On August 5, 2020, an article by Jae Nam about AMA Aergo and OKEx appeared on the official Aergo Project Medium page.
Aergo x OKEx AMA with Hunyoung Park & Jae Shin AERGO Chief Technology Officer and Chief Marketing Officer July 2020
Hello Folks ??
Thanks for joining us today!
Please have a read the pinned message and be sure to take part in the AMA with our special guests today Hunyoung Park & Jae Shin AERGO the Chief Technology Officer and Chief Marketing Officer.
We are glad to have you here @hunyoungpark & @MobileJae
Alright, before we get down to the show, I would like to give some brief introduction on AERGO.
AERGO is an open-source hybrid blockchain protocol powered by the native cryptocurrency AERGO. Aimed at enterprise and government level use cases, it combines aspects of public (trust/decentralised) and private (performance/control) technologies.
The AERGO platform provides a set of infrastructure components for enterprises and developers to host blockchain applications based on the AERGO Chain. AERGO offers a smart contract engine supporting Lua and SQL, and also a number of features such as distributed version and concurrency control.
Enterprise clients will need to use the AERGO utility token to acquire extra application services from other third parties. Additionally, all of Blocko’s (Samsung-backed) future services will be based on the new AERGO Enterprise products that require AERGO tokens to work.
An example use case in production using AERGO includes a solution adopted by Lotte Card for over 25 million users for fingerprint credit card verifications. The solution is built using a version of AERGO’s Lua smart contracts with SQL integration. Other clients using AERGO-based solutions include Hyundai Motor Group, Korea Stock Exchange, Shinhan Bank, POSCO, and more.
For other information you guys may visit the official web page http://www.aergo.io
Alright guys let’s get started.
Let’s begin with the questions which we have collected earlier and understand more about AERGO.
1. What is the advantage of Aergo among others platform ? @lethanh77
Aergo’s plan is not only about developing a blockchain, but to develop a fully functional and on-chain ecosystem that supports businesses and developers from all industries.
Many traditional enterprises know about blockchain, understand blockchain, and attempt to try using blockchain. But taking Ethereum for an example, it would be very difficult to ask the IT guy to learn solidity first, and build some applications on Ethereum. IBM’s Hyperledger, however, may be less decentralized and more like a separate database. Aergo solves that problem. It allows enterprises to have private chains, maintain their own independent databases, and at the same time, access the public blockchain in the parts that are necessary. It takes advantage of both the privacy of private blockchain and blockchain authentication technology, making the best use of data sharing.
Unlike many blockchains, Aergo is a fully proven solution built from scratch for enterprises. As you know, our technology is already applied with some of the largest local organizations (i.e. Samsung, Hyundai, Shinhan Bank) in Korea. It has even been used by local governments to provide secure and credible digital voting. This allowed the Korea Stock Exchange (KRX) to set up new and innovative financial instruments. We also set up E24P to expand the market in the Middle East and North Africa. The future is complex, and the future of business will be mixed and distributed. Aergo has undoubtedly played the role of a top player in the process of blockchain enterprise application.
2. What plans do you have to help drive demand and scarcity for the token? @BashirianFaye
Aergo token plays a variety of roles in our ecosystem. In a nutshell, the team designed the following functions:
- Running smart contracts
- Applies for DPOS consensus mechanism
- Pay for the technical support Blocko provides on Coinstack 4.0 and Aergo
- Pay for services on Aergo Hub
- Pay for the domain name on Aergo
- As a payment method in Marketplace
But apart from acting as an applied token in the scene and acting as a value transfer intermediary, after Aergo Agora goes online, Aergo token holders can participate in and make contributions to the governance decisions of Aergo Ecosystem through Aergo Agora. Therefore, AERGO tokens can be used not only as utility tokens, but also as governance tokens to generate value.
3. On your 2020 Tech Roadmap, Aergo Hub is next, can you explain what it actually does and how it will bring value to the Aergo Ecosystem? @fellowsheep
Aergo Hub is designed to connect secured dApps with the Aergo Chain. DApps will be stored in the Aergo Public Repository and a Private Repository, respectively. Both types of libraries inherit execution frameworks and API compatibility that have been tested by the Coinstack industry and are widely recognized by customers around the world.
Aergo provides services to enterprises. Aergo Hub’s mission is to produce such “services” by providing necessary environment and support services for users and helping enterprises to build private chains. Aergo Hub MVP will provide Public Interface for Serverless Computing, Aergo Hub 2.0 and inter token Economy, and realize Paas/CI for dApp. All these have only one purpose, to reduce enterprise adoption cost and attract more partners to join the Aergo Ecosystem.
Meanwhile, businesses and IT providers can also participate in the Aergo Ecosystem as block producers or service providers, with rewards in exchange for their resources. This creates a feedback loop that helps the Aergo ecosystem thrive.
4. Can you share more about how Aergo Agora will work and especially the usage of the token for governance purposes? @DaniMura
Since the beginning of our program, we have been very focused on how we plan to increase Aergo’s public transparency. Prior to this, our voting rewards program for block producer elections was very successful and even exceeded all expectations.
