Ergo is a next-generation Proof of Work smart-contract contract platform that enables new models of financial interaction. The Ergo team sees that both Bitcoin and Ethereum have considerable flaws. Ergo was born as a result of a motivation to address these issues. Like Bitcoin, Ergo (ERG) employs Proof-of-Work (PoW) consensus to secure its blockchain network. However, like Ethereum, Ergo is simultaneously a programmable blockchain capable of deploying smart contracts.
Thanks to its user-friendly ErgoScript programming language, each ergo coin hosted within smart contracts has a layer of protection. It specifies when the coin can be used, by whom, and under which conditions. ErgoSript uses Sigma Protocols as the building blocks for zero-knowledge proof, used in cryptography.
ERG is a token of the Ergo platform, used for the following purposes: