Review on Aergo by Saleh Bayramli

In this article, what is Aergo (AERGO)? We will answer the question and provide detailed information about AERGO Token.

What is Aergo (AERGO)?

Aergo Chain is an open source hybrid blockchain protocol that combines features of public (trust/decentralized) and private (performance/control) blockchains to meet enterprise and government level use cases.

The Aergo Platform provides a set of infrastructure components for businesses and developers to host blockchain applications based on Aergo Chain. Aergo offers several features such as distributed versioning and concurrency control, along with a smart contract engine that supports Lua and SQL.

Private blockchains on the Aergo platform run on the RAFT algorithm powered by a Leader-based Proof of Authority (PoA) consensus mechanism, while the public blockchain network Aergo mainnet runs on a Byzantine Fault Tolerant Delegated Proof of Stake (BFT DPoS) mechanism.

AERGO tokens must be purchased and staked to vote and manage block producers. Users can decide to pay cloud providers to host private blockchains on private nodes instead of hosting them themselves. Corporate customers can access additional third-party services through AERGO.

What is Aergo Coin?

Aergo Chain is an open source hybrid blockchain protocol powered by the native cryptocurrency AERGO.

It combines public (trust/decentralized) and private (performance/control) technologies, targeting enterprise and government use cases.

The Aergo platform provides a set of infrastructure components for businesses and developers to host blockchain applications based on Aergo Chain. Aergo offers a smart contract engine that supports Lua and SQL, as well as a host of features such as distributed versioning and concurrency control.

Private blockchains on the Aergo platform run on a Leader-based Proof-of-Stake consensus mechanism powered RAFT algorithm. The public blockchain network, the Aergo mainnet, runs on the Byzantine Fault Tolerant Proof-of-Stake mechanism.

AERGO tokens need to be purchased and staked to vote and manage block producers. Users can use the platform to pay enterprise-grade cloud providers such as large telecommunications firms to host private blockchains on private nodes instead of going through the cumbersome process of hosting these blockchains themselves – a function that is also unlocked via AERGO tokens.

Enterprise customers will need to use the AERGO utility token to obtain extra application services from other third parties. Also, all future services from Blocko (supported by Samsung) will be based on new Aergo Enterprise products that require AERGO tokens to operate.

An exemplary use case in production using Aergo includes a solution adopted by Lotte Card for fingerprinting for over 25 million users.

It allows Lotte Card to receive automatic confirmations whether the fingerprint sent during payment matches the identity of the credit card holder. The solution is built using a version of Aergo's Lua smart contracts with SQL integration. Due to the SQL integration, ability of the blockchain system to eliminate the need for manual verification of fingerprints, Lotte Card has been verified to save 90% on security expenses for fingerprint authentication.

Other customers using Aergo-based solutions include Hyundai Motor Group, Korea Stock Exchange, Shinhan Bank, POSCO and more.