Ergo: A DeFi-Based Multi-Layer One Solutions Marks its Milestones in ErgoVersary
[PRESS RELEASE – Please Read Disclaimer]
With increasing activities in decentralized finance (DeFi) and blockchain space, the last year has been buzzing. DeFi has grown tremendously, from a total value locker (TVL) of $500 million on March 12. In order to be one of the most significant forces behind the crypto market bull rally of 2020/21. Currently, TVL in DeFi remains at over $50 billion.
A Multi-Layer One Solutions Platform
Ergo is a multiple-layer one solution providing their protocol for the furtherance of DeFi. Moreover, the platform stands out as a research-based protocol and a much-versatile design which is the same as the Bitcoin network. Utilizing the Proof-of-Work (PoW) model of mining, Ergo prioritizes security over the network while maintaining scalability.
Unlike the constant uprising layer one solutions that are mainly copycat models of current networks, Ergo is the pioneer of the extended UTXO smart contract model. This is a smart contract system where digital currencies are recorded on a network in the form of a direct acyclic graph and users are guaranteed more scalability and privacy.
Marking Ergo’s Milestones in ErgoVersary
Ergo is conducting an anniversary event on July 01, 2021, for two years after the Ergo mainnet launch to mark its milestone. This event will educate DeFi enthusiasts, developers, and participants generally about the platform, present trends, and the blockchain environment as a whole.
Alex Chepurnoy who is an experienced blockchain developer, educator, and co-founder of Chainlink and founder of the Ergo platform will be speaking on core background features, blockchain career, the UTXO model, Proof of Work, Layer two solutions, and a host of other features.
ErgoVersary will provide significant announcements, including bounty programs, exchange listings, and a non-fungible token (NFT) competition. Other features in the event will be propositions about a local exchanges trading system on Ergo (LETS) and Ergo Meta, “a cookbook” for side-chain solutions.
Ergo is a Resilient platform for Contractual Money which is created to offer an efficient, secure, and easy way to implement financial contracts. However, Ergo adds different technical and economic improvements to current blockchain solutions.
Every coin in Ergo is protected by a program in ErgoScript, which is a powerful and protocol friendly scripting language related to Σ-protocols. Ergo is strictly proceeding a long‐term survivability approach. Finally, Ergo is a self‐amendable protocol which enables it to absorb new ideas and improve itself in the future. The aim of long‐term survivability and self‐amendability are what provide Ergo its resiliency.