https://medium.com/aergo/aergos-second-townhall-q4-2023-616b922c9075
ince the first Townhall in March this year, we have achieved milestones and have been at the forefront of innovation to implement various features on the mainnet. In this Townhall, we will discuss where Aergo is at the moment, and update you on the changes and progress made over the past months.
- Proposed by one of the community members, #AIP-16 aims to implement a redenomination plan (changing its denomination at a ratio of 10:1). The voting process began on the 1st of December, 2023, and ended on the 3rd of December. In total, 3,062,404 AERGOs participated with 11.497% voting in favor and 88.5% against.
Even though the proposal did not garner enough votes to be implemented, the Aergo team always welcomes ideas and insights from the community as the goal of the Aergo Agora is to build a decentralized decision-making framework.
2. User Engagement and Voting Experience Enhancement
To foster better user engagement and make the vote more accessible, the Aergo team will improve the overall decentralized decision-making experience by (1)introducing an in-app native staking and voting feature on Aergo Connect, (2)improving the voting mechanism and user interface to make voting more intuitive and to increase participation.
By implementing these measures, the Aergo team aims to create an engaging, user-friendly, and secure environment for decentralized decision-making, ensuring that the community plays an active role in shaping the future of the platform.
More details will be released on the official channels.
3. Public Ecosystem Expansion Initiative
Starting with the forthcoming 2.5.0 release, Aergo will shift gears to expand its focus on interoperability with public blockchain ecosystems with incremental support for Web3.js, Metamask Snaps, and of course, the Ethereum Virtual Machine.
All of the features will allow developers to build decentralized applications that can interact with the various blockchain networks while benefiting from Aergo’s hybrid blockchain architecture.
Dapp developers are an integral part of a blockchain ecosystem. The importance of the language to compose smart contracts cannot be overstated as it is THE factor determining the success of developer onboarding. By allowing developers to build smart contracts in any language that can be compiled into WebAssembly bytecode via our own WebAssembly (WASM) Virtual Machine (VM), we will broaden the range of developers who can join the ecosystem.
In summary, Aergo will support multiple programming languages for smart contract development to enhance the inclusivity, flexibility, and overall developer experience within the Aergo ecosystem. This approach will help us attract a broader community of developers, ultimately contributing to the success and vibrancy of the Aergo platform.
The Aergo team is also in communication with the major crypto exchanges to expand the Aergo mainnet support and Aergo-based assets.
More details can be found on our Aergo 2.0 WHITEPAPER and the 2023–24 roadmap.
4. Mainnet and Key Features Updates
During this quarter, there have been 4major updates on the Aergo mainnet including the recent 2.4.10. The major focus of these releases was to set up a cornerstone to expand usability and compatibility across different public blockchain networks and to expand the boundaries of Aergo and Aergo-based assets.
- Aergo v2.4.10
– Improved internal refactoring
– Bug fixes - Aergo v2.4.9
Code refactoring that includes:
– db key
– enhance the parsing of amount
– encoding
– fee calculation - Aergo v2.4.8
– Updated protobuf and dependencies
– Optimized logging
– Integration tests - Aergo v2.4.7
– Unit tests regarding the contract implemented
– VM & fixed synchronization issues
Other key feature updates include:
- Aergo Connect 3 v1.0.5 (iOS, Android)
– Vote, Stake improvement time exposure - Aergo Scan v2.4
– More convenience by supporting interactive features in the Aergo Connect and also expanding themainnet’s key features to Aergo-based private networks.
These updates collectively showcase Aergo’s commitment to technical improvements and the strategic expansion of its ecosystem and interoperability.
5. New Business Opportunities and Aergo-based Dapps
(1) Korea Blockchain Trust Framework, K-BTF
The Aergo team, along with Blocko, recently attended the Korean government’s new blockchain trust framework(K-BTF) to discuss the possibility of utilizing blockchain in the long-term public sector. Aergo and Blocko are planning to connect government blockchain-based services based on the strong compatibility of Aergo Enterprise and Aergo public mainnet and continue to offer proposals through a SQL-based architecture.
(2) Aergo-based Dapps
- BOOOST
– Aergo-based social app, BOOOST, has released a v2.0 update with major infrastructure change positioning BOOOST as the next socialFi app of Web3.
– New social features including chat, check-in, and memories are soon to be released. - CCCV
– Aergo incubated NFT-as-a-Service project CCCV has successfully launched the first limited edition NFT with Samsung in Southeast Asia. Samsung is taking steps to integrate NFTs into its platform with a focus on accessibility, user-friendliness, and blockchain-backed security. It is built on the Aergo blockchain to ensure the authenticity and ownership of the NFTs.
