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Blockchain · World Chronicle | PoW public chain problem solving - Ergo realizes the deployment of smart contracts on the UTXO model platform



How to deploy smart contracts on the PoW public chain UTXO model platform? Ergo offers a solution. At 17:00 on April 13th, Jinse Finance held a new issue of "Blockchain · World Chronicle", and invited Alexander, the core developer of the Ergo public chain, to be a guest in the live broadcast room to discuss Ergo's solution for deploying smart contracts on the UTXO model platform. During the live broadcast, Alexander first introduced Ergo. He said that Ergo uses EUTXO, that is, extended UTXO, which is an extension of the Bitcoin UTXO model. The extended UTXO system supports fully fledged Turing-complete (cross-transaction) smart contracts. This is a novel innovation that allows the latest generation of blockchains to restart the original model used by Bitcoin. ErgoScript makes it possible to develop Turing-complete contracts that completely bypass the need for any gas fee, while also providing other peripheral advantages, such as estimating the complexity of the script before execution, which helps to actively prevent DoS attack. The following are the details of the live broadcast: Wang Yukun: Hello, Alexander Chepurnoy, please introduce yourself and talk about the technical team behind Ergo. Alexander Chepurnoy: It is a pleasure to be here as a guest, and I am very grateful to Jinse Finance for the invitation. I am Alexander Chepurnoy, the core developer of the Ergo public chain. I have been involved in the cryptocurrency field since 2011, and it has been 10 years now. I used to be the core developer of Future Coin (NXT), the co-founder of (now Chainlink), and the first batch of employees of IOHK, one of the founding units behind Cardano (ie ADA), and participated in the development of Cardano. Since 2016, I have devoted myself to the development of Ergo, and it has been more than 4 years. The Ergo technical team has 10 years of blockchain theoretical research and practical development experience, and is composed of a group of experienced blockchain developers and researchers. The team has a solid background in the core development of cryptocurrency and blockchain frameworks, and has participated in projects including Future Coin (NXT), Hyperledger Scorex (now it has been included in the Hyperledger Incubator), Cardano, WAVES, and (now Chainlink ). The Ergo platform has been developed since 2017, and mining began on the mainnet in July 2019. The team has invested more than 3 years of energy so far. Huobi University Yu Jianing: The two characteristics of blockchain talents are entrepreneurial spirit and blockchain thinking: At 20:30 on July 15th, Yu Jianing, the president of Huobi University, spoke in the live broadcast room of Huobi University with the theme of "District Blockchain is included in the country's new profession, how to become a blockchain talent?" The theme is an online live lecture. Yu Jianing said that the blockchain industry is a cognition-driven industry, and blockchain thinking is a kind of cognition, and improving cognition requires a systematic summary and thinking of the learned knowledge. The two characteristics of blockchain talents are: one is entrepreneurial spirit, the blockchain industry has a wealth effect, and it also brings huge room for growth, so it is necessary to engage in the blockchain industry with an entrepreneurial mentality; the other is an integrated way of thinking, Integrating a complex thinking system that brings together Internet thinking, financial thinking, and industrial thinking, this is blockchain thinking. Click the link to watch live. [2020/7/15] Wang Yukun: What kind of public chain is Ergo? What are its core strengths? What is the inheritance and innovation relative to Bitcoin? How will Ergo, which is still in a low value, stand out? Alexander: The Ergo platform is a secure, adaptable, open, license-free, and truly decentralized underlying public chain platform for DeFi applications built from scratch. It mainly focuses on providing an efficient, safe, and convenient way to implement financial contracts. Ergo is also a smart contract and contract currency platform. Ergo not only has mature underlying technology, but also can support various dApps, smart contracts, DeFi applications, and NFT applications. It has launched multiple decentralized applications such as the ERG/USD oracle pool, the SigmaUSD algorithm stable currency, and the NFT market Ergo Auction House. Decentralized exchanges such as ErgoSwap and more decentralized applications will also be launched on the Ergo platform soon. The core advantages of Ergo are: (1) Ergo always puts complete decentralization first, while ensuring network security, and will take various measures to solve scalability problems, and will never sacrifice decentralization for scalability and security. (2) Ergo will always adhere to the PoW consensus mechanism and never abandon miners. Ergo's PoW-based Autolykos consensus protocol