2022 has been a terrible year for cryptocurrencies as most major tokens have seen huge drops in price. Geopolitical tensions, soaring inflation and rising interest rates have made riskier assets like cryptos less attractive as investments.
However, the crypto world saw some respite as cryptocurrencies rose for the second day as investors doubled down on the odds of an interest rate hike by the Federal Reserve in a bid to curb the rise. prices. The global crypto market capitalization is US$928.83 billion, up 4.02% over the past day, at the time of writing. Among the many cryptos that are trading higher, one of them is Ergo crypto.
Therefore, this article talks in detail about Ergo crypto.
Source: © Alexanderouchkevitch | Megapixl.com
Introduced in 2019, Ergo boasts of being a next-generation smart contract platform that aims to bring economic freedom through secure and decentralized financial tools to the common man.
It is a next-generation Proof of Work smart contract platform with a stable and power-efficient mining protocol and aims to provide an easy and secure way to execute financial contracts. Here it should be noted that even Bitcoin uses the PoW model, which has raised environmental concerns as it consumes massive amounts of energy. However, Ergo has made changes to minimize these issues. Autolykos, the platform’s mining algorithm, makes Ergo a more efficient PoW model.
Moreover, Ergo’s platform follows a research-driven approach, i.e. its team performs a lot of research before implementing code, which leads to better solutions to problems.
Additionally, the crypto has a non-custodial decentralized exchange on its platform, allowing its users easy transferability between the Ergo and Cardano networks. Additionally, users are rewarded for using DEX and supporting the ErgoDEX ecosystem.
Its native currency is the ERG. Currently, there are almost 32 million ERG coins in circulation, while the maximum supply is 97.74 million coins. As of this writing, the crypto is up 8.45% from the previous day and is trading at US$1.76.
Interested investors can purchase Ergo crypto from most major cryptocurrency exchanges. Some of them are KuCoin, Gate.io, CoinEx, Hotbit and many more.
Although tempting, investing in cryptocurrency is a high-risk gamble, which can pay off if invested with caution and due diligence. Although it produced jaw-dropping results for some, it resulted in huge losses for many. Therefore, thorough research and a thorough understanding of the desired crypto whitepaper should be done before diving into the vast, unstable ocean of cryptocurrencies.
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