АERGO (https://www.aergo.io) is a further development of the Coinstack project created by South Korean company Blockо. Coinstack provides solutions on a private blockchain for businesses. At the moment private blockchain Blocko is used by around 40 companies including Korea Exchange, Hyundai Motors and Lotte Card.
During the operation of Coinstack, it turned out that the protocol is:
- not flexible and scalable enough;
- incompatible with existing enterprise software, because it is based on Ethereum Virtual Machine;
- difficult for application developers who never used blockchain before.
AERGO appeared as a result of work on mistakes. Its main difference is that it is able to use both private and public blockchain, as well as a symbiosis of these two types of the blockchain.
It is easy to join and work with public blockchain, but it is not always suitable for companies. This is due to the lack of full control over the functionality and development.
Therefore, many enterprises choose a private blockchain. In this case, they bear large infrastructure costs and face a delay in technology development compared to public blockchains.
What is AERGO
Developers call their project the fourth generation of blockchain. They believe that it is necessary to create a user-friendly platform instead of another protocol. There are already more than a hundred protocols in public networks. This platform will be:
- easy to use;
- easily integrated into existing company software;
- quickly scalable;
- safe for data storage and execution of transactions;
- easy to create your own decentralized applications;
- open to third parties.
To summarize we can say that AERGO eliminates specific obstacles when businesses want to use blockchain technology – IT system integration, software development and functional compatibility.
The basic tools that solve the above-mentioned tasks are AERGO SQL, AERGO Virtual Machine, AERGO File System, AERGO Bridge, consensus-building algorithm DPoS, Sidechain.
AERGO SQL is a new mechanism that makes it easy to create the most advanced smart contracts working with products and services in any industry.
AERGO Virtual Machine supports many modern programming languages (C++, Goland, JavaScript, Python, etc.). This enables developers to code business logic into decentralized applications and smart contracts.
AERGO File System provides shared data storage based on Facebook’s HayStack technology.
AERGO Bridge is a link that provides bi-directional information transfer between public and private blockchains.
Many blockchain ecosystems use the Delegated Proof of Stake (DPoS) consensus. It guarantees trust based on reputation and token ownership share. The AERGO DPoS platform is designed to improve performance, ensure network stability and high quality of service.
Sidechain allows you to have your own main network with low operating costs.
AERGO structure
All these tools are combined on the AERGO platform into three main structures:
- AERGO Chain — main network that contains all blockchains.
- AERGO Hub — open interface for interaction with AERGO Chain. It is used to build, test, deploy, and manage blockchains.
- AERGO Marketplace — trading platform of the ecosystem. It is used to sell peer-to-peer assets such as computing power, algorithms, and data storage.
The AERGO token is used as a means of exchange in smart contracts, consensus-building algorithm, as a method of payment for computing power, services, services of AERGO Hub, technical support and as the payment method on the AERGO Marketplace.
AERGO ICO Project team
The project team consists of the same people that developed Coinstack (Blocko). They have a lot of experience and AERGO is a logical development of the ideas carried over from Coinstack.
The creators of AERGO are divided into technology specialists, business team, and advisors.
AERGO board members:
- Phil Zamani has more than 20 years of open source and cloud business experience. Worked at Internet Embedded Linux Appliances for Redhat Inc., Deutsche Telekom, and Big Data & Cloud Biz Models.
- Hun Young Park has twelve years of experience in Relational DBMS and distributed solutions. He researched and developed various data platform areas and Artificial Intelligence.
- Roderik van der Graaf is a specialist in investment and venture capital.
Development plans
AERGO is a long-term and complex project. The stages of its implementation depend on the test results of ready-made solutions. The team says that the term of each stage is approximate and is subject to change. However, the rough dates are indicated on the project’s Roadmap:
- Q3 2018 – AERGO Chain beta version launch;
- Q4 2018 – AERGO Chain public test network launch;
- Q1 2019 – AERGO main network should be ready;
- Q3 2019 – AERGO Hub and Marketplace launch.
AERGO ICO token sale
There is no official information about the start date of AERGO token sale. But the word is out that it will commence sometime in August.
There is not much information we know about AERGO ICO token sale. We only know that it is planned to generate 500,000 tokens in total 30% of which will be offered for sale. The remaining tokens are expected to be distributed as follows: 25% will remain with the issuer, 5% will be allocated to employees, 10% will be provided to advisors and key sponsors, 30% will be allocated to strategic partners and to stimulate the community.
The proceeds from the token sale will be distributed in the following order:
- 40% — research;
- 15% — marketing;
- 30% — ecosystem development;
- 10% — strategic alliances and business development;
- 5% — other needs.
Conclusion
There is a certain confidence that the project will be successful. First of all, this is due to the fact that AERGO is an improved version of Coinstack. The success of the latter proves the demand of such solutions for businesses.
An additional benefit for AERGO will be the smooth transition of all Coinstack clients to new software by updating the installed version. Thus, all companies working with Coinstack will become members of the AERGO ecosystem.
The developers’ ideas and solutions are very interesting. The transition to a new philosophy of “a platform that is convenient for the client” creates a new trend for developers.
The only shortcoming is a relatively low activity in communication with the community. That is why the project is rarely discussed on the forums. Its name was mentioned a couple of time among promising projects on bitcointalk.org, but there was no follow up discussion.
Perhaps this was due to the fact that documents were in the preparation stage. Therefore, sometimes it was difficult to connect to the site or access the Whitepaper.
But it looks like all the problems are left behind and anyone can check out the documentation and familiarize themselves with the project at AERGO ICO official website.
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