What is Aergo? The Blockchain for Business
Aergo Chain is an open-source hybrid blockchain focusing on large scale infrastructure solutions for enterprise and government level use cases. As a result, you find AERGO blends together decentralized trustless components with private centralized modules. Because, in the business sector speed and scalability are key.
What is Aergo?
The AERGO platform enables enterprises and developers to host blockchain applications on the Aergo Chain. Interestingly, it will be the first blockchain platform that provides bridges to legacy programming features. For example, Lua and SQL support is in their smart contract language. The idea is that this will enable businesses to easily onboard without needing to spend a lot on retraining developers. Essentially, the platform’s design ensures companies can leverage the platform quickly to reduce their operation costs.
Businesses can choose to deploy on a private blockchain which follows a Proof-of-Authority (PoA) consensus algorithm. Additionally, the platform makes it easy for users to pay for enterprise-grade cloud providers to host their private dedicated nodes. Alternatively, use the public blockchain which implements a Delegated Proof-of-Stake (DPoS) mechanism. Through the use of sidechain technology, Aergo Chain can process transactions concurrently. The team estimates it can confirm over 1 million transactions per second.
Aergo Chain Example Usage
One thing to know is that every future service built by Samsung backed Blocko will use Aergo Enterprise. As a result, all their services will require using AERGO tokens to access. An example use case that is already in production is for instant fingerprint verification. Lotte Card, a Korean credit card company with over 25 million users, is developing a security solution to combat fraud. It matches the identity of the credit card owner with a fingerprint submitted at checkout. Its believed this type of integration powered by Aergo Chain will lower Lotte Card’s costs for fraud protection by 90%. Other well-known clients include companies such as Hyundai Motor Group, Korea Stock Exchange, and Shinhan Bank.
AERGO Token Use Cases
Currently, the token lives on Ethereum, however, once the platform is live it will migrate to its mainnet. Aergo token is primarily a utility token, meaning any businesses wishing to use the platform will need tokens to pay for services.
Known use cases for AERGO tokens are as follows.
- Deploying and running smart contracts.
- Paying for additional products or services such as hosting your application.
- Rewards for stakers participating in the DPoS consensus algorithm.
- Payment method for using Aergo Marketplace and Hub, technical support, or to access other platform tools.
Final Thoughts
Aergo is a new generation blockchain that is suitable for all forms of businesses. Essentially, the team aims to facilitate developers and companies to quickly deploy their applications in the cloud (which is secured by Aergo Chain). Furthermore, these applications can be public or private meaning the network can be used by companies that need to respect user privacy laws.
If the platform sees wide adoption, then the tokens will quickly see buying pressure from more developers joining the network. Perhaps the most important thing to know right now is that the platform is supported by Blocko which is a leading blockchain company backed by Samsung. As a result, AERGO already has a rich base of well-known capital firms investing in the project.