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Agoric Thread

L1/L2 $BLD approximate date: 2022Smart Contracts Hub

For those that are interested in the tech side of crypto, take a look at this thread!

@agoric ($BLD) is a smart contracting platform (currently in beta) of $ATOM and a PoS protocol that utilizes secure JavaScript smart contracts readily to be built and deployed in DeFi. The hardened JS enables Agoric to mitigate decentralized financial system risks.

(image from agoric.com)

Broad overview of programming model:

  • Native market infrastructure

  • Cryptoeconomic standard library

  • Node.js

  • React.js

  • Other JS ecosystems

The blockchain model itself is based on a paper by Miller & Dexler, 1988. The paper covers thoroughly on building distributed electronic markets, financial services, and smart contract risk management.

https://papers.agoric.com/assets/pdf/papers/markets-and-computation-agoric-open-systems.pdf

The Agoric chain has a vision of being fast by using Tendermint consensus and predictable by improving gas economics for users to experience trade-offs between price and urgency.

The chain itself is built to be a first-class DeFi using built-in Zoe contract framework, Extensible chain governance and staking economics as smart contracts, and Interoperable leveraging Dynamic IBC.

To this end, the devs’ experience are familiar in JavaScript, secure thanks to their robust Object-Capability (OCap) security model, and composable providing high-level Electronic Rights Transfer Protocol (ERTP) token standards.

Protocol Brief Overview:

  • dApp economy: value creation and transaction occurs in DeFi

  • Run protocol: mints $RUN

  • Staking economy: stake to become validators

Agoric Team:

  • @marksammiller (chief scientist) – main designer of E and Dr. SES distributed persistent OCap programming language and former @Google research scientist

  • @DeanTribble (CEO) – co-designed the negotiation process for the first smart contracting system, AMiX, principal architect @Microsoft, co-designed Midori distributed OCap

  • Michael Jablon – 25+ years of strategic leadership, leveraged disruptive techs (IP, VoIP, Smart Home), and VP of product and strategy @GetSpectrum

Investors (Total of $85M worth of funding):

  • Seed Round

@ZcashFoundation

@polychaincap

@Naval

  • Venture Round ($4M)

@GumiCryptos (lead)

Xpring

@RBF_cap

@OVioHQ

MetaStable Capital

@Lemniscap

KiloWatt Capital LLC

@interchain_io

  • Funding Round ($32M)

@GroupSparta

@polychaincap

@placeholdervc

@NGC_Ventures

@naval

@nalufund

@HighNaut

@Figment_io

@compoundfinance

@ChorusOne

  • ICO ($50M)

@CoinList

Diving deeper into the protocol, its ecosystem mainly revolves around their native tokens: $RUN and $BLD.

$RUN – a stable currency soft-pegged to USD as a medium of exchange, payment for transaction/protocol fees

$BLD – staking token supporting economic activity synergizing chain’s security in tandem with network economic

The RUN protocol is an integrated AMM governed by $BLD hodlers. These governance decide on collateral types, rules of RUN issuance and other params

Currently, $RUN could be collateralized with assets: $ATOM, $ETH, or $USDC.

Users can borrow RUN on demand paying merely a stability fee for stakers rewards.

The transaction execution at Algoric is metered to protect against spam and prevent runaway programs. However, users could bid for higher scheduling priority.

The staking mechanism follows the general crypto economic model, although another component (getRUN) allows stakers to borrow RUN against their future staking rewards – providing liquidity to stakers while maintaining chain security.

Much more deeper into the protocol, Agoric’s technology leverages BFT consensus with several added components: ERTP – for fungible and non-fungible creation, Zoe – smart contract c,framework for writing smart contracts using JS, System-defined contracts – the blockchain.

AgoricVM is where the brain of the blockchain works. Agoric’s framework brings JS mainstream integrated into the blockchain itself. Thanks to the OCap security model, providing fine-grained permissions that support the partitioning and risk management.

Algoric Components:

Basics

  • Local Currency

  • Fungible Tokens

  • Non-Fungible Tokens

Component

  • AMM

  • Vaults & Loan

  • Covered Call

  • OTC Desk

Real-World Data

  • Price Authority

  • On-Chain Oracles

  • Off-Chain Oracles

  • Connect to IBC

UI Kits & Widgets

  • UI Widgets

  • Notifiers

  • React dApps

Algoric’s blockchain is connected with $ETH, IBC, and $LINK (for oracle network)

Roadmap to launch:

Q2 2022

  • Mainnet Phase 1 – RUN protocol release candidate 0

  • Mainnet Phase 1 – Platform release candidate 0

Q3 2022

  • Mainnet Phase 1 – RUN protocol launch

  • Mainnet Phase 2 – Permissioned Smart Contracts

Q4 2022

  • Mainnet Phase 3 – Permissionless Smart Contract

Roadmap after launch:

Fiat On-Ramps – ease users with credit card or fiat-backed local currencies to participate in the protocol