Technical improvements and community collaboration are foundational principles driving Aergo’s development, ensuring the platform’s evolution.
The Townhall serves as a snapshot of Aergo’s current state, but it’s just one chapter in the ongoing narrative. Aergo encourages its community to stay tuned, as the ecosystem is dynamic, and future updates will continue to shape Aergo’s trajectory.
Q&A
Q1. Considering the strides Aergo has made throughout 2023, what specific goals or areas of focus do you anticipate for the project in 2024 or the future?
Aergo aims to concentrate on projects and use cases geared toward business and revenue generation, prioritizing them over technology-focused initiatives. We anticipate that cases like STOs(Security Token Offerings) and business-issued NFTs will be the biggest factors in driving the market momentum. Aergo and Blocko are collaborating with industry-leading organizations to establish a presence in the market during its early stages.
Q2. I know that you mainly collaborate with Korean companies. Is there a special reason? And are there any plans to collaborate with big overseas companies?
Blocko, the primary technology partner of Aergo, has strategically concentrated on entering the Korean market, leveraging Blocko/Aergo’s previous references to minimize legal and financial costs. The Korean market serves as a pivotal test-bed for blockchain infrastructures, actively promoted by the government for adoption across diverse sectors. Currently, both companies are expanding their reach through diverse strategies. For instance, Aergo and Blocko are making efforts to establish a presence in East Asian markets by capitalizing on Samsung’s NFT project. As the project gains momentum, it is poised to unlock new opportunities and enhance the companies’ influence in Southeast Asian markets.
Q3. There are a lot of people who know Bitcoin Ethereum but don’t know Aergo. Even people who say they know think it’s Argo, a mining company. So is there any way that many people are planning to get to know Aergo?
We remain committed to constructing compelling use cases that harness the potential of Aergo’s blockchain infrastructure. As Aergo and Blocko actively infiltrate key markets through the delivery of tailored blockchain solutions, our footprint in the market is poised for expansion.
Q4. Isn’t there a separate plan for coin incineration or a face-value merger to control distribution?
From rebranding to mergers, all possibilities are on the table. However, a compelling rationale is essential to persuade exchanges and clients to embrace the proposed plan. The communication and implementation of this plan will be facilitated through the Aergo Agora.
Q5. What is the only advantage of Aergo that other projects don’t have?
Aergo and Blocko have directed their efforts towards B2B sectors, specifically targeting companies and government affiliates, resulting in the creation of tangible real-world use cases. The pivotal factors setting Aergo apart from other projects are the references and experiences accumulated.
Q6. I’m working on several projects, but I think there are many overlaps similar to other coins. Among them, is there a project that focuses solely on Aergo?
Reiterating our initial point, STOs(Security Token Offerings) and business-issued NFTs are identified as major drivers. Blocko has demonstrated success in integrating Aergo technology with Samsung’s NFT project. Additionally, Aergo and Blocko are also targeting the “K-BTF,” South Korea’s national blockchain infrastructure, as part of our strategic targets.
Q7. Aergo’s trading volume is too small, is there any way to solve this?
The trading volumes of altcoins are notably impacted by the general state of the market and fluctuations in Bitcoin’s price. Nonetheless, we expect that the volumes will rise with the progression of new cases and projects.
Q8. Does Aergo not apply for spot ETFs like Bitcoin and Ethereum? Do you have any plans?
Instead of pursuing a spot ETF application(regardless of its feasibility), our emphasis will be on concentrating efforts within the STO markets.
Q9. It’s been a long time since Aergo’s mainnet was developed, so why are there so few DApps using the Aergo chain? How do you plan to increase the utilization of Aergo chain-based dApp and Aergo coin in the future?
We have been working to build a blockchain infrastructure for companies and government affiliates to create a cash flow for both Aergo and Blocko. In terms of dApps, we are trying to be cautious to have a trustworthy ecosystem. BOOOST and CCCV, the two main Aergo-based dApps have successfully expanded their user bases and transactions. We will, however, try to expand the ecosystem with the forthcoming v2.5.0.
Q10. Why is exchanges’ support for the Aergo mainnet so slow? In connection with point 1 above, as chain activation and coin utilization increase, the probability of exchanges supporting it will increase. How do you plan to increase supported exchanges in the future?
