The Case for Ergo to be a Top 10 Project
@ErgoMinnow on Twitter
*This information is NOT my own but information gathered from the Ergo Team, community members and the Ergo website/reddit/twitter page as well as other various websites. All aspects of this paper are not financial advice*
Everybody has opinions, declarations and biases in the cryptocurrency space regarding what makes a project standout. Most of these claims are baseless with a bias relating to their personal holdings. We need to ask ourselves: “Why do I hold this cryptocurrency?” Why is this project better than others in its niche?” Am I blinded by my personal financial investment into this project?” The aim of this document is to provide rationale and evidence based reasons on why Ergo is extremely undervalued.
Case 1-The Team Leader
The first element one should analyze when looking into a project is deciding whether the team is capable of delivering a product which is worthy of an investment. When we look at the Ergo Foundation Team, we see that they have some of the most experienced, dedicated and brilliant people in the cryptocurrency space. Starting with the founder of Ergo, Alexander Chepurnoy, we can see very quickly that Ergo is being led by a cryptographic expert. It is stated on the Ergo website that Alex has been “Active in blockchain since 2011, Chepurnoy (kushti) has written over 20 academic papers and more than 15 years experience in software development. Co-founder of ERGO, he was also a co-founder of smartcontract.com (now Chainlink), a core developer at NXT, and one of the first employees at IOHK, where he was a Research Fellow and Team Scorex Manager” (Ergoplatform.org, 2022). This is an incredible feat for any individual in the cryptocurrency space. To aid in co-founding Chainlink, and to be one of the original core developers for Cardano is a remarkable resume.
Alexander Chepurnoy’s accolades go further. It is stated that “Waves was first launched using the Scorex codebase which was developed by Alexander Chepurnoy who knew Sasha Ivanov from their time together at Nxt. Alexander is now also using Scorex to launch his own platform called Ergo” (Masalaifrog — Medium Author, 2019, 1).
Many of us know Chainlink and Waves, and will soon come to know Ergo. Alexander Chepurnoy is on a mission to create a resilient proof of work smart contract platform which will revolutionize the DeFi space. Chepurnoy has been building a team at Ergo that has experience, impressive accolades and cryptographic experience.
The link below sheds more light on the entire Ergo Foundation Team.
Below is a video showcasing the founder of Cardano, Charles Hoskinson, advocating for the brilliance of Alexander Chepurnoy on the Lex Friedman podcast.
It is also vital to note that while it is necessary to have a reputable head of project, it is just as important to have dedicated and talented people behind the scenes as well. The website Stack.money tracks different projects’ developer activity and what is going on behind the scenes. Below are a few diagrams showing the avid developer activity that is going on behind the scenes in Ergo.
Ergo scores 98/100 in developer activity which makes Ergo one of the most active blockchains regarding technological innovation.
The link below will give interested readers a chance to delve deeper regarding the analysis of Ergo’s developer activity.
Case 2 -The Technology
It’s been stated many times that Ergo is a blockchain for nerds. This is because it has a technology based focus and prestige. Ergo is one of the most diversified blockchains in the entire cryptocurrency industry based on technological use cases. Most blockchains usually have one or two main aspects that define their utility. For example, Monero’s privacy capabilities, Chainlink’s oracles or Ethereum’s smart contracts. Ergo is a jack of all trades and yet is being built with excellence. Ergo is a Layer 1 smart contract platform which is capable of doing over 15,000 outputs in one transaction. Below is a link to the block that it was included in.
Ergo is capable of secure contractual money outputs, but also has a plethora of other assets in regard to its blockchain capabilities. Ergo has oracle pools in which a version 2 is being developed. It also has optional privacy capabilities which are utilized via sigma protocols and token mixing. Furthermore, the Ergo blockchain possesses an algorithmic stablecoin called SigUSD which has not lost its peg even through the volatile market conditions that we are currently experiencing. The Ergo team is also working on an over collateralized stablecoin which is currently in development called DexyUSD. The Ergo Platform has multiple NFT marketplaces and one of the most organic and tight knit communities in all of crypto. There is also a Dex being built on Ergo called ErgoDex (which is rebranding to a new name) that would allow cross chain swaps on Cardano and Ergo.
It is also vital to note that Ergo has one of the lowest barriers to entry for miners to be able to mine effectively on the Ergo blockchain. Ergo supports the Autolykos mechanism and GPU mining is alive and strong on Ergo. Mining rigs do not give off as much heat which promotes longevity for one’s mining equipment. Ergo also knows how important miners are to secure the network. This is why Ergo continually provides incentives to miners such as governance. Miners have voting power to decide which paths Ergo takes for the longevity of the project. This is a project that values its miners and community members.
I personally do not know of any other Layer 1 blockchains that have smart contracts, oracles, privacy capabilities, NFTs, trusted stablecoins, miner governance and a transparent team that interacts with the community consistently all in one.
Case 3-Addressing the Areas of Focus
Although Ergo has a plethora of qualities that one seeks to invest in, there are areas of focus that need improvement. The best part about this is that Ergo is aware of these issues and is taking action to circumvent this.
Areas of focus for Ergo include:
- Exchange listings
Due to the fact that the Ergo team communicates with the community almost daily, we have been told that there is a Tier-1 exchange listing imminent on the horizon. The Ergo team has been working on this diligently for some time now and it is finally coming to fruition shortly. This is an area of need that the community has expressed to the team and they are laser focused on this.
The Ergo team confirms this in the link below.
Regarding marketing, Ergo hired a strategic advisor in Daniel Friedman. Yahoo finance did an article on this and stated that “With this news, Ergo takes an important step forward in the deployment of its marketing plans and strategies. Mr. Friedman is an expert in the field of business and software development with a proven track record at Input Output Hong Kong. His work at IOHK as a project manager was instrumental in the launch of Cardano and he brings that pedigree as well as valuable insight into the marketing strategies and operations of blockchain companies to the Ergo Foundation” (Yahoo Finance, 2021, 1). Daniel Friedman brings a wealth of expertise from Cardano with him as project manager and has been applying his skills to bring more notoriety to Ergo.
Ergo is truly a technological marvel in the cryptocurrency space and is putting it altogether. With all of these spectacular qualities, Ergo makes the case to climb into the top 10 by market capitalization. It is acknowledged that there is still some work to do before this happens, but it is evident that Ergo is positioning itself to be a force to be reckoned with. Ergo stays true to first principles first given by Satoshi Nakamoto when he created Bitcoin. Ergo had a fair launch, is decentralized and puts the everyday citizen’s needs at the forefront of its innovation. Ergo is on the rise and it’ll be remarkable once it makes the climb to the top 10.