Ergo is a proof of work blockchain (PoW) that uses advanced cryptographic features (Bitcoin based protocols) with smart contract functionality. It aims to create a resilient platform for contractual money. There are many positive indicators for this midcap altcoin that are flashing bullish. The Ergo ecosystem is closely involved with the Cardano foundation, and when smart contracts go live on Cardano Ergo will have one of the first decentralized exchanges (DEX) operating on Cardano. The Ergo Dex is already in its beta phase and in the third section of its roadmap.
One important aspect to the ERG token to take into account is its circulating supply. This crypto project employs the gold standard of blockchain technology, and that is a fair launch. There is no VC vesting, pre-mine, or large amounts of tokens in the hands of a few whales. ERG will have a total supply just shy of 100 million and only one third are currently in circulation. An additional benefit to the Ergo project is the mining program-Autolykos-used to mine ERG it is ASIC resistant so no huge mining farms like with Bitcoin. However, there are some issues currently with their mining pools, namely centralization, one pool, Nanopool currently accounts for over 53% of hash power on the network making ERG vulnerable to the unlikely possibility of a 51% attack. This situation has been improving and it is possible that as Ethereum transitions to proof of stake more miners will transition to ERG since Autolykos v.2 is most efficient with GPU mining.
Ergo was founded by some serious blockchain developers with deep ties in the industry. Alex Chepurnoy and Dmitri Meshkov both had early ties with IOHK (Cardano) and hence why Ergo has close ties to this day with the Cardano ecosystem. Chepurnoy has been involved with blockchain since the ancient days of 2011 and was one of the founders of Chainlink. So it is clear that this project has some seriously talented folks who are dedicated to the Cryptoverse. As smart contracts for Cardano take off Ergo will only gain increasing exposure and this could benefit the ERG token.
The ERG token has yet to revisit it's all time highs from the last bull run, but is on its way. The founder of Cardano Charles Hoskinson has stated he believes ERG to be a top ten crypto-currency. Whether ERG lives up to to this hype remains to be seen, if however it does manage to break into the top 50 that'd be a huge increase in the value of the ERG token. Currently it is sitting at a $370 million USD market capitalization. Getting into the top 50 at current market valuation would mean around a $2.5 billion USD market capitalization equaling around 7X growth putting ERG at around $78 USD. If Mr. Hoskinson is correct then it'll make 1 ERG worth approximately $620 USD! Maybe not this cycle, but even if falls short of that there is still some serious upside potential.
One Draw back for ERG is limited exchange support. It recently debuted on the KuCoin exchange and doubled in value in the course of a few days. When this coin is listed on Binance, FTX, and then Coinbase the exposure will be tremendous and it will have a seriously positive effect on price action. Another positive indicator is the active and dedicated community on reddit for Ergonauts and Ergo mining. In fact mining this token looks like a good prospect.
The most important bullish factor are all the projects coming to fruition in the Ergo ecosystem. The most exciting is the DEX, by leveraging the security of the PoW blockchain with Cardano's low transaction fees this could be a great project. It's DeFi for adults none of the cartoonish nonsense on the Binance Smart Chain which makes me nervous about delegating serious money. Ergo is also developing a mixer, auctions, and of course NFTs. The sigmaUSD stable coin will help to undergird the developing ecosystem and finally Ergo will provide oracle services for the Cardano ecosystem.
Some final thought on Ergo. The importance of a fair launch cryptocurrency cannot be overstated. It's refreshing to see a serious project that is not just trying to enrich a few but wants to grow organically. It is just so rare in the industry these days and will provide some future proofing to the ERG token. A fair launch for ERG makes it a commodity like BTC and not a security, factoring in its decentralized nature the Securities and Exchange Commission (SEC) of the United States won't go after it like they did with Ripple Lab's XRP token. The program looks solid and the future prospects look bright for the ERG token. Currently 141st in the rankings where will it be next year? Barring some unforeseen catastrophe with the smart contract roll out on Cardano Ergo will be one of the core players in the new Cardano ecosystem and benefit from Cardano's adoption. Ergo is hitching its wagon to Cardano, will this be a weakness? Most likely it'll be their greatest strength and jet fuel to their growth. In Latin Ergo means therefore, and so as with ADA therefore ERG.
TIME is the most valuable coin and thank you for spending yours reading my post. I hope you have a wonderful day.
>>> Anarchiss <<<
- Originally posted on my Publish0x blog
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Been using the gpus with less memory and older to mine ergo lately i have at least 4 or 5 kinda laying around atm making strides to try and put them to work also, this price is bound to pick up if the difficulty of mining and hashrate go up.
Oh hey, sorry I just noticed you made a comment here, I just started a new job so been kinda busy haven't been checking on this site much. I'm jealous I don't have any experience with mining. I'm interested in GPU mining but I'm leery about getting all the equipment, however where I live it'd be pretty easy. I've always had problems with the technical side of computers. I'm also interested in mining Monero as well. These two Cryptos I find in the spirit of Satoshi.