ergo (ERG) is not just another blockchain platform; it is a powerful and secure ecosystem that empowers users to engage in transparent and efficient financial contracts. With its flexible Zero-Knowledge proofs, unique UTXO model, and focus on scalability, Ergo is poised to make a significant impact in the world of decentralized finance.

Changelly provides a comprehensive Ergo price chart that reflects the current price of the ERG cryptocurrency in the US dollar. Along with the live ERG price, our crypto exchange shows other real-time market data, including the current market cap (market capitalization), 24 hour trading volume, recent price change, current circulating supply, and maximum supply of the Ergo ERG cryptocurrency.

Through our interactive chart, you can also see the Ergo price history since the coin’s inception. This includes the highest price paid for the Ergo token, the lowest price paid for the Ergo token, and the fluctuations in price at different points in time. This data allows users to track the market sentiment and make more informed decisions regarding selling or buying ERG tokens. With us, you can also buy Ergo instantly and securely, using your favorite fiat currencies and traditional payment methods.

Our price chart can also power your Ergo price prediction by enabling you to identify key support and resistance levels, as well as any potential patterns or trends that may indicate future price movements. By leveraging historical price data and technical analysis tools available on our platform, you can make more accurate predictions about the ERGs price direction.

However, it must be noted that the Ergo coin price predictions are speculative and should be used with caution, as the cryptocurrency market is highly volatile and influenced by various factors beyond historical data.