06 02.18

Q&A Session with Ergo Platform founders Alexander Chepurnoy and Dmitry Meshkov


What will ERGO's circulating supply and total supply be on main net release? How will that affect our shares?
We'll show concrete emission curve in few weeks.

When EFYT becomes ERGO, will ERGO's starting market cap be the same as EFYT’s ending market cap?
No, Ergo chain will start without pre-mined coins, like Bitcoin. EFYT is the first year token - 10% of issued ERGO tokens during the first year will go to Ergo foundation which responsibility is to exchange EFYT for ERGO.

Once EFYT is swapped, will Waves token be burnt? Or will the gateway remain open both ways?
EFYT token will be burnt. Gateway will be between ERGO and Waves.

Could you expand on what's mentioned on your website about dual chain? "we are thinking about launching two chains: MoneyChain and DataChain. They would each feature the same tech but possess different parameters. EFYT will be converted to both. (1 ErgoMoney + 1 ErgoData) First year emission will be the same for both."
Yes, there will be 2 chains with the coin supply, EFYT token will be converted at 1 + 1 rate.

What are your thoughts on implementing BlackBot for EFYT?
Ergo Foundation would like to avoid market-making activities and other forms of possible trading activities affecting the price (except of selling tokens to fuel development of the blockchain and the ecosystem).

Are there going to be more airdrops? If so, is it only going to be done using WCT? I believe have this stuff written out in a definite way will improve the validity of the project (not that it really needs to be proven). The current prices on the waves exchange seems high, this can be a bad thing for people currently buying EFYT.
We have a plan to make 100К airdrop to IOHK employees (at least 100 of them), but still discussing technical details. Later, it will be one more 100K airdrop to general public, details are not considered.

Probably, that's all (before MainNet launch).

Please elaborate on team building issues. People, focus, task distribution and so on.
It's in a very early stage yet, nothing to discuss here.

How and why did you decide to make airdrop to IOHK team only?
At the moment of spin-off (genesis block) basically, as we made a lot of work together, and we're using some work made by IOHKers (like PoPoWs). We thought it would be good to reward the people we have worked with before.

What will be the process of exchanging EFYT to ERGO when the time comes?
We'll launch gateway to Waves DEX and will buy back EFYT tokens in EFYT/ERGO pair with limit 1:1.

Does this mean we will need a new wallet, etc to store the new ERGO tokens?
As Ergo is a totally new blockchain, yes, all the new infrastructure is needed.

At launch, how many ERGO will exist? As many as EFYT?
At launch there will be 0 ERGO. EFYT will be converted to ERGO during the first year, while 10% will go to foundation and we'll change them to EFYT.

So 10% of everything mined will go to the foundation and these will be used to exchange for EFYT? Is this correct?


In addition to Waves, which exchanges do you plan to list ERGO on when MainNet is released?
It's too early to discuss it.

What's your plan for gaining mass adoption of ERGO?
From our point of view, Ergo ecosystem should be decentralized and such activities should be done by community or other companies. We will support such activities in the form of grants.

How will the bounty be structured? What will I have to do to earn coins? To post messages at BitcoinTalk?
Do something useful for Ergo ecosystem and we'll send you coins. More formal bounty programs will be announced later (not earlier than Summer).

I like this project, needs a new website and rebrand. I could contribute to the project by making a new branding proposal including new website.
It would be very useful, please contact us. Unfortunately, we do not have much time now to update the website.


Which has been the most difficult issue(s) faced up to this point in TestNet? How did you solve the issue(s).
Many network-related issues were really painful, as it is hard to debug and test pretty complex functionality. Many issues around are solved now, a lot of tasks to do also though.

How you guys see the progress to MainNet release? What are the main challenges and obstacles on the way? What are the milestones and stages.
We hope to see Testnet1 release with Sigma transaction language in April. After that we'll start testnet2 implementation with roller-chain, new economy model and concrete system parameters. If everything will be fine, it will be MainNet release then, but may be one more testnet release will be required to tune parameters.

To what will you liken ERGO's anonymity features? (Monero-like? ZCash?)
We are for lightweight anonymity supported by wallets (with hiding in a ring of a reasonable size as a default behavior).

Will you guys attend Barbara Beach Resort in Curaçao on March 2nd to present "Systematic Approach to Cryptocurrency Fees"?
Yes, Alex will be there.

Is the crypto atmosphere going to impact the future of Ergo or you keep developing no matter what?
Ergo will be launched, period. Even if Bitcoin would return to $10.

It is a pow token? Is it going to be GPU mined?
Yes, it will be PoW based on equihash, so GPU-mined.

When are you planning to implement smart contracts, and can I find some specification at this moment?
Just code now roadmap is above.

From a technical perspective, how does Ergo’s Privacy Protocol stack up against the Zerocoin Protocol? Pros/Cons of each?
We won’t use SNARKs to avoid building on top of pretty new cryptographic assumptions, also they are still not efficient enough for reasonable load. ZCash privacy is superior to any alternative, as ring a user is hiding in is about all the (shielded) users in the system. We would like to use simpler building blocks and be efficient.

© Ergo, 2018