The authors of the idea intend to create an open source blockchain protocol, which will be a “ready-made enterprise”. Using the Aergo ICO platform, companies and developers will be able to easily build and deploy their applications on the blockchain and cloud. They will have a choice of both public and private chains.
The creators of this South Korean project claim that their blockchain is a fourth-generation technology and is able to solve the problems of IT integration, software development, privacy, scalability and interoperability that existing blockchains face.
Behind the project is a rather large international group of specialists older than the creators of most other projects. It is worth considering this as one of the advantages, since we are talking about developers with extensive practical experience. In addition, most of them work exclusively on the implementation of Aergo and are not involved in parallel in other projects.
The Aergo team includes 6 core developers, 13 advisors and 4 business specialists:
Phil Zamani (COO, with extensive technology experience, previously at Banco Santander as Head of Big Data and at Deutsche Telekom as Senior Vice President of the Cloud Business Unit).
Hunjong Park (CEO, over 10 years of experience in database and distributed systems development, previously worked as chief software engineer at TmaxData in South Korea).
Roderick van der Graaff (Founder of blockchain investment and advisory firm Lemniscap, graduated from the University of Hertfordshire with a degree in aerospace engineering and the University of London with a degree in information technology, has over 7 years of experience in private and venture capitalist with Caldera Pacific and KCP Capital, 13 years of equity trading with Deutsche Bank, HSBC, Rabobank, Bear Stearns, LIM Advisors and All Options).
Won Kim (studied computer science at Boston University, has 9 years of experience in Relational DBMS, more than 6 years of research and development of distributed systems).
Jane Lee (graduated from Cornell University in the United States with a degree in hotel management, has 7 years of experience in strategic consulting, an expert in digital transformation and technology commercialization).
In general, the project is a confident 7.5, but due to their customer focus (this is not the customer focus on the hamster and evangelists, which you don’t understand why you need it, but real companies and corporations that already exist in the client base), the experience of the team in the development of existing enterprise-level blockchain networks and confident movement along the roadmap, the presence of a code (albeit an average one) can be increased to 8. Let me remind you that this is a subjective assessment of the project.
Key features of the project
The Aergo project is based on the fourth generation block protocol. The platform is intended to serve mainly corporate needs and will be called Aergo Chain. The goal of the project is to create a distributed, secure, scalable and public blockchain. Its creators position their idea as the future main IT infrastructure, on the basis of which thousands of applications will be created.
Blocko Inc., a developer in the IT field, founded in 2014, is responsible for most of the development and support of the project. She has four years of experience in blockchain technology and will bring her core Coinstack technology to the platform. It is based on the Ethereum virtual machine.
Software developed by Blocko specialists is mainly used in South Korea. Large companies using bank payment systems are key users of the Blockin Coinstack software, serving millions of people.
Blocko actively cooperates with companies such as Cisco, Hyundai-Kia Motors, KRX Korea Exchange, IBM, Microsoft Azure, SK Telecom, Lotte Card, Samsung SDS, LG CNS and others.
The platform she is developing aims to develop an ecosystem of dApps, technologies and service providers that use reliable models in the field of cloud computing. By doing so, the company intends to increase the corporate use of blockchains.
In addition, Blocko has created a dedicated division called Blocko XYZ to develop the first dApps on Aergo.
Over the past few years, the company has been able to raise almost $5 million to fund the early development of its idea. Last month, she managed to raise another $8.9 million.
Performance in AERGO is provided by a combination of transactions and parallel processing in blocks.
An enterprise-class blockchain like AERGO requires higher performance. Ideally, this should be in real time. Therefore, each node must be carefully implemented as efficiently as the consensus protocol.
AERGO Chain introduces the concept of parallelism to the various stages of block processing for maximum system performance. Concurrency in a block system involves careful analysis and dependency between the transactions included in each block.
Dependency analysis is a key factor in AERGO’s parallel processing.
AERGO will perform dependency analysis between transactions and blocks, for a data structure with execution order.
