What is Ergo cryptocurrency? Should you invest in it?

3 min read | August 18, 2021 10:18 PM AEST | By Suhita Poddar

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What is Ergo cryptocurrency? Should you invest in it? — Image source: Phongphan, Shutterstock.com

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Highlights

Ergo (ERG) is a cryptocurrency that is designed to develop secure and smart contracts using decentralised finance (DeFi) applications.

Ergo’s smart contracts allow the protocol to support different dApps cost-effectively.

The key features that make Ergo stand out from the rest of the cryptocurrencies are its vision, consensus, light clients, survivability, economy, and applicability.

Ergo (ERG) is a cryptocurrency that is designed to develop secure and smart contracts using decentralised finance (DeFi) applications. These smart contracts allow Ergo to support different dApps cost-effectively. Ergo’s advanced cryptographic features and DeFi functionality complement each other. Ergo’s native language drives the ecosystem, ErgoScript and courtesy of its self-amendable protocol, it absorbs new ideas and improves itself in a decentralised manner. Ergoscript generates complex contracts, which makes the DeFi protocol and stablecoins more secure.

Why is Ergo so unique?

Ergo protocol works by combining the best practices of Bitcoin and Ethereum. Ergo mirrors Bitcoin mining model to create and validate new coins. However, there is no limit that one can mine, and there is no danger of creating the same carbon-intensive mining farms as Bitcoin. Ergo then combines Ethereum’s proof-of-work consensus to ensure the security of the protocol.

Ergo’s non-interactive proof-of-proof-of-work (NiPoPoW) ensures that its users can verify their transactions. The other key features that make Ergo stand out from the rest of the cryptocurrencies are its vision, consensus, light clients, survivability, economy, and applicability.

Is ERGO a good investment for you?

Ergo is ranked 138 on CoinMarketCap and is currently trading at $11.42 with a 24-hour trading volume of $40,36,565. At the time of writing (BST 8:06 am), ERG was down by 1.16% in the last 24 hours, according to CoinMarketCap. ERG currently has a live market cap of $36,64,42,690. It has a circulating supply of 3,20,12,428 ERG coins with a maximum supply of 9,77,39,924 ERG coins.

Ergo has generated much talk in the market, especially post its partnership with Cardano. Cardano founder Charles Hoskinson was so impressed with the protocol that he called it a technological marvel. However, Ergo, is very volatile in nature, and investors often wonder whether it can take it to the next level or not.

Conclusion

With the DeFi booming of late, Ergo, is well placed to grow into something bigger. Ergo’s advanced cryptographic features coupled with DeFi functionality should give it an edge over its competitors because of its ability to reduce risks or any market manipulation. Having said that, Ergo, like other cryptocurrencies, is wary of the talks of regulations that are taking rounds. As far as investor confidence is concerned, Ergo seems to have its share of it and would look to expand on it.

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