Tuesday, August 10, 2021

TEST FORMATTING POST - 2021/08/10 - The Ergo Team AMA hosted by Bitcoin.com - Q/A Summary

https://blog.bitcoin.com/wp-content/uploads/2021/08/1145843_ERGOAMA_1200x630_080621.png

Hosts & Participators:

  • Bitcoin.com Team:

    1. Antonio - AMA Co-ordinator
    2. Danish Chaudhry - CEO of Bitcoin.com

  • Ergo Team:

    1. Alex Kushti - Co-Founder and Core Developer of the Ergo platform
    2. Mark Glasgow - Head of Community Management
    3. Joseph Armeanio - Ergo Foundation Business Developer

Starting Questions:

Question 1:

  • Antonio, [11.08.21 02:02]
    • To the Ergo team: What are your thoughts on blockchain adoption and what can Ergo do to continue to make this technology more accessible to the mainstream public?

Answer:

  • kushti khushi, [11.08.21 02:03]

    • Ergo community is making a lot of efforts to clarify things around the cryptocurrencies. Please refer to Ergo Manifesto. Still, first principles matter!

  • kushti khushi, [11.08.21 02:05]

    • From technical perpective, the protocol is already capable for different known efficient on-chain scalability, offchain, and cross-chain solutions

  • Glasgow, [11.08.21 02:05]

    • Ergo has been focused on building a concrete base these past years and build up solid foundations and financial tooling for the people. We strive to make Ergo more accessible each day and utilise our community in full to do this. Just this past week a community member has been organising a ‘Women in Crypto’ group to bring more women into the scene. And the Local Exchange Trading System (collective bartering) will certainly help there imo!
    • More concretly, iteratively building up our tooling and systems to be usable and friendly to anyone and while giving them financial autonomy.

  • Armeanio, [11.08.21 02:06]

    • Blockchain is an evolving technology. Personally, I think there are three areas that need development to push the development curve.
    • The first is practical use cases for the common person. In Defi especially we need to position ourselves to produce functional tools at a lower cost than the traditional finance community.
    • The second is user-friendly development tools and educational resources, I do think a part of this will be solved simply due to the technical capacity of younger generations. As building and interacting with blockchain becomes a widely adopted skill set I think we will see an influx of developers.
    • The third is user-friendliness. User interfaces are always extremely important.

  • Antonio, [11.08.21 02:07]

    • Great, and it seems like y'all are shining quite a bit in the sphere as of late, that's for sure!

Question 2:

  • Antonio, [11.08.21 02:07]
    • To Danish: What in your opinion makes Ergo’s smart contracts different?``

Answer:

  • Armeanio, [11.08.21 02:08]

    • Personally, I am a fan of the concept of multistage contracts due to the lower cost/ computational processing involved since much of the logic runs off-chain. This aligns well with the first adoption goal mentioned above. It is cost-competitive.

  • Danish Chaudhry, [11.08.21 02:09]

    • [In reply to Antonio]
    • Ergo has many differentiators which make it shine amongst others in the sphere, the cryptographic statements (via their sigma-protocols) are truly a unique Ergo advantage. Let’s compare a project like Waves, which just has Bitcoin-like multi-sig. Ergo is also about UTXO. It is harder to do contracts in the UTXO model, but UTXOs are more friendly to off-chain and privacy protocols (also fewer safety issues). Ergo will develop lots of different new privacy-preserving dapps, and also should be a great showcase of its capabilities.

  • kushti khushi, [11.08.21 02:10]

    • Ergo contracts are centered around protecting money with logic, not to be a thing per se. That's why we're talking about smart (or contractual money). After all, public blockchain means cryptocurrency, and cryptocurrency means that contracts are on top of money. Ergo continues Bitcoin ideas but with no Bitcoin Script limitations.

  • Antonio, [11.08.21 02:10]

    • Cool beans guys! Thanks for jumping in @kushti_ru @Armeanio too!

Question 3:

  • Antonio, [11.08.21 02:10]
    • Next one.. to the Ergo team: The highly anticipated ErgoDEX release is coming very soon. What makes this DEX so special?

Answer:

  • kushti khushi, [11.08.21 02:12]

    • ErgoDex allows for AMM pools and orderbooks co-exist, with a trade between possible in a single transaction. Moreover, there are known widgets on top of the DEX already discovered, such as tokensales with buyback guarantee, a stablecoin (DexyUSD) etc.