On the main page of the project, it is indicated that the performance will reach 1 million tps with the help of side chains. There is no information about testing the system, so this is most likely in the future. Yes, and such indications at the testing stage are impossible, and if they did, it would be a real breakthrough.
The developers intend to create a fast and scalable blockchain protocol ready for enterprise use. The platform will combine three main components:
A public blockchain that contains an SQL-based smart contract engine. The algorithm (DPoS) is used as a consensus mechanism, similar to that used in STEEM and EOS. It is known for its high throughput. DPoS is also responsible for network stability and supporting the Ethereum virtual machine to achieve interoperability.
The public blockchain will have very high performance, processing over 1 million transactions per second through the use of side chain technology.
Through the platform hub, users, mainly companies and developers, will be able to access computing power to run their applications. Its main purpose is to act as a blockchain-based web host to manage separate independent private chains based on the Aergo network. It is similar in nature to popular public cloud services such as Amazon AWS. It will also provide various tools and features by bringing together secure dApps under the Aergo Chain.
The open interface of Aergo Hub will allow developers to easily create, test, deploy and manage independent blockchains.
It is here that users of the platform will search for and purchase applications, use computing resources and all sorts of other services. This service will also be a place where third parties such as cloud infrastructure companies and service providers can offer their products and services to Aergo users.
Basically, it is a peer-to-peer marketplace for applications and computing resources such as memory, processing power, algorithms, content, and more within the Aergo Chain.
The market will be accessed through an open interface.
The AERGO network will support various consensus algorithms and will allow its users to independently choose the ones that suit their business requirements. But AERGO’s main default is Delegated Confirmation of Stake (“DPOS”). The developers believe that this class of algorithms provides improved scalability when combined with an economic operating model. This network and energy efficient algorithm is used by many large-scale blockchain projects. This promotes decentralization (the algorithm does not require huge, specialized, often concentrated, computer mining farms).
These are storage locations that store the source code of software that is developed for a specific project, public or private. They are also used for version control and collaboration between multiple developers. These repositories allow software developers and other users to collaborate on new projects from anywhere in the world.
Aergo Chain will provide support for public and private repositories. The public repository is a shared, open and decentralized infrastructure for dApps. It can be configured to selectively allow anonymous users to read and write. A private repository is a controlled, secure and private infrastructure for dApps. Its goal is to maximize complete code access control for reading and writing.
When creating a new branch from a child parent branch, users should be able to save newly created blocks to a private branch that does not allow for free access.
Eddie Aleyn is a technology entrepreneur and expert in security and secure communications. For thirty-five years he has directed special projects for the British Government, the Defense and Foreign Office, and the Commonwealth. From 2011-2016 he was Chairman and CEO of HMGCC, an FCO agency designing, manufacturing and integrating secure communications and cyber systems for the UK government.
Vincent Zhou is a founding partner of FBG Capital with extensive experience in digital asset trading and investment. One of the first investors in blockchain companies and projects. One of the most forward-thinking crypto hedge fund managers in Asia.
Djamel Souici is a legal expert on open source technologies, licensing and business models. Also a leading consultant and practitioner in data monitoring and regulation (eg GDPR). Member of the German Law Association Barr, for the past 19 years he has worked as a general and legal consultant for several innovative firms.
Differences between Aergo and Coinstack
Coinstack is Blocko’s blockchain-based software that has been successfully used by several companies. Both of them offer block platform services, however, Coinstack is completely private as node and application providers are autonomous within organizations.
Aergo, in turn, is a platform that uses cloud architecture along with public and private blockchains. It inherits many of the important technical components of CoinStack, including a well-developed and proven stable Application Programming Interface (API).
Aergo aims to collaborate and use the skills and resources available in the Blocko range of services. The company positions this project as its main contributor and strategic partner. Since the source code of Coinstack supports the basics of the Aergo protocol, the platform has the privilege of allowing it access to many features that have already been tested in a commercial environment.
