ErgoERG to AUD

In this article we will provide you details about a blockchain-based cryptocurrency platform known as Ergo. This platform is created by combining both Bitcoin and Ethereum features. It is an open-source for building smart contracts and decentralised applications. It is powered and governed by its native token ERG. The main  purpose of this platform is to enable users with a secure, user-friendly and reliable platform for building and running smart contracts and DApps. This article will include its features. Moreover, it will also provide simple instructions on how to buy its token. In simple terms, the article gives you all the possible information required to determine if this digital currency would be worthwhile to invest in.

What is Ergo?

Both Alexander Chepurnoy and Dmitry Meshkov co-founded this network in the year 2019. This network was created by combining the features of both Bitcoin and Ethereum.  It has taken the security features of Bitcoin that is proof-of-work consensus mechanism and smart contracts and decentralized features of Ethereum. It is also known  as the next-generation proof-of-work smart contracts platform. This platform is created to be secure, reliable and user-friendly. ERG is the native cryptocurrency of this platform. It's work is to fuel the network.

How Does Ergo Work?

As mentioned earlier in the article this network was built by combining the best features of Bitcoin and Ethereum.  It was created to be a secure and systematic way to build smart contracts and decentralized applications. It works as a proof-of-work consensus mechanism for security and decentralization. It employs extended-UTXO that can hold arbitrary data and refined scripts. It uses Sigma Protocols which is a Zero-Knowledge proof system that enables peer-to-peer communication with privacy.

Features of Ergo

There are many unique characteristics which help this network to function well. These features draws it apart from other cryptocurrencies. They are as follows: 

• Proof-of-work 

It has adopted the proof-of-work consensus mechanism from Bitcoin that helps the network maintain security and stability of the blockchain. 

• Smart Contracts 

This network uses smart contracts that automates the formation of decentralized applications and performs complicated transactions. 

• ErgoScript 

It uses a special scripting language of its own known as ErgoScript that is used specifically to write smart contracts. It is built to be scalable and enable complex operations. 

• Community Governance 

This network has a strong community of users. The platform allows its users to take part in the governance of the platform by casting votes on specific topics that are related to the platform's growth and development. 

• Coin Mixing 

This network supports and uses coin mixing. It is a process that ensures users privacy on the network. 

How to Buy Ergo (ERG) Coins?

Basically this network uses Proof-of-Work consensus mechanism which means the native token can be created using the mining process. The miners have to solve complex mathematical problems using their computing power. Apart from it, this coin is listed on some centralized exchanges. To buy this digital currency follow the steps mentioned below. 

• Crypto Exchange Search

Search for a cryptocurrency exchange that supports this token. Choose a reliable exchange to avoid spams.

• Account Creation

Create your account on that exchange and complete the necessary verification process. 

• Fund Deposit

Deposit funds into your account for exchanging it with this coin. 

• Purchase Order

Search for this token on the exchange and place purchase orders for the required amount of coins. 

• Check Coin Deposit

Once the purchase order gets confirmed your coins will get deposited into your account. 

• Wallet Transfer

Transfer the deposit coins into safe wallets so as to avoid any kind of malicious activities.

Risks and Challenges Involved With Cryptocurrencies 

Before committing to any sort of investment, it is always a good idea to take into consideration the potential risks that are associated with cryptocurrencies. Some of the most common challenges that cryptocurrencies encounter are listed below. 

• Regulatory Uncertainty 

The concept of cryptocurrencies is new to the regulatory authorities. In other words, these bodies are not well acquainted with the crypto world. Therefore, there is a constant change in rules and regulations. Additionally, the regulatory environment itself is constantly shifting, which might have an impact on the future of the coin. 

• Widespread Adoption

Cryptocurrencies are a relatively new conception in the world of investments. Therefore, it poses complications for them to get mainstream acceptance. In addition to this, it does not have any associations with the centralized institutions, which causes investors to have questions about trust. 

• Volatility 

Price oscillations are an integral component of the bitcoin market and cannot be separated from the crypto ecosystem. Because prices are always unpredictable, it is a risky investment decision, and investors who have already invested need to be prepared for rapid shifts in prices at all times.

Is Ergo a Good Investment Decision?

The question of whether or not Bitcoin is a secure investment is somewhat difficult to answer due to the fact that it has to contend with a multitude of difficulties, some of which are even inseparable. But taking into consideration its current standing, it has a bright future ahead because of the following reasons: 

1. Going Strong in the Crypto Ecosystem

In spite of the fact that it is a relatively young coin within the ecosystem, it has managed to establish itself in a distinct position and even attained a remarkable degree of traction.

2. Unique Features

It stands apart from other blockchain networks due to the fact that it possesses unique qualities like a consensus mechanism

3.  Talented Development Team

The platform has a development team that is consistently working to bring about the introduction of creative improvements and advancements. 

4. Active Community Participation

It has active public participation, which allows it to bring about advantageous changes in development. 

Conclusion 

Every cryptocurrency faces certain unavoidable challenges. This coins platform has proved to be a good choice for those looking for a secure, reliable and user-friendly platform. With the help of its unique combined features this network can become a prominent player in the cryptocurrency market and can achieve widespread adoption. Overall this network can be a good investment.