has the ability to block ASIC miners. PoW has high security guarantees, is friendly to light clients, and can support NiPoPoW proofs. Live | Executive Governor of Bangka Province, Indonesia: The government has launched many projects to promote the development of blockchain: Jinse Finance live report, December 5th, hosted by Hainan Provincial Department of Industry and Information Technology, Hainan Ecological Software Park and Huobi China The hosted "Hainan Free Trade Port Digital Economy and Blockchain International Cooperation Forum" was held in Haikou City, Hainan Province. SAPARUDIN, executive governor of Bangka Province, Indonesia's special economic zone, said that Indonesia has three development zones, and the government has launched many projects to promote the development of blockchain. [2019/12/5] (3) NiPoPoW refers to the non-interactive proof of workload proof, supports ultra-light client and cross-chain interoperability, and will allow end users to use Ergo on mobile devices such as mobile phones in the future. (4) The final supply of Ergo's native token ERG is only 97,739,925 pieces, which is less than 100 million pieces. It will never be issued, never destroyed, and the total amount will remain constant. The quantity is scarce and practical. (5) In addition to block rewards and transaction fees, Ergo pioneered a storage lease fee incentive mechanism to increase the enthusiasm of miners to participate in maintaining the network, enhance network security, allow lost tokens to re-enter the circulation, and avoid ERG circulation decline . (6) Ergo strictly follows the long-term survivability method, combined with the storage lease fee mechanism, which can prevent Ergo from deteriorating over time, and Ergo is a self-correcting protocol, allowing Ergo to absorb new ideas and self-improvement in the future, so that Ergo is extremely adaptable to environmental changes. (7) Ergo adopts the extended UTXO model, which has the advantages of language simplicity of the Bitcoin UTXO model and the expressiveness of smart contracts of the Ethereum account model, and supports Turing-complete smart contracts. (8) Ergo adopts the Sigma protocol, which is a subclass of efficient and composable zero-knowledge proof protocol. It is the basis for building Ergo's smart contracts and DeFi functions. It is safe, simple, and efficient. It allows Ergo to achieve tasks that cannot be achieved by other methods, or even if they can be achieved, the risks and costs are high. (9) The smart contract language used by Ergo is ErgoScript, which is a powerful and protocol-friendly scripting language for cryptocurrencies. Programs in ErgoScript are used to specify the conditions under which cryptocurrencies can be used. The language supports a type of non-interactive zero-knowledge proof called the Sigma Protocol, and is flexible enough to support ring signatures, multi-signatures, multiple currencies, atomic swaps, self-replicating scripts, and long-term computation. It has been proved that ErgoScript is Turing complete. Voice | Hong Kong Financial Services and the Treasury Secretary Liu Yixiang: In the new year, blockchain applications will continue to introduce new ones: Hong Kong Financial Services and the Treasury Secretary Liu Yixiang said in his New Year's message to the readers of Hong Kong's "Wen Wei Po": "In the new year In the economic era, we will continue to innovate in terms of market development and supervision, especially the application of circulation payment and blockchain, as well as green finance." [2019/2/4] Ergo is indeed in a low value at present. If we compare Ergo to Bitcoin based on network effects, popularity, and adoption, it's like comparing the quiet kid in the back of the classroom to some celebrity. In terms of current society, market popularity and price, it is not even a serious competition. In fact, Ergo has a potential upside of 14571 times compared to Bitcoin. Ergo is striving to recreate the network effects, acceptance and adoption that Bitcoin has achieved. But in almost every technical aspect, Bitcoin is trying to repeat what Ergo has achieved. The inheritance of Ergo relative to Bitcoin is manifested in: Ergo adheres to the concept of decentralization of Bitcoin, and always insists on putting complete decentralization first, while ensuring security, and will never sacrifice decentralization and security for transaction speed. Both Bitcoin and Ergo employ a pure proof-of-work (PoW) consensus mechanism. Both Bitcoin and Egro run on custom codebases built with original code. Both Bitcoin and Ergo run the UTxO model; neither Bitcoin nor Ergo launched with a pre-mine and had no ICO. Currently, Ergo already has available Schnorr signatures (Sigma protocol), smart contracts and privacy tools, among which there are more than 1.4 million ERG in the SigmaUSD vault. Ergo has introduced its own version of the Schnorr signature. It has been running since the Ergo mainnet launched in 2019. Thus, Bitcoin's biggest upgrade makes it comparable to 2019's Ergo. The aspects that Bitcoin needs to catch up with Ergo include: