Mining of digital assets began in 2009. It is still considered a profitable business, although it has undergone many changes during its existence. The Proof of Work algorithm is often criticized for its high power consumption and low speed. However, this circumstance is not yet reflected in the volume of transactions with coins, in particular exchange BTC to XMR.
For the Ethereum blockchain, this combination became critical, and in the fall of 2022, the platform switched to a faster and more energy-efficient Proof of Stake consensus algorithm. As a result of the cessation of Ethereum mining, a huge number of ASICs and video cards were released, and the miners switched to mining other coins. Ergo (ERG) also appears among them.
Features of the Ergo project
The Ergo Blockchain was created as a first layer solution based on the Proof-of-Work consensus mechanism. It provides developers with the technical base to build and deploy decentralized finance contracts. The project was launched back in 2017.
Profit is not among the priorities of the creators of the project, and this is confirmed by the facts. ICO and pre-mining of coins were not carried out, and during the existence of the project, the coin was listed on only 8 crypto exchanges. At the same time, the project continues to develop and improve. The basic principles of Ergo are set out in the “Ergo Social Contract”:
- The project continues the ideas embodied in Bitcoin and aims to develop the community.
- Blockchain was created for ordinary people and should protect their financial interests from centralized authorities.
- Developers independently choose how to use Ergo’s technical base. The code will forever remain transparent and open. Anyone can join the project, and insider benefits are minimized.
- The blockchain should be as useful as possible, the ERG cryptocurrency provides users with competitive commissions and serves as a real means of payment.
- Ergo is focused on long-term development.
How can ERG be used?
The flagship project of the platform is the Sigmaverse website, which contains the most advanced and interesting decentralized applications. Typical use of ecosystem features includes:
- Cryptocurrency exchange on Ergo DEX.
- Earnings by placing coins in the liquidity pool and dApp, as well as mining in mining pools.
- Buying and transferring Ergo to other wallets;
- Purchasing digital art at auctions.
- Creation of lotteries and participation in them.
- Creating links to pay for your goods and services in ERG.
- Use of ERG coins in social networks.
- The SigmaUSD stablecoin is available for profit taking.
The most popular applications already operating on the Ergo blockchain:
- Cross-chain ecosystem DeFi Spectrum
- Launch platform for initial IDO token offering ErgoPad.
- Nautilus wallet.
Tokenomics and prospects of the ERG coin
The maximum supply of coins is limited to 97 million. The maximum price of a coin reached 19.56 dollars. In 2021, against the backdrop of general market growth, a local maximum of $17.66 was recorded. At the moment, the price of the asset is about $1.2.
The project team relied on unhurried fundamental development. The bitcoin-like nature of the coin, the deflationary model of tokenomics, a very strong development team and a well-thought-out developed ecosystem give grounds for an optimistic assessment of the project’s potential. In the long run, Ergo can bring good profits.
Some analysts believe that Ergo may become one of the worthy competitors of Ethereum in the future. In particular, Charles Hoskinson, co-founder of Ethereum, sees a potential participant in the TOP-10 most capitalized cryptocurrencies in ERG.
Where to buy a coin
To date, Ergo is traded on only 7 platforms, so the number of trading pairs is limited. The coin is available on KuCoin, CoinEx, Gate.io, Huobi. Transactions on cryptocurrency exchanges are recognized as the safest way to buy coins, and it is still possible to trade without KYC on some major platforms. But you can’t do without registration. In addition, a direct exchange of little-known coins for other altcoins is most often not available.
The simplest and most reliable solution is to use the services of the LetsExchange fast cryptocurrency exchange service. The functionality of the platform is available without registration, in order to exchange ADA to ERG you only need to fill in the exchange widget step by step, make a deposit, indicate the wallet address and confirm the application.
LetsExchange does not request or store any personal data of the client, all operations are performed as anonymously as possible. Please note that your coins only leave the wallet for the duration of the transaction. This approach completely eliminates the possibility of a hacker attack and theft of coins.