Ergo (ERG) Review: 7 Things to Know Before Buying Ergo (ERG) Crypto in 2022

It has been called one of the most revolutionary cryptocurrencies ever created. Here's a rundown of what you need to know before buying it.

For cryptocurrency investors, it is always exciting to find a small altcoin with growth potential. Ergo (ERG) fits this description perfectly.

It enhances elements of the two market leaders Bitcoin (BTC) and Ethereum (ETH). And it is tied to another top 5 cryptocurrency, Cardano (ADA). Finally, Ergo has gained over 1,800% in 2021, more than double all of these coins.

Despite all this, Ergo is still well outside the top 100 biggest cryptocurrencies. Some believe that it could eventually reach the top 10. This means that now may be a good time to buy, after learning more about this cryptocurrency.

1. Ergo is a free programmable blockchain.

As a programmable blockchain, Ergo provides a platform where developers can build decentralized applications (dApps). It is similar in this respect to Ethereum, which was the first and is currently the largest programmable blockchain.

There is, however, a key difference between Ergo and Ethereum. Ergo has no gas (transaction) fees. Ethereum does, and its gas fees are based on network activity. Due to the popularity of Ethereum, gas fees are often high.

The absence of gas fees on Ergo is beneficial for developers, who can more accurately predict the cost of building dApps on Ergo.

2. There are several working Apps, and more are under development.

There are all sorts of use cases for Ergo, but let's take a look at some of the ways it's already being used. Here are some of its current dApps:

Ergo also has a decentralized exchange and crowdfunding platform in development.

3. It uses a proof of work model

Like Bitcoin, Ergo uses a proof-of-work model for mining new coins and validating transactions.

Proof of work involves miners using devices to solve complex mathematical equations. This model is highly secure, but it has raised environmental concerns. In the case of Bitcoin, its proof-of-work model has led to mining farms using massive amounts of energy.

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Ergo has made some changes to alleviate this issue. Its mining algorithm, called Autolykos, is designed to withstand both large mining pools and ASICs, the devices used to mine bitcoin. These changes make it a more efficient proof-of-work model. They also allow anyone to mine Ergo using a computer with a graphics card.

4. Ergo has a strong team behind him

The Ergo team brings quite a bit of knowledge and experience when it comes to cryptocurrencies. Lead developer Alexander Chepurnoy has been into bitcoin since 2011 and has been developing cryptocurrency software since 2013. He co-founded Ergo with Dmitry Meshkov, who has a PhD in physics and over a decade of development experience. of software.

Chepurnoy and Meshkov both worked in research at IOHK, an engineering and research company that builds blockchains and cryptocurrencies. IOHK was instrumental in the creation of the Cardano cryptocurrency.

5. Ergo collaborated with Cardano

Although Ergo and Cardano are separate projects, they have worked together and seem to have a mutually beneficial relationship. In 2020, Ergo announced that it was partnering with Cardano for a decentralized finance (DeFi) project.

Ergo is also the first blockchain to adopt the language of smart contracts using the same model as Cardano. This means that dApps on Cardano could use smart contracts that require proof of work for the security features it offers, instead of being limited to the proof-of-stake model.

6. It follows a research-driven approach

The slow and steady approach is not the most popular among cryptocurrency projects, but it is the one that Ergo favors. His team does a lot of research before the code is implemented.

This approach has its advantages and disadvantages. A more patient development process means Ergo can find better solutions to the problems it wants to solve. There is also less risk of problems. However, it also risks losing ground to other projects that are developing at a faster pace.

7. Most major cryptocurrency exchanges have not yet listed Ergo.

Buying Ergo is not the easiest process right now, as it is not one of those cryptos that you can find on any exchange. Here are some of the exchanges that quote Ergo:

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If Ergo continues to grow, it could be listed on the most popular cryptocurrency exchanges. There is a good chance that this will cause its price to rise. If you think Ergo is a good investment, it's worth learning how to buy it now so you can get in early.

There's a lot to like about Ergo as a cryptocurrency investment, especially when you consider its current size and how much bigger it could be. You should always be careful about how much you buy if you choose to invest. No cryptocurrency is a safe bet. But Ergo is one to consider, and if nothing else, it's worth putting on your watch list.

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