Aergo ICO Review
There has been a lot of hype around Aergo last week. Lots of people asking for OTC pools at around 2x ETH price. One guy wanted to buy over 500 ETH worth of Aergo, but when we asked him why he likes Aergo so much, he couldn’t answer. Turned out he didn’t even know what Aergo is and what they are trying to achieve.
Welcome to FOMO Investing. Buy it when its popular dump it when it gets boring. This is a problem, so let’s do a deep dive into the Aergo.
When opening Aergo.io first thing we see is:
“AERGO is an open platform that allows businesses to build innovative applications and services by sharing data on a trustless and distributed IT ecosystem”
Which is a fancy way of saying: “Blockchain for Business to build Dapps”.
Next, it claims to be supported and developed by Blocko. Blocko is a big deal because Blocko is Korea’s No. 1 blockchain technology provider for businesses like Samsung SDS and Hyundai Card, has also joined the project to provide key technologies. Not convinced? Here is a picture.
Blocko, established in 2014, is the largest enterprise blockchain company in Korea. Its market share stands at 78 percent with more than 9 million end users. Aergo is Blocko, which means that most of the above-mentioned companies could potentially use Aergos blockchain enterprise solution. Currently, the market penetration for blockchain solutions is still under 1%. Blockchain technology, if scalable and easy to use can save corporations millions. Phil Zamani, Aergo’s chief operating officer, claims the market’s growth potential, saying at least 25 percent of the global top 2,000 companies will use blockchain services as a foundation for digital trust at scale by 2021.
Needless to say, the room for growth is huge, if the underlying technology can support such a massive amount of transactions. What’s more is the programming language and the ease of integration itself. Most Blockchain infrastructure projects struggle with finding developers that will build on their chain. After all, this is a hyper-competitive space.
Aergo ICO Review 4th-Gen Blockchain
Blockchains starting to feel like iPhones, we are just moving through the generations at a much faster pace. 2-Generation Blockchains were less than a year ago and now we are at 4? Let’s look past the buzzwords and see what Aergos ICO can offer.
AERGO’s ICO Technical Review
AERGO consists of three main architectural functions: AERGO Chain, AERGO Hub, and AERGO Marketplace.
1. AERGO Chain is a public SQL smart contract blockchain protocol.
The first thing that is out of the ordinary is the SQL smart contracts. SQL (stands for Structured Query Language. SQL is used to communicate with a database. AERGOSQL is intended to allow blockchains to support more developer-friendly methods for building smart contracts. AERGOSQL seeks to improve performance and scalability, which in turn should enable more demanding use-cases to be realized on blockchain as well.
2. AERGO Hub is a public interface for enterprise developers to access computing power and development features.
It is important to differentiate between public Blockchain infrastructure solutions and enterprise solutions. An example of a public smart contract infrastructure blockchain would be ethereum. Typical features for a public chain are: small nodes, commodity mining equipment running small servers are gaming PCs. Ontology is a great example for an enterprise solution blockchain. They tend to run blockchain on server grade hardware with vast computing power and storage.
AERGO is designed to be a multi-purpose platform, that bridges the gap between public blockchains and private blockchains. At the core of Aergo are distributed directories (DD). DDs are used as the building block for all of AERGOs implementation. Each DD is intended to be its own blockchain, with its own genesis block. DD is comparable to data dictionaries in databases, etcd for CoreOS in its role and functionality.
A genesis block is the first block of a blockchain Modern versions of Bitcoin number it as block 0, though very early versions counted it as block 1. The genesis block is almost always hardcoded into the software of the applications that utilize its blockchain.
Etcd is a distributed key-value store that provides a reliable way to store data across a cluster of machines. It’s open-source and available on GitHub.
AERGO ICO CONSENSUS ALGORITHM
The core consensus algorithm of AERGO is Delegated Proof of Stake (DPOS).
For those that don’t know DEPOS in summary, DPOS was first introduced somewhere in 2015 and can scale pretty well while being more secure than proof of work. DEPOS is the idea that coin holders should be responsible to secure the network. DPOS operates under the assumption that block reorganizations can happen, which means it is an optimal algorithm for powering the underlying infrastructure of AERGO.
If you want to learn more about Delegated Proof of Stake you can check out this video.
The cool thing about AERGO is that it intends to offer user-defined consensus algos, meaning different consensus algorithm can be used instead of the core consensus. The offer RAFT for development and PBFT for ordering.
Raft is a consensus algorithm designed as an alternative to Paxos. Raft achieves consensus via an elected leader.
PBFT (Byzantine fault toleranc) algorithm is used to establish consensus in blockchain systems.
3. AERGO Marketplace is a one-stop-shop for software applications, computing resources and other services optimized for AERGO Chain.
AERGO Marketplace aims to enable the sale and purchase of peer-to-peer computing assets. Examples of computing assets offered on the marketplace will include storage, computing power, and algorithms. The AERGO Marketplace will be accessible via the AERGO Hub public interface.
Aergo Token Utility Review
The AERGO Token is the utility token of the AERGO platform and is used for transactions in the ecosystem. The token will be used for smart contracts, staking, and as a payment method for Hub services, technical support, computing assets on the marketplace.
To sum it up: The Token use case is good.
AERGO Team Review
As mentioned before the AERGO team is a fork of Blocko. Around 10 core developers branched off, and 5 members working the business side as well as marketing. The complete list of the team and advisors for the AERGO ICO can be found here.
Phil Zamani is currently COO of Blocko. He has held a series of high-level tech positions throughout his career, including Global VP of Sales and BD for Internet Embedded Linux Appliances with Redhat Inc., Global Head of Big Data and Cloud Business Models with Santander, and Senior VP of Cloud Business Unit with Deutsche Telekom. He has 20 years of experience with open source and cloud-based software technology.
Hun Young Park has served for the past 2 years as CTO of Blocko. He brings 11 years of experience as a senior software engineer to the project with a focus on developing databases and distributed systems.
Roderik van der Graaf currently serves as an advisor to Blocko. He is also the Founder and Managing Partner of Lemniscap, an investment and advisory firm in the blockchain space. Prior to founding Lemniscap, Roderik served as Managing Director of Caldera Pacific Capital for 3 years.
Wan Beom Kim has served for the last 5 years as CEO of Blocko and is also the Founder. His prior experience with development primarily focused on database management systems.
AERGO will not have a common airdrop, but they have a RewarDrop program. Instead of doing an Airdrop Aergo will select partners and reward them up to $50.000 USD in Aergo.
As a part of AERGO’s Token Distribution Event, US$1.5M equivalent in AERGO tokens will be granted to Geographic Enablers around the world. Geographic enablers will fall under two categories; 40 Silver partners will be given US$25,000 equivalent in AERGO tokens and 10 Gold partners will be given US$50,000 in AERGO tokens.
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