As you highlighted, the activation and utilization of the Aergo mainnet are pivotal factors for garnering support from exchanges. Encouragingly, we anticipate sharing positive developments soon, driven by the gaining momentum of new projects and the realization of essential features that will help us to find more exchanges supporting the Aergo mainnet.
Q11. When will EVM development be completed and how do you plan to use EVM after completion?
It is planned to be completed by the end of the next quarter. Implementing EVM support will allow us to cater to our corporate clients by embracing greater openness in the public blockchain sectors, encompassing Web 3 and DeFi-like features. Simultaneously, we will be able to offer the enterprise-specific needs for control over identity and data security.
Q12. There are a significant number of Korean investors and the team members are Korean, so why not create an official Korean community?
We believe that unanimous community support will be instrumental in fostering the success and sustainability of our initiatives, creating a positive and inclusive environment for everyone involved.
Q13. Can we get follow-up & details surrounding Dapps (funded by Aergo) or allying with?
Information regarding our most recent partnership has been published on our Medium. Any further developments and updates about this collaboration will be promptly communicated through our official channels.
Q14. Will the staking lockup duration will change eventually and are there any risks involved in staking?
A relatively short lockup period makes staking less exposed to market fluctuation compared to other projects which also provides participants with quicker access to their staked funds and increases the flexibility of their investment strategy.
Q15. Are there any companies currently using the Aergo chain? I would like to know actual use cases and how companies are using it.
Indeed, over 40 enterprises and government affiliates actively leverage the Aergo blockchain. Notably, Samsung’s NFT project in the Southeast Asian market is currently operational on the Aergo platform. More comprehensive use cases and additional details can be found on the Blocko webpage.
Q16. I am also curious about what differences Aergo 2.0 has from 1.0 and whether it will continue to be a blockchain for businesses in the future or whether it will move towards a completely public blockchain. If the goal is to advance as a public chain, I am curious about how to increase chain activation and what efforts Aergo is making to become a widely used chain like Ethereum and Solana.
Looking ahead to the 2.0 version, there’s a strategic shift towards embracing the realm of the public blockchain sector. Active initiatives are in progress for the development and preparation of decentralized applications (dApps), coupled with the establishment of key partnerships in this domain. Simultaneously, efforts are directed at enhancing interoperability by forging connections with other Layer 1 blockchain networks. Nonetheless, in terms of the value it delivers, Aergo 2.0 doesn’t deviate significantly from the 1.0 version, as it continues to provide the essential technological foundations based on blockchain whether deployed in enterprises or public blockchains. Aergo and Blocko continue to concentrate efforts on the enterprise/government blockchain market, starting with the K-BTF.
Q17. Are there dApps and government projects ready to be launched on the public chain?
Currently, the Blocko team is dedicated to broadening the scope of Aergo within the financial sector through the STO Hub project. The current emphasis within the domestic STO market and Central Bank Digital Currency (CBDC) market, however, remains on private blockchains, creating a notable disparity with public blockchains. Despite our ongoing efforts to align with governmental objectives through collaborations with local governments, the financial sector’s entry barriers are proving to be higher than initially anticipated. Nonetheless, we anticipate a more proactive stance towards public blockchains in Korea shortly and are actively gearing up for this shift.
Q18. What is Aergo doing to stay a competitive blockchain that corporations would want to use? Considering other blockchains with very fast finality and growing market share have arrived (Injective, Sei, Sui, Solana, HBAR)?
Implementing blockchain infrastructure for businesses and enterprises involves considering various aspects, such as transaction fee structures, flexibility in consensus mechanisms, optimized smart contracts, and, critically, the ability to deliver necessary maintenance work. Aergo and Blocko are poised to penetrate key markets by offering customized blockchain solutions that address these essential elements.
Q19. Does Aergo have plans with Samsung to build a deeper partnership? SEI network is exploding in South Korea, has the Aergo team been in communication to see if they can partner together?
We aspire to broaden our partnership and deliver additional Aergo-based solutions. While it is premature to disclose specific details at this time, we eagerly anticipate sharing exciting developments as our progress unfolds. We haven’t been in touch with the SEI network.
Q20. If you target corporations to use Aergo, those corporations will want stability in price. What are you doing to ensure that liquidity is present?
As part of our commitment to providing liquidity for enterprises and clients, we recognize the importance of ensuring stability in gas prices. Unlike the volatility often associated with coin prices, maintaining consistent and predictable gas prices is crucial for enterprise customers.