In the rapidly growing world of blockchain, complexity has been a double-edged sword. While blockchain’s extensive potential is widely recognized, its complex technical nature poses a steep learning curve for many. Blockchain projects that simplify this path, while retaining the technology’s core, are crucial. Agoric, a software development company, focuses on simplifying high-tech blockchain implementation. This article delves into Agoric’s mission and the potential of its BLD token.
Diving deep into Agoric
“Market-based programming,” the foundational concept behind Agoric, isn’t new. Founded in 2018 by notable figures such as Mark Miller, Dean Tribble, Brian Warner, and Bill Tulloh, Agoric addresses a critical gap in the DeFi landscape. Let’s explore the challenges they’re addressing to understand their mission better.
In the current DeFi landscape, most DApps integrate a Web2 frontend (JavaScript) with a Web3 backend (Solidity), lacking a consistent connection framework. Agoric’s innovation lies in the use of JavaScript, a widely used programming language, for its smart contracts. This choice empowers developers to leverage existing JavaScript skills and utilize reusable development packages and libraries. The platform aims to attract millions of traditional Web2 developers to the Web3 space.
In essence, Agoric is the smart contract platform poised to usher millions into the DeFi frontier. Their smart contracts stand out, being not only executable but adaptive to real-world market dynamics.
The Agoric technology stack
Agoric’s technology stack includes a proven Byzantine Fault Tolerance (BFT) consensus. It includes a secure virtual machine architecture, which aligns perfectly with the platform’s smart contract framework.
The “Zoe Smart Contract Framework” empowers developers to write smart contracts using JavaScript. This feature allows developers to focus on other application aspects, like economic logic, while Zoe manages user asset escrowing.
Security-wise, Agoric employs an “Object Capability (Ocap)” architecture, essential for making JavaScript blockchain-safe. Agoric’s subset of JavaScript, termed “Hardened JavaScript,” enforces this Ocap security. This model extends Object Capability (Ocap) system-wide, ensuring a consistent developer framework and secure cross-chain programming.
Agoric is built on the Cosmos Ecosystem with the Tendermint proof-of-stake system. The platform also collaborates with the Inter-Blockchain Communication (IBC) protocol working group and major names like Tendermint and the Interchain Foundation.
The BLD token economy
At Agoric’s core, their BLD token serves multiple roles. Primarily, it acts as both a governance and utility token, allowing holders to influence platform decisions and access various services. BLD also enhances the ecosystem’s security. In Agoric’s design, every ecosystem activity ties back to BLD, setting it apart from many other market tokens. As Agoric continues to innovate, BLD’s growth potential appears promising.
BLD holders not only receive staking rewards but also govern the Inter Protocol framework. This framework produces an IBC-enabled stable token (IST) designed to mirror the US Dollar. IST acts as a local medium for transactions, and its activities are overseen by BLD holders, linking BLD’s value directly to network activity.
Since its inception, Agoric has established itself as a Web3 powerhouse. With landmarks like the 2021 mainnet launch, the fully subscribed 2022 public sale, partnerships with NFT DApps, and the announcement of 5 DApps building directly on Agoric, the trajectory for the company is positive. 2023 promises even greater advancements. As Dean Tribble, Agoric’s CEO, reveals:
“In 2023, two significant developments await: the Vaults launch and mainnet-2. Vaults will impact the Cosmoverse and interchain, enabling users to generate IST using Atom or community-selected tokens. With mainnet-2’s launch, numerous Agoric chain applications will utilize IST directly.”
Wrapping up
Agoric’s journey shows its dedication and strategic advancements. With the BLD token closely woven into Agoric’s endeavors, its potential to shape the future of Web3 is profound. Keep an eye on this space. The future of Agoric and BLD in the Web3 space will be interesting to observe.