Agoric

Introducing article about Agoric

Smart contracts are a technology that can be applied to many areas of life in the future, including improving traditional legal and financial systems, bringing them to a new level. However, today, the development of smart contracts is quite complex, time-consuming and expensive. Mistakes that are being made during creation costs thousand of dollars for developers. And not only fresh devs make them, but even experts. Agoric aims to create a comfortable environment for developers. The uniqueness of the network is that it can connect to more than 10 million JavaScript developers around the world, allowing them to create smart contracts along the chain in a secure version of JavaScript. This makes it possible to significantly reduce the development time, reduces the number of errors, which is creating the most effective development method. This is the mission of the project — to create a safe and reliable development environment. Agoric allows developers to quickly create and deploy dapps applications, including DEX, OTC departments and NFT markets, using third-party components. Smart contract components are tested, combat tested, and can be quickly imported, just like any standard npm (node package manager) installation. This saves time and resources, as well as prevents re-entry attacks and other common errors in smart contracts.

Agoric is part of the Cosmos ecosystem, built on the Proof of Stake consensus system. Moreover, Agoric uses the Inter-Blockchain (IBC) protocol, which means that it can connect to any Cosmos chain and any chains that will accept it in the future. This opens the door to cross-chain liquidity, providing enhanced trading opportunities.

Other Agoric Technologies:

1. Object-capability security architecture (OCAP). Thanks to this, the rights are represented by computational objects. This approach is necessary if we want to quickly receive, create and transfer rights between computers and people. Holding an object (having a reference to it) is quite enough to be able to use it, and access can easily be limited to the minimum necessary permissions.

2. In turn, OCAP is at the heart of the Electronic Rights Transfer Protocol (ERTP). ERTP is a standard implementing an API for creating digital assets that uses OCAP to provide access control. The principle of its operation is that if you don’t have access to a real object, you can’t use it. Unlike ERC-20 and ERC-721, ERTP is written in JavaScript and uses some of its language features to provide more detailed authorization.

3. Access control Lists (ACLs), identity-based access control used by most smart contracts.

4. SES (Secure ECMAScript) is the most secure subset of JavaScript that provides object capabilities and is backward compatible with current JavaScript applications.

5. Integration with Oracle Chainlink, which allows you to run the application in a data-rich environment.

Agoric has also developed a platform for smart contracts. It’s called Zoe, and is a service that provides security and compatibility for developers. Zoe supports the development of smart contracts in a modern, pluggable component environment. The platform is designed to accelerate the development and reduce the risks associated with the use and creation of smart contracts. Zoe guarantees that all transactions in the chain will either be settled and closed, or all provided assets will be returned to users. This distinguishes it from other platforms in which users do not receive such protection. For example, in Ethereum, a user transfers tokens directly to a smart contract as part of a request. But if the contract is not executed due to errors, malicious code, etc., the user has no way to return the funds provided to them. There is no such problem in Zoe, and that is amazing.

Agoric was founded in 2018, and the first test network was launched in 2019. The project has an amazing team. It consists of the pioneers of the field of smart contracts, experts who brought new technologies to the field, showed and proved their success and usefulness. Here are some representatives of the team:

Mark S. Miller, Chief Researcher — pioneer of market-based secure distributed computing and smart contracts, chief developer of the E and Dr. SES programming languages with distributed persistent object capabilities, inventor of Miller columns, architect of the Xanadu hypertext publishing system, representative of the ECMAScript Committee, former Google researcher and senior researcher at the Foresight Institute.

Dean Tribble, Executive Director, is a co-author of the negotiation and contract process for the first A MIX smart contract system. As the chief architect of Microsoft, he participated in the development of the Midori operating system with distributed object capabilities. He has developed a brokerage information system for active Schwab traders and a WebMart electronic contract system for SunLabs.

Michael Jablon, Chief Operating Officer, used breakthrough technologies (IP, VoIP, Smart Home) both to carry out large-scale changes and to uncover completely new business opportunities. At Spectrum (formerly Time Warner Cable), as vice president of product and strategy, he launched and led the growth of digital phones to more than 4 million subscribers and $2 billion in annual revenue.

Brian Warner, lead engineer, created Foolscap, a Python-based distributed object capabilities system. He created Buildbot, a popular continuous integration system, co-founded the secure distributed storage system Tahoe-LAFS, based on capabilities, and co-authored the Ethereum security review. At Mozilla, Brian developed a platform for reviewing modular browser add-ons, co-developed Firefox Sync and led the development of the security of the Firefox account login system

There are two tokens in the Agoric ecosystem: BLD and RUN.

BLD token is available for purchase, it provides network security and is used for management. BLD is needed to stabilize the Agoric economy, it supports staking, management and further decentralization. Now BLD is available in the public mainnet, users can dispose of them in the Keplr wallet, the leading wallet in the Cosmos network.

RUN token provides a stable token for the IBC ecosystem and the broader inter-chain economy. It is fully backed by the assets of the interchain system, pegged to the US dollar. It will be launched using RUN protocol, which is supported by the native Agoric AMM. In addition, AMM will also support the trading of assets launched on Agoric or transferred to the Agoric chain via IBC. In other words, RUN is a stable local currency that will be used to pay for the execution of transactions and other services of the chain

On November 1, 2021, the public mainnet was launched! And there was also a public sale of BLD tokens on CoinList at the end of 2021.

The uniqueness of Agoric is that it does not just create a product, it creates conditions for implementation for other developers. The Cosmos SDK database plus proprietary technologies, combined with the most popular Javascript programming language, all significantly reduces barriers to creating smart contracts. Agoric expands opportunities not only for blockchain and its infrastructure: NFT or DeFi, but also for traditional systems: finance, law, logistics. That’s why we are taking part in the development of the Agoric network, we are installing a validator, and in the future we will publish a manual for you about how to stake BLD tokens.

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