What is Agoric (BLD) ? A Comprehensive Overview

Struggles of Blockchain expansion

Blockchain technology is a transformative breakthrough with the potential to modify or reshape every segment of the economy. However, its adoption is slow and for a variety of reasons.

Scaling blockchain solutions to meet the needs of enterprise users remains a challenge. Further, blockchains are designed to operate as isolated blocks, which results in siloed data and use cases.

Security is a critical challenge in blockchain. Some blockchains, like Agoric or Aleo Network (with Zero-Knowledge Proofs), have made security their central focus.

Agoric's enhanced security for developers

Agoric blockchain has unique features, making it a superior smart contracts platform and a preferable solution for application developers.

• Marrying JavaScript Smart Contracts and Web3 Development—The Agoric smart contracts platform supports the same programmability that characterizes conventional JavaScript workflows. Since JavaScript is the most popular programming language, most developers using Agoric can leverage their existing skills. Agoric blockchain offers a unique value proposition that combines the latest component framework with advanced safety features for blockchain development in that popular programming language.

• Prioritizing Safety—The Agoric network is built from the ground up to provide heightened developer and user safety. Developers write smart contracts and applications using Hardened JavaScript. Their familiarity with this programming language eliminates the likelihood of certain classes of common vulnerabilities.

How does Agoric Blockchain work?

Agoric Network supports smart contracts and dApps. It leverages SwingSet, a distributed JavaScript environment, to organize execution into vats. Vats are isolated execution environments used to run smart contracts. SwingSet uses vats to facilitate secure, asynchronous communication and blockchain state storage.

It is connected to the Cosmos ecosystem and integrates into the larger Cosmos blockchain network. Agoric relies on the Inter-Blockchain Communication (IBC) protocol to facilitate messaging between blockchains, whereas Tendermint is the consensus engine defining block creation.

Under the hood of the platform are several unique components that ensure that the Agoric network executes the functions described above seamlessly.

Zoe

A service and smart contracts API that provides a secure environment for asset trading. It minimizes risks for developers and users and acts as an escrow that secures platform transactions.

Electronic Rights Transfer Protocol (ERTP)

ERTP is a proprietary JavaScript standard developed by Agoric to define how assets are transferred. It leverages secure access controls object capabilities (OCaps) to define controls that support the safe creation of assets.

Agoric VM

A secure runtime that enforces OCaps’ principles for safe code composition that gives front-end developers easy access to familiar tools while affording back-end developers a secure framework work environment. The Agoric VM model controls communication and extends security across systems, ensuring safe interactions between blockchains.

Cosmos/Tendermint

Agoric leverages the Tendermint consensus engine, which relies on CosmosBFT to offer fast throughput and finality.

IBC

Allows the Agoric programming model to operate across various blockchains. It gives Agoric users access to the Cosmos ecosystem's protocols, liquidity, and assets. It also facilitates asset pegging from L1s such as Bitcoin, Ethereum, and Zcash.

What makes Agoric Network useful?

The Agoric network's value proposition to users is seamless interaction across several blockchains to improve the overall Web3 experience.

On the other hand, developers get cross-chain programmability and multi-chain blocks, two critical ingredients for developing and deploying advanced applications.

Agoric Governance and BLD Staking

BLD is the native token of the Agoric blockchain. It enables staking, voting, and governance activities within the chain. It plays a role in the chain’s security. Validators stake their tokens to validate transactions and maintain network security and stability.

For those seeking more details, we’ve written a comprehensive guide on the best Agoric validators to help you maximize your staking rewards.

Holders can also participate in the chain’s governance by voting on the proposals that direct the Agoric blockchain’s future. In exchange for staking their tokens, holders receive rewards.

Dual Token Economy

Aside from BLD, the Agoric network has a stablecoin IST, which it uses across the Cosmos and interchain ecosystems. IST is pegged on the US dollar to provide stability in an otherwise volatile environment.

Who created Agoric Blockchain?

Agoric Network was founded by Mark Miller, Dean Tribble, Brian Warner, and Bill Tulloh. Mark, Agoric’s Chief Scientist, is a pioneer in decentralized computing and smart contracts. Dean, CEO and core IBC contributor, brings extensive software architecture experience. Brian, Agoric’s Engineering Lead, is known for projects like Buildbot and Firefox Sync. Bill, the platform’s Economist, has a background in virus-safe computing.

Agoric’s origins trace back to Mark's 1988 Agoric Open Systems papers. The team raised $89 million through private token sales, ICOs, and funding rounds led by Polychain Capital, Zcash Foundation, and gumi Cryptos Capital.