Can cryptocurrencies deliver the value that they have promised? That is one of the biggest questions that not only critics and skeptics but also blockchain believers, level at distributed ledger technology. Public blockchains have already produced a real-world application of the technology in Bitcoin, whereas the other two, enterprise and hybrid blockchains are still to be tested and it might take years of research and development until we see some successful projects and realistic solutions. The measured approach of blockchain to enterprise makes sense because this is a true litmus test of the technology’s maturity.
Discussions of blockchain’s place within the established business world are not only important but necessary. Its meteoric rise in interest from industries from banking to cloud infrastructure to manufacturing seems to suggest that the role it will play will be a vital one so this interest is not misplaced. With this in mind, it is important to be grounded visionaries, not to overstate the blockchain’s possibilities capabilities or falling victim to the ‘blockchain bias’ to solve our every problem.
Enterprise is the main driver of adoption.
Real state of blockchain adoption today
Technology takes a lot of time to be adopted. There is no concrete figure, it can take five, maybe ten, maybe twenty years for it to mature. Bitcoin, Zcash and Ethereum are both from that earlier generation and Bitcoin is, of course, the earliest. Bitcoin, Zcash and Ethereum are coming close to maturity, but none of the three have reached a point where they have achieved sufficient traction with increasing value for an increasing user base. This is due to various limitations that they have yet to overcome, starting with the scalability problem, the number one issue to be faced by both established and future coins alike.
Moving from research to actual implementation of blockchains
I believe it is not a question of moving from one to another, rather it is a question of doing both in parallel. So, doing the research and application at the same time. It is an ongoing process. Anything companies do, is immediately fed to research. And anything research finds out, is fed to the companies.
It is important to understand the evolution of #data within the enterprise in order to understand the true value of blockchain. Many companies are still trying to figure out what value they can harness.
AERGO
Barriers to blockchain+entrepreneurship integration
📌Technical barrier
Facing a multitude of different kinds of operational management systems that companies are currently using and every one of them is an individual different beast. Aergo is trying to integrate them all together to discuss among themselves through blockchain. A lot of APIs which serve as integration points have to be created to incorporate the largest number of systems as possible and that is a lot of work.
📌Disbelief
This is a common nature that cuts across any industry. It is more important to do things like they were being done yesterday. Shifting from legacy systems to novel ideas comes with its fair share of costs and risks due to integration difficulty. It is difficult to develop an in-house solution when there is a huge asymmetry between demand and supply of especially talent and the learning curve is already too steep. This brings an additional risk of depending entirely on a third party.
‘Tech giants don’t tend to do novel things…Their goal is to help you do boring business-y things’
-Peter K Todd
This is where Aergo comes in. Aergo is better than an in-house solution to blockchain adoption.
Aergo is a blockchain protocol for both public and private deployment, with origins back in 2014; the first enterprise setup in 2015.
Aergo is based on Blocko, the largest blockchain infrastructure provider in South Korea, which to date has more than 20 enterprise clients using its blockchain implementation ‘Coinstack’. Some of these products boast users in excess of 25M+.
Coinstack is a hybrid of Bitcoin and Ethereum smart contracts. The technical limitations of Bitcoin such as scalability and Ethereum’s non-interoperabilty with existing enterprise infrastructure hinder the adoption of blockchain technology. Aergo is an enterprise developer-friendly platform with robust smart contract functionality.
Main features of Aergo
Aergo Chain (Public internet of blockchains)
Public blockchain bringing together multiple decentralized enterprise blockchains.
Main feature of AERGO Chain is AergoSQL- an easy-to-use smart contract engine with SQL.Integrating SQL will make it easy to onboard most developers and businesses.
Consensus is fundamentally through Delegated-Proof-of-Stake(DPOS). However, according to requirements, businesses can be able to optimize and define their custom consensus algorithms.
Transaction speed is projected for millions of TPS through parallel processing.
New features such as distributed version control and concurrency control(ensures the DPOS is deterministic) are also integrated to support the creation of public and private dApp repositories.
Aergo Hub
This is the public interface, similar to cloud services such as Amazon, through which dapps can access the underlying AERGO Chain. Composed of two main repositories that have been adopted from the tried-and-tested Coinstack framework.
Aergo Hub Repository — a decentralized shared open underlying infrastructure for dapps.
Aergo Private Repository — controlled, secure and private.
Capabilities accessible on the AERGO Hub:
✅Support software microservices
✅Content delivery network(CDN)
✅Serverless database
✅Interfaces for smart oracles
✅Smart gateway to intelligently route data into the blockchain.
Aergo Marketplace
The one-stop shop for AERGO Chain-compatible software.
Digital content available could include:
✅Computing power
✅Storage
✅Machine learning algorithms
✅Specialized databases
✅Digital identity blueprints
Other notable features:
AERGO file system(AERGOFS)
Based on Facebook Haystack technology, it is intended to serve a large amount of files. In addition, developers can leverage it to access the ledger data conveniently.
AERGO TOKEN
Total supply will be 500 million. Uses include:
✅Running AERGOSQL
✅DPOS consensus
✅Payment on Aergo Hub, Aergo Marketplace, AERGO domain
Mainnet will go live in Q1 2019
Takeaway
The enterprise space is going to be huge in blockchain. No wonder companies like Microsoft and IBM are making a lot of inroads in there. I think Aergo is going to perform considering the growing bullish sentiment in cryptocurrency right now.
Disclaimer: This is not financial advice. You should do your own research!
For more information on Aergo, visit the following important links and be part of the community
Website: https://www.aergo.io/
Whitepaper: https://paper.aergo.io/AERGO_Whitepaper_v5.0.pdf
Telegram: https://t.me/aergoofficial