What Is Aergo (AERGO)?
Dec 01, 20224 min read
What Is Aergo?
Aergo is a high-performance hybrid blockchain that provides developers with a user-friendly environment for building highly scalable and cost-effective decentralized applications. The project partners include Blocko Inc (namely: support and development). Blocko is the leading Korean blockchain, founded in 2014, in which Samsung invested. Blocko is developing a blockchain-based middleware platform for digital identity cards and payment services.
Its flagship Coinstack platform is widely used by large financial and technical firms such as Lotte Card, Hyundai Card, Samsung SDS, and LG CNS. Samsung SDS, together with Blocko, launched its own Nexledger business platform to accept Samsung Card, the credit card division of the largest conglomerate in Korea. It is Blocko that develops key technologies for Aergo. Aergo, in cooperation with Blocko, provides innovative IT solutions for corporate clients who want to deploy and maintain new products and services based on Aergo.
What Does Aergo Do?
Aergo allows companies to utilize blockchain technology and smart contracts to create private and public projects. The project’s primary goal is to create a developer-friendly platform enabling users to develop solutions to improve business efficiency. Aergo utilizes the novel LUA programming language, built on well-known and easy-to-use SQL technology. This approach guarantees easy integration with existing systems and provides advanced and familiar toolchains for dApps developers.
In addition, LUA is a performance, stable, and scalable programming language that allows developers to use it even for complex dApps. To date, LUA has already received great recognition among video game developers. Such famous projects as Age of Conan, Roblox, Angry Birds, and World of Warcraft use LUA language.
In cooperation with Blocko, Aergo provides an ultra-fast and highly efficient blockchain protocol that allows users to build complex decentralized applications based on the latest LUA (SQL) smart contract engine. In addition, the platform provides developers with easy-to-use tools and advanced APIs for integration with IT. Thanks to its solutions, Aergo aims to promote the mass adoption of blockchain technology among enterprises and businesses.
How Does Aergo Work?
Aergo intends to combine the functions of public and private blockchains, creating an innovative platform that is secure, easy to manage, and on which dApps can be created. The Aergo platform consists of four main components:
- Aergo Chain is an open-source blockchain protocol designed to solve the problems of current public blockchains. The Aergo Chain uses Delegated Proof of Stake as a consensus mechanism. In addition, the project team intends to implement a new score-based QoS algorithm to boost the reliability and security of the service. As part of the Aergo Chain, developers can use developer-friendly LUA smart contract language built on well-understood SQL technology. Thus, developers can utilize Aergo to build and maintain public and private decentralized applications. In addition, thanks to Blocko’s Coinstack operating system, Aergo can become one of the most scalable blockchains on the market. According to the official website, it has a throughput of 10,000 TPS with an average fee of $0.001.
- Aergo Public and Private Repositories. Aergo Chain allows developers to create both public and private repositories out of the box. Thanks to these repositories, business efficiency is significantly increased, allowing developers and others to collaborate regardless of location. Repositories are the smallest forms of blockchain on the Aergo Chain.
- Aergo Hub is a blockchain hosting service that acts as a public interface for creating, testing, deploying, and managing independent blockchains based on the Aergo Chain.
- Aergo marketplace is designed for the sale and purchase of peer-to-peer computing resources. Examples of computing resources offered on the marketplace include storage, computing power, and algorithms. Aergo Marketplace software, computing, and other services must be compatible and run or work within the Aergo network.
AERGO is a native token of the ecosystem and acts as a utility token necessary for the operation of the Aergo platform. The maximum token supply is 500 million units, of which, according to CoinMarketCap, more than 80% are in circulation. The main use cases of the token include:
- the use of Aergo smart contracts;
- participation in the DPoS consensus mechanism;
- payment method for ecosystem products (Blocko’s technical support, Aergo Hub, Aergo domain, and marketplace).
Aergo is an innovative blockchain protocol that can help businesses improve their processes using developer-friendly smart contracts, advanced APIs, and lightweight blockchain tools. The platform provides winning conditions for the developers and significantly outperforms competitors. A solid Blocko team, well-known in blockchain development, backs the project. Thanks to its solutions, Aergo looks extremely confident and has good potential. The platform boasts more than 50 enterprise clients and 40 use cases.