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What is Agoric (BLD) ? A Comprehensive Overview

Explore Agoric, the Layer 1 blockchain offering security and JavaScript for interoperable dApps on the Cosmos ecosystem.

Author

Imperator

Date

Oct 18, 2024

Agoric is a Layer 1 blockchain network that leverages the CometBFT consensus mechanism to provide JavaScript developers with a familiar and secure framework for building and deploying decentralized finance (DeFi) applications.

This Agoric blockchain presentation dives deep into the platform, how it works, its features and advantages to the larger blockchain space, and the native token BLD and Agoric staking.

What is Agoric ?

Agoric is a Proof-of-Stake (PoS) Layer 1 blockchain using the Cosmos ecosystem’s CometBFT consensus mechanism. It is designed to provide a familiar component framework and heightened security features for smart contract programming in JavaScript, opening the Web3 space to more decentralized application (dApps) builders and users while providing practical blockchain interoperability solutions.

It provides the tools for building secure cross-chain smart contracts and an asynchronous, multi-block architecture that allows developers to mobilize mobility and services across the more than 60 Cosmos zones and other blockchain platforms.

The platform’s key features, Zoe, a smart contract framework, the unique Agoric VM, and the built-in interchain connectivity collectively deliver user safety and cross-chain value propositions at the platform level.

Premise of Agoric Network

Agoric Network seeks to plug a gap in the blockchain space. It is leveraging its heightened security features to create a better environment for developers building blockchain solutions.

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Maximize your BLD staking rewards : earn more, start now.

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.

Agoric Blockchain explained

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.

Agoric Blockchain Stack

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.

Stake Agoric with Imperator.co!

Maximize your BLD staking rewards : earn more, start now.

How to get started with Agoric

Getting started with Agoric Network is easy and follows the steps below:

Creating a wallet

Users require an Agoric-compatible wallet to store and manage BLD tokens. Various platforms, including self-custody wallets, centralized exchanges, decentralized exchanges, and institutional custodians support the token.

Importantly, check out the IST minting mechanism of the platform you choose.

Buying BLD Tokens

Users can buy BLD tokens directly using the steps below:

  1. Sign up or log into an exchange.

  2. Search for the tokens (BLD) and buy using approved payment methods.

  3. Transfer the tokens to the BLD-compatible wallet.

Staking BLD Tokens

Holders who stake BLD tokens earn rewards in exchange for securing the Agoric Blockchain. A preferable approach is to delegate tokens to Imperator.

What is Agoric: Closing thoughts

Agoric provides a secure and scalable environment for developers building decentralized applications (dApps) on an interoperable platform.

By utilizing JavaScript—the world’s most widely used programming language—and incorporating key technologies like CometBFT and the Cosmos ecosystem, Agoric simplifies the transition to Web3 for developers.

With tools like Zoe for safe asset trading and ERTP for secure transfers, Agoric offers a secure, efficient, and cross-chain-compatible ecosystem. Its dual-token system, featuring BLD for staking and IST for stability, further strengthens its position in decentralized finance (DeFi).

FAQs

What is Agoric (BLD)?

Agoric is a Layer 1 blockchain leveraging the Cosmos ecosystem’s CometBFT consensus mechanism and JavaScript to provide a familiar component framework and heightened security features.

What is the value proposition of Agoric?

Agoric network allows users seamless interaction across several blockchains to improve the Web3 experience. Developers get cross-chain programmability and multi-chain blocks, two critical ingredients for developing and deploying advanced applications.

How does Agoric ensure security for developers?

Agoric utilizes Hardened JavaScript and secure components like Zoe and ERTP to minimize vulnerabilities in smart contract development. By building on familiar JavaScript frameworks, developers can reduce errors while maintaining robust security.

What is the role of the BLD token in Agoric?

BLD is the native staking and governance token of Agoric. Validators stake BLD to secure the network, and holders can participate in governance by voting on proposals. Stakers also earn rewards for contributing to network security.

How does Agoric support cross-chain functionality ?

Through the IBC protocol, Agoric facilitates seamless communication and asset transfers between blockchains. This enables developers to build interoperable dApps that can operate across multiple blockchain ecosystems.

Stake Agoric with Imperator.co!

Maximize your BLD staking rewards : earn more, start now.

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Get started with staking

Dive into blockchain governance with Imperator. Join our staking program for up-to-the-minute updates and take an active role in shaping the future of decentralized finance.

Latest popular protocol

Have Questions?

Schedule a call with us to discuss your needs or ideas

Subscribe to our newsletter

Stay ahead in the blockchain world with Imperator's newsletter. Get the latest updates, insights, and exclusive content delivered directly to your inbox.

Get started with staking

Dive into blockchain governance with Imperator. Join our staking program for up-to-the-minute updates and take an active role in shaping the future of decentralized finance.

Latest popular protocol

Have Questions?

Schedule a call with us to discuss your needs or ideas

Subscribe to our newsletter

Stay ahead in the blockchain world with Imperator's newsletter. Get the latest updates, insights, and exclusive content delivered directly to your inbox.