Blockchain is changing the world. While most of the people still not aware of the potential of it, some promising companies are using it to be more transparent, secure and decentralized, so that they can be more trustable and solve some of the hard problems which may hit the important situations in the human life. Companies around the world are curious about whether blockchain technology can be used to enable new capabilities. Blockchain could help them reduce costs and improve certain processes, advance product and customer data tracking and security, increase product safety, and reduce fraud and counterfeiting.
Together with advancements in sensors and networking, artificial intelligence, and industrial infrastructure, blockchain technology can potentially propel companies into the “Industry 4.0” paradigm of connected and interoperable machines, information transparency, connected supply chains, and more.
The pace of R&D efforts and announcements accelerated, and the breadth of industries exploring blockchain expanded. While the financial sector has historically led blockchain R&D and investment, with projects beginning in 2015 or earlier, 2017 saw more activity from retail, shipping, telecom, aviation, automobiles, and several other industries. In other words, from financial services to the automobile industry, aviation to shipping, telecom industry to IoT, almost every sector is trying to implement blockchain technology to their mentality, thus roadmaps too.
It is hard though
However, building up a blockchain and implementing it to a legacy working system - or even a newly created system - is hard enough to hire a whole new team or department, just because the know-how on this area is so infrequent out there. Technological challenges. You may want to ask why, and anybody who spent some time in this awesome new world can answer as crypto is so young yet.
How Hard Can It Be?
Choosing the Technology: Since Blockchain technology is so young, it is really hard to address the questions which may be encountered while developing the dApps. Legacy codes or business cases are hard to transform into a whole new view. That's why Nokia kind of huge companies is sinking. So while transforming the companies mindsets, it is really important to choose the right tech, since you are going to need so many answers.
Lack of Developers: Almost every sentence can start with this phrase, but unfortunately it has to. Blockchain technology is so young. So it is hard to find right developers who you are going to entrust to transform your mindset.
Security: Security is one of the most important element if you are willing to transform your projects to open source, or to a decentralized one. Decentralized can be used as another name for Blockchain. Which means public ledger. So that everybody can see the data, but not able to change them. In another word, open to anybody. Some of the projects failed to publish some user information to their public ledger.
More on this, coding is important. Hackers are always trying to breach your security over application's or website's codes. I don't think I need to describe how important is coding security to you since you are a crypto lover :)
- Transparency: It should be carefully decided that which data should be transparent. So that you are not breaching the security, and transparent enough for your customers to trust you more.
The list can go on and on. But I think you got the idea. So what to do? Should companies need to wait more to find trusted developers?
Let me rephrase this question in a more suitable way.
Aren't there any kind of platform or Java-like language for anybody to write their dApps or blockchains and implement their business models to it?
The answer is given by the Aergo, and it is YES.
What is AERGO
Simply, Aergo is seeking to create a platform where anybody can build and deploy their own blockchain solutions to the cloud easily. They are positioning themselves as the bridge between private and public blockchains for enterprises. They are offering a possibility to customize it's users blockchains and dApps on both public and private chains. Furthermore, there is a hybrid solution usage. You will be able to choose to deploy your solution to the public, private or hybrid chains.
Beyond a standalone protocol, AERGO includes a feature-rich middleware layer to help simplify connection with legacy enterprise software.
Aergo is backed by Blocko, a leading blockchain solution provider in Korea. Some of Blocko's customers are IBM, AWS, Samsung, Hyundai, Cisco etc.
So far so good. Let's dive a bit more.
Components of Aergo
- AERGO Chain – a blockchain protocol designed to mitigate issues that stifle enterprise usage of permissionless networks. The chain will consist of a public, decentralized network of blockchains run by node providers. AERGO Chain utilizes a deterministic Delegated Proof of Stake (DPoS) consensus algorithm.
- AERGO Hub – a blockchain hosting service that acts as a the public interface for building, testing, deploying and managing independent blockchains based on AERGO Chain. The Hub includes tools and supporting services to support the growth of the protocol, such as a smart oracle, serverless DB and content delivery network.
- AERGO Marketplace – AERGO Marketplace aims to enable the sale and purchase of peer-to-peer computing assets. Examples of computing assets offered on the marketplace will include storage, computing power and algorithms. The AERGO Marketplace will be accessible via the Aergo Hub public interface.
More on DPoS
Aergo will use Deterministic Delegated Proof of Stake. In another word DPoS. With DPoS consensus algorithm, token holders will have the voting power about the ongoing events or involvements about the project or team.
Is it a bit complicated sentence?
Okay. When an investor holds Aergo tokens, they will have the right to speak for the actions about the project.
AERGO SQL Language
They are developing an active dApp environment and also basing their own coding language around SQL (which most enterprise software teams have as a core skill).
AERGO Token Usage
There are 3 types of usage of AERGO Tokens.
Payment/Currency: Aergo tokens will be the fuel of the Aergo network, operating as a medium of exchange between service providers and end users.
Staking/Mining: DPoS will provide the ability to staking for token holders by locking up their tokens in the network.
Coinstack Access: Aergo Tokens can be used as payment method for the different assets and services of Aergo Marketplace.
AERGO Marketplace
Use Of Funds
Below graph which is provided by the team is showing that 40% of the funds will be allocated for Research and Development (R&D). 30% to incubate the ecosystem, and remaining will be split accross marketing, strategic alliance, business development and miscellaneous.
AERGO Team
The team compromise of 40+ employees, with most concurrently holding positions at Blocko.
Investors
Aergo has obtained investments from several strategic investors. Some of the notable investors include:
FBG Capital — FBG Capital is a digital asset management company that focuses on blockchain-based projects. Past investments include Libra Credit Network, Eximchain, Taxa, Republic Protocol, MakerDAO, Zilliqa, Ripio.
GBIC (Global Blockchain Innovative Capital) — GBIC is a multi-strategy crypto fund with offices in New York, Shanghai and Seoul. They invest in transformative blockchain, Digital Assets and Distributed ledger technology. Past investments include Thunder Token, EXIM Chain, aelf, Lending Block, IoTeX, mainframe, Icon, Airswap, Liquid, Quantstamp.
JRR Crypto — JRR is revolutionising a 100-year old investment banking standard by investing in distributed innovation projects. Past investments include Quarkchain, Binance, Merculet, DCC.
Roadmap of AERGO
Final Words
Being backed by a company who is already working on the area with the strong - maybe the strongest- ones is a really important chance which you may not even encounter in a life. This information gives us the idea that AERGO Project will be fit in the position where almost every companies are suffering and begging for a help to get a solution.
Useful Links
- AERGO Website: https://www.aergo.io/
- AERGO Whitepaper: https://paper.aergo.io/AERGO_Whitepaper_v5.0.pdf
- AERGO Telegram Chat: https://t.me/aergoofficial
- AERGO Telegram ANN: https://t.me/aergoannouncements
- AERGO Github: https://github.com/aergoio
- AERGO Twitter: https://twitter.com/AERGO_IO?lang=en
- AERGO Linkedin: https://www.linkedin.com/company/teamaergo/
- AERGO Medium: https://medium.com/aergo