The development of the platform was not started from scratch. Most of the platform is based on Coinstack, which has been successfully tested by millions of users.
The AERGO token is intended for the exchange of information within the AERGO ecosystem. It will entitle the owner to certain services available in the AERGO ecosystem, such as:
smart contract launch (AERGOSQL)
payment method for Blocko technical support on Coinstack 4.0;
payment method for AERGO Hub services
payment method for services and assets on the AERGO Marketplace
payment method for AERGO domain
Tokens will be based on their own standard.
The project is aimed, in particular, at companies using block technology in their activities. It should be noted that there are already many large corporations in the Ethereum Enterprise alliance, including Microsoft, BP and UBS. The alliance was founded in March 2021 and today has a significant advantage over other projects in terms of enterprise blockchain adoption. In addition to it, there are many other large block platforms, such as IOTA or VeChain, which have established partnerships with large companies. In this regard, serious competition awaits Aergo developers.
Only 500.000.000 AERGO tokens. Of these, 30% (150.000.000) is allocated for the sale at a price of 0.2 USD per token – we get a cap of 30 million, not 32 million, like some.
And here the proofs arrived:
It can be seen that the hard cap was almost finished off – 1.16 million were not enough.
By unlocking tokens: 50% immediately, 25% after 3 months and the remaining 25% after another 6 months.
document on the AERGO SQL smart contract mechanism.
The start date for the main public stage is October 1, 2018. Tokens will not be sold, they will be distributed among the supporters of the project for a total of $3 million (per person from $200 to $2000) for their contribution to development. It is known that the total number of tokens for reward will be 500 million. Everyone can participate in the reward program and get a bonus for free.
Distribution of tokens:
ICO — 30%;
company reserve – 25%;
development team — 5%;
advisers and supporters – 10%;
support of the community and strategic partners – 30%.
Distribution of funds:
research and development – 40%;
marketing – 15%;
incubation of ecosystems – 30%;
strategic alliances and business development – 10%;
other expenses – 5%.
The technical whitepaper is written quite concisely, everything is clear: https://paper.aergo.io/AERGO_Chain_Technical_Whitepaper_V1.0.pdf
The general vp, of course, already with a decent amount of water, includes the technical one: https://paper.aergo.io/AERGO_Whitepaper_v5.2.pdf
And there is also a paper on smart contracts, in which there is nothing special, and even more so code – just a general description for several pages:https://paper.aergo.io/AERGO_SQL_Whitepaper_V1.0.pdf
According to the roadmap, there are not enough details.
Q2 2021 – SQL view – done, everything is in GitHub
Q3 2021 – Beta introduction
Q4 2021 — testnet launch
1st quarter 2021 – public blockchain mainnet
3rd quarter 2021 — launch of HUB and marketplace
A very ambitious and technologically advanced project, but as ICO statistics show, many projects that promised to revolutionize and “conquer the world with the help of blockchain” have failed. At the current stage, without a finished product, it is quite difficult to assess real prospects for a period of one year. The monosyllabic answers of the team are confusing: it seems that there is not much interest in investors (perhaps because the hardcap is almost completed). Also alarming is the lack of information about their tokens (standard, wallets, listing prospects). In general, the project is designed more for long-term investors and businessmen who plan to use the capabilities of the platform, and not for small speculative investors. It will be possible to look at the conditions of airdrops and a public token sale, if it does take place. Rating 5 out of 10.
There is no legal due diligence of ICO.
Uncertainty with the token sale (exact dates and details not yet announced). It is not clear whether ordinary investors will be able to enter the project.
The goals are very ambitious, but it is not clear whether the team will be able to achieve them.
There is no finished product, although individual applications on the platform may be released now
Token on its own blockchain. Instead of answering questions about the token standard, storage wallets, and exchange listing prospects, the team advises keeping an eye on their updates. This raises doubts that their token will, for the foreseeable future, be available on any major exchange.
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