  • Glasgow, [11.08.21 02:13]

    • There's several things that make ErgoDEX unique.
    • For the unaware, ErgoDex is a decentralised exchange that will run natively on top of both the Cardano and Ergo blockchain. This means that it'll either ADA or ERG as the base token when needed. Compared to other DEXs on Cardano, ErgoDEX has the unique advanced of having developers that have been working on a live eUTXO blockchain for the past 2 years. (eUTXO or - the extended unspent transaction output model is based on the same research from IOHK that Cardano used when developing it's chain). This shared model allows ErgoDex to explore shared liquidity, trustless swaps and other cross-chain goodies once deployed and Cardano's smart contracts are live.
    • Last but not least, the developers have shown they are taking every opportunity to develop a platform that prevents plutocracy at every opportunity. Instead of selling large parts to private investors - ensuring ErgoDEX remains truly decentralised. Something that is often forgotten these days.
    • You can see the roadmap here: https://ergodex.io/ and a initial public beta will be launching shortly!
    • For a more detailed breakdown see: https://ergoplatform.org/en/blog/2021-07-21-ergodex-a-cross-chain-workhorse/

  • Armeanio, [11.08.21 02:13]

    • The ErgoDex has unique tokenomics and liquidity mechanisms. The future plan to port assets between Cardano and Ergo will offer benefits and tooling of both ecosystems.
    • Cardano’s Voltaire project is something I really respect and watch closely. The powerful privacy tooling of Ergo also offers benefits for users that wish to enhance the privacy of their positions.

  • Antonio, [11.08.21 02:14]

    • Awesome guys, it's like we're receiving answers from all aspects of the business: Tech/Marketing/Bizdev :)

  • Antonio, [11.08.21 02:14]

    • It's great!

Question 4:

  • Antonio, [11.08.21 02:14]
    • Next one, to Danish: If you had to give one piece of advice to individuals about how to make the most of their crypto and to companies about how to bring crypto into their business models, what would your advice be?

Answer:

  • Danish Chaudhry, [11.08.21 02:14]

    • great question @antoniobileci

  • Danish Chaudhry, [11.08.21 02:16]

    • Blockchain technology opens up many possibilities and opportunities for us to create solutions that can be highly disruptive and potentially very lucrative. Those can indeed improve on existing systems, so I always advocate for people to educate themselves, join conversations and never stop learning. Regarding businesses, we have seen very known payment providers like paypal or square starting to accept btc payments so my advice would be to keep an eye on the space and explore if adding crypto can add value to the business model

  • Armeanio, [11.08.21 02:17]

    • I think the best way to look at crypto from a corporate perspective is to see it as a fractionalized open-source software license. Cryptocurrencies are tools for business and commerce. There are many crypto projects that offer a variety of tooling.
    • Ergo is involved in the BPSAA and the tooling ranges from decentralized VPN's to decentralized content storage and management. There is a large range of commercial applications available just in that small group.
    • The distributed nature of the technology is hardened to disruption and the consumer market access is greatly magnified, especially as we move into a multichain world.

  • Antonio, [11.08.21 02:18]

    • [In reply to Armeanio]
    • love this.

Question 5:

  • Antonio, [11.08.21 02:18]
    • Onto the next one, to the Ergo team: You recently hosted a Hackathon. What kinds of projects came out of that venture? What aspect of development is Ergo the most excited about? Are there plans for another Ergo Hackathon?

Answer:

  • Glasgow, [11.08.21 02:20]

    • Here are the results from our last hackathon - more info in this blogpost (https://ergoplatform.org/en/blog/2021-06-19-ergohack/), We should have the Raffle launching live shortly after going through some more development and testing - which also produced some great documentation for developers, and everyone is of course anxiously awaiting to see what ErgoTeam has in store for us.
    • ErgoTeam was developed by the community developer and will allow for a simple joint-spending approach while retaining complex threshold signatures ensuring the security and anonymity of its users.
    • Last but not least, pushing for decentralisation at every point is one of the things that makes the Ergo community so great. The SmartPools team had some great discussions and put out a research paper (https://eprint.iacr.org/2021/846). Leading to another community member offering to help fund this venture.)
    • We have one or two more Hackthons planned this year - but I'll let kushti or Armeanio expand here :) Given the influx we seen last time (and how many stuck around). These events help us to continue to build up our dev tooling and guidance, and bring more people in to build ontop Ergo and see what it’s really about. Once people do, they tend to stick about.

  • kushti khushi, [11.08.21 02:20]

    • [In reply to Antonio]
    • the hackathon was highly successful in regards with attracting devs, we got first wave of newcomers few weeks before the event. Six projects submitted results. ErgoRaffle will be launched over the mainnet in coming days, maybe more in future. We are going to have another hackathon definitely, this Autumn!

  • Armeanio, [11.08.21 02:21]

    • Hackathons are idea incubators. The truth for solutions and tooling is that often the individuals on the ground have the clearest perspective of the problem/solution and tooling needed to solve said problem/solution.
    • My perspective is that the greatest asset in a cryptocurrency project is the community itself.

  • Armeanio, [11.08.21 02:22]

    • Hackathons are a great way to use that asset to drive growth and evolution.

  • Antonio, [11.08.21 02:22]

    • 😊 fantastic to hear that it was very successful, looking forward to hearing more on the rest coming later this year!

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