Highlights
- Ergo lead developer has released an emission report of the coin
- The report proposes a soft-fork to extend its emission date
- The soft-fork will only affect mining nodes
What Ergo is all about
Ergo is a decentralized blockchain system with a high degree of adaptability. Ergo is a platform for building decentralized apps with the primary goal of facilitating the implementation of financial contracts in an efficient, safe, and user-friendly manner. To do this, Ergo incorporates several technological and economic upgrades to current blockchain systems.
Each currency in Ergo is secured by a program written in Ergo Script, a robust and protocol-friendly programming language based on Σ-protocols. Users may encode the conditions under which currencies may be spent using ErgoScript: who may spend them, when, under what external conditions, and to whom. Ergo’s expanded support for light nodes makes it more user-friendly by executing contracts on untrusted commodity hardware.
To be long-term viable, Ergo takes a survivability strategy — it employs well-researched solutions that don’t pose future security risks while simultaneously avoiding performance deterioration over time via deploying a new economic model. Finally, Ergo’s protocol is self-modifying, enabling it to incorporate new ideas and better itself in the future.
Ergo’s soft-fork plans target mining nodes.
To preserve the long-term sustainability of the Ergo network, the Ergo development team has released a proposal to extend the total supply of the coin through a soft-fork. The report was released on the platform’s official forum and shared on Twitter a few hours ago by Alex Chepurnoy, the lead developer of the Ergo project.
Ergo mainnet, which started with no premine or VC funding and zero Ergs in supply, set out to mint its entire coin supply within its first eight years through a PoW mining algorithm called Autolykos. However, concerns have been growing in the community on how the network can retain its resale value for longer.
According to the emissions report, UTXO set growth has shown significant improvement; however, uncertainties surround the storage rent economy. Therefore, the system needs a soft-fork to prolong the emission and preserve the supply of the ERG by updating only the mining nodes.
The update will launch a new re-emission contract that will pay from block #2,080,800 and 3 ERG per block. In addition, the fork will inject new tokens into the current emission box that will show how much ERGs will go into the re-emission contract, among other rules.
The report was met with mixed reactions both on Twitter and the crypto’s official forum. While some users saw it as a positive approach, others feel otherwise, with some telling the developers to stick with their initial vision.
Ergo price predictions
Ergo’s current price is $10.34, and it has a 24-hour trading volume of $2,712,541. While the coin’s share price fell 6.91% in the past 24 hours, it currently ranks #75 on CoinMarketCap, with a live market capitalization of $331,136,901. There are 32,012,428 ERG coins in circulation and a maximum supply of 97,739,924 ERG coins.