Aergo Agora, on the other hand, builds on the existing equity model by allowing token holders to participate directly in the development and operation of Aergo. It is also possible to reward Aergo holders where there are more themes in our governance model. Aergo Agora execution will be divided into three stages, incubation pilot phase, improvement and development phase, as well as the formal launch, for more detailed information please visit ? : https://medium.com/aergo/aergo-agora-aergo-governance-network-dao-c2f910471c5f
5. Can you share AERGO vision for decentralized finance (DEFI)? What features are built into AERGO to support DEFI? @vunchi
That’s a good question, the summer of 2020 is also the mark of the summer for DeFi, which carries a lot of investor expectations. DeFi can certainly solve the shortcomings of the traditional financial model, but it is still at a very early and experimental stage, and the requirements for the logical architecture and system design of the project are very high.
Aergo’s focus on DeFi will be based on our partners and the Korean market, where we recently signed an agreement with Blocko to provide technical support for Samsung’s blockchain service and dApp sourcing. The DApp accelerator will focus primarily on DeFi applications for the following two reasons.
The first is that the Korean market currently has a rapidly growing interest in DeFi applications and user adoption. One barrier to this adoption is that many of the current DeFi applications are priced in US Dollars (USD). Through Aergo and Blocko’s acceleration efforts, this will help bring a wide range of DeFi products to the Korean market priced in the more familiar Korean Won (KRW).
The second is helping bridge suitable DeFi DApps to the ‘Samsung Blockchain Service’ ecosystem. Both of these endeavours help foster the adoption of blockchain in both Korea and internationally.
Part 2 (Open Community Round)
6. What is the relationship between Aergo and Blocko? @Car1a
Jae Shin: The relationship is very symbiotic, as Blocko was contracted to create AERGO platform. Blocko currently utilizes AERGO platform to create solutions for the large enterprises.
7. Aergo and Samsung have a very good relationship, in fact the Samsung users can keep aergo right in their device, but is this all? Which new projects are coming from the killer combination AERGO x SAMSUNG? @Tony253210
Jae Shin: This will depend on our developer community, as Blocko has been contracted by Samsung to source dApps for their Samsung Blockchain wallet in their devices. We are working to source and incentivize developers to create unique, “killer” dApps. I am working on additional collaborations with Samsung.
8. What was your inspiration throughout the journey of Aergo? How has the artistic and creative vision of Aergo changed throughout its development? @Misun1
Hunyoung Park: Well, We have seen many projects rise and fall. The crypto world has a different business culture, but we found out enterprise and business people can support the blockchain project finally, so we are convinced that our approach for enterprise was not wrong. We are moving forward by changing our roadmap. Enterprise and business are waiting for the Aergo Hub for a cloud and serverless computing environment.
9. Recently I saw an Aergo DeFi partnership with Samsung Mobile? What are the benefits of the collaboration? And why did you choose Samsung for this Collaboration? @Christinaxx
Jae Shin: Samsung is one of the first major mobile platforms to create a blockchain wallet in their devices. Samsung has hundreds of millions of devices globally. This allows mass exposure to dApps that our developer community will create. We do everything with our smartphones. I see a future where dApps allow for services to be paid with crypto in a mass market.
10. Something more can be shared when we can expect more news from the Samsung “partnership”? @DaniMura
Jae Shin: We are working to propose many new blockchain projects. We have a great relationship with Samsung. I am excited about the dApp sourcing contract, as this gives Blocko the ability to put dApps in the millions of Samsung devices.
11. Big tech companies like Microsoft, IBM and SAP have developed blockchain products dedicated to enterprise deployment. What will Aergo do to be able to compete with their products? @Rohit902
Hunyoung Park: We have world best experiences in timestamping with Blockchain. We will announce some positive news soon. Our Partner Blocko is concentrating on a new timestamping business. It will be different and strong like DID and DeFi.
12. Why is hybrid block chain preferred for AERGO Mainnet? What are the advantages of the hybrid chain? @Agz18
Jae Shin: Hybrid allows for corporations to keep their confidential information in a private blockchain or network, while AERGO public can be used to anchor values like timestamping for document authentication.
13. Do you have any plans to attract non-crypto investors to $AERGO, and how? What are the actions to increase awareness around $AERGO in non-crypto space? @drzy16
Jae Shin: We are speaking to our investors that invested in Blocko. We are reaching non-crypto space by attending and exhibiting in non-crypto trade shows. We exhibited at the Gartner IT Symposium last year and had plans to exhibit at the Mobile World Congress in Barcelona earlier this year, however due to Covid19, the conference was cancelled. We continue to push our message to the traditional enterprise space and highlight the benefits of our solutions, rather than pushing the blockchain or crypto message.
14. What’s the main Roadmap of AERGO project for next 3–4 years and which achievements are you not done with? @Olexander_55
Hunyoung Park: We have 2 main items for Next 3–4 year. The first is Aergo Hub, It will be a public interface for blockchain and I think enterprises and developers can adapt it easily. The second is new business for trusted timestamping. It will be a huge market, and we can make big moves here.
15. Hello @hunyoungpark & @MobileJae! Recently we’ve seen you make some huge steps forward regarding your roadmap and timeline. What are the next big milestones and objectives that you’re targeting to achieve for the Aergo Blockchain ecosystem? @ndbetting
Jae Shin: The next big milestone is to get AERGO based DeFi dApps on the Samsung devices. We have big plans that include incentives and contests. You have to stay tuned to see the details. There will be much more big news coming soon. We are constantly working to engage in new partnerships and projects.
In Summary, we’d like to thank everyone for taking part in our AMA. We know there are more questions which haven’t been answered, feel free to join our Telegram to ask away and we will touch base on your queries.
We have a lot coming up in the coming months, moreover to adopt DeFi and more dApps onto the Aergo blockchain. Look out for partnership news and further adoption as we carry forward to building a more decentralized future.