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Main Use Cases of Ergo
- Oracles: Oracles are the messengers in and out of blockchains. They contain valuable data (e.g. price feed) so that applications work seamlessly. Ergo Blockchain’s design allows Oracle Pools, and this would help to create data hierarchies. A system of oracles that can be scored regarding their trust level is a significant phenomenon. Chainlink’s oracles aren’t capable of forming oracle pools because it’s built on the Ethereum network. Yet Chainlink recently published a whitepaper about decentralized computational networks interacting with blockchains, an idea that Ergo is already working on with oracle pools.
- NIPoPoWs: Non-interactive proofs of proof of works can be used to build an interoperable blockchain ecosystem. With NIPoPoW implementation, Ergo Blockchain can interact with the smart contracts on proof of stake networks. This would open up an integrated use case between different dApps on different blockchains. Cardano is already planning to implement side chains with NIPoPoWs in collaboration with EMURGO. Limits are yet to be discovered.
- Multi-Sig: Multi-Sig or Multi Provers are helpful for the reliability of smart contracts. This kind of implementation is vital for security. So that smart contracts aren’t in control of one person but rather governed by multiple accounts. Multi-stage contracts can also be designed for punishing malicious actors trying to take control of smart contracts.
- Time Epoch: Ergo Blockchain can be designed to have timed operations. For example, during an ICO (or IDO), a code in a smart contract can provide timed-release so that investors have a protective layer if the project owner isn’t delivering his/her promises. In Ethereum, programming such a kind of timed operation isn’t possible.
- Parachain/Sidechains: This is a yet-to-develop area for Ergo Blockchain. It’s certainly possible, and we know that the implementation of parachains has a significant impact on scalability. Our core developer Alex Chepurnoy is about to release a paper on it, so stay tuned!
Lots more applications possible, many still undiscovered!
- A Simpler Collective-Spending Approach for Everyone!
- trustless prediction markets and on-chain insurance
- Trustless LETS
- "I think global mutual credit system (trustless, so collateralized) can be perfectly combined with ErgoFund, so funds collected can be used to open credit-line basically to spend money for services in the mutual credit system"
- "So at the same time off the peg ring and threshold signatures, where from k-out-of-n signatures, it could not be concluded which k signers were real, so you have i think first zero knowledge multisig with no signers disclosure in cryptocurrency at the same time(on app level)."
- "You have to look more into the base at the moment to see future possibilities, at the base you have multisig with no signers disclosure, then new features like covert address, multi hop withdrawals discovered slowly thanks to contracts possibilities, mixer can be just run locally at the same time. You can build Monero on top of Ergo, will it have better privacy guarantees? it is yet to be discovered. But you can think of private order books for example at the same time, similar to a simple and interesting payment network. I think that combining these things with NYM in the future can have more sense for scalable privacy."