Schnorr signature, UTxO smart contract model, privacy protection application potential, ring signature, efficient multi-signature transaction, and coin mixer application. Other major solutions that already exist on Ergo but must be considered by Bitcoin include: non-interactive proof of workload proof (NiPoPoW), oracle data solution, extended UTxO smart contract solution, tokenized governance, storage lease fee, barrier ASIC mining machine. Wang Yukun: Since Ergo is also a smart contract platform, how does it solve the problem that the UTXO model platform cannot be used for smart contracts? And how to solve the current problems of high Gas fees and transaction congestion in Ethereum? Quotes | A-share closing: The blockchain sector rose slightly by 0.07%: A-shares closed, the Shanghai Composite Index closed flat, and the blockchain sector rose slightly by 0.07%. Among the 80 concept stocks, 35 rose, 4 were flat, and 41 fell. The top three increases were: Yuanguang Software (+10.06%), Baofeng Group (+10.06%), Jinzheng Stock (+6.59%); the top three decliners were: Zhongyuan Stock (-10.01%), First Venture (- 3.02%), Kane shares (-2.66%). [2019/1/16]Alexander: Yes, Ergo is also a smart contract platform based on the Bitcoin UTXO (unspent transaction output) model and similar functions of Ethereum, which provides these functions through a language called ErgoScript. We use ErgoScript to create smart contracts for a variety of protocols, such as XOR games, rock-paper-scissors games, reversible addresses with anti-theft features, and ErgoMix (a privacy-enhancing protocol), among others. Specifically, Ergo uses EUTXO, that is, extended UTXO, which is an extension of the Bitcoin UTXO model. The extended UTXO system supports fully mature Turing-complete (cross-transaction) smart contracts. It's a novel innovation that would allow the latest generation of blockchains to reboot the original model used by Bitcoin, but now with greater functionality. ErgoScript makes it possible to develop Turing-complete contracts that completely bypass the need for any gas fee, while also providing other peripheral advantages, such as estimating the complexity of the script before execution, which helps to actively prevent DoS attack. Therefore, Ergo does not have the problem of high gas fees at all. In other words, the transaction fees on Ergo are very low. For example, you can currently go to the Ergo Auction House (Ergo Auction House) on the Ergo platform to mint NFTs at a very low cost. Ordinary people who want to play DeFi are no longer hindered by the threshold of high gas fees. The current block generation time of the Ergo platform is an average of about 2 minutes per block. For transaction congestion, our solution is: (1) Optimize the network protocol at the Layer 0 network protocol layer. (2) In the Layer 1 blockchain layer, the Ergo blockchain layer adopts a stateless client (Stateless Client), which can receive blocks carrying specific input or output related transactions without consuming all transactions on the blockchain , the stateless client is ideal for high-volume applications, which can improve performance by offloading the server, and uses non-interactive proof of work (NiPoPoW) to allow light clients to download less than 1 megabyte The data can be synchronized with the network. Ordinary users can join the Ergo network and start using services on Ergo with their smartphones. The security guarantee they get is the same as that of a full node, avoiding other Layer 2 solutions that support light client environments in exchange for security. function problem. Additionally, Ergo miners can vote to adjust the block size, which increases the number of transactions per block. Congestion can also be resolved through velvet forks or soft forks to make micro-blocks similar to BitcoinNG, service chains similar to Aspen, or general-purpose side chains. Ergo is currently working on sidechains with Emurgo and IOG. Voice | Chairman of the Cyprus Securities and Exchange Commission: Risk assessment of blockchain technology is underway and do not want to take action prematurely: September 13 news, Demetra Kalogerou, chairman of the SEC, the financial regulator of Cyprus in the Middle East, said that it is conducting risk assessments on blockchain technology Assessed, it is unclear whether it can become a major tool in financial markets. Uncertain whether further action and legislation is required to fully protect investors. The European Securities and Markets Authority has emphasized that ICOs may fall within the scope of EU legislation. "We don't want to act prematurely, and we don't want any dislocation in the operation of the capital market." [2018/9/13] (3) In the Layer 2 off-chain protocol layer, Ergo may support Lightning Network or Rainbow Network in the future (Rainbow Network), zero-knowledge conditional payment (ZKCP) protocol, FairSwap/FastSwap protocol, and some other state channel structures. These solutions of ours will be implemented according to specific applications.


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