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There’s no denying that the Web3 ecosystem has continued to expand at a rapid rate over the last couple of years, and rightly so. Thanks to this novel technological paradigm, a wide variety of industries — from finance to education to real estate — have witnessed the rise of newer, more efficient operational structures. In fact, studies suggest that the Web3 industry will generate more than six trillion dollars in revenue by 2030, thus truly putting into perspective its wide scope of use.
That being said, more often than not, the conversation surrounding Web3 tends to gravitate toward its financial aspects, such as decentralized finance (DeFi), non-fungible tokens (NFTs), etc. However, what often goes unnoticed is the backbone that makes all of these things possible, i.e. the software infrastructure pervading them.
Enter Agoric
As the crypto market continues to mature, the need for developing a robust technological framework is a must. In this regard, Agoric offers users a library of reusable, composable components — coded by experienced community members — allowing for the creation of various Web3-centric services and tools.
However, what sets Agoric apart from the rest of the fray is its unique approach to bridging the Web2-Web3 gap, preventing many individuals from entering the crypto economy. To this point, the company leverages its advanced smart contract framework and robust crypto economy to create a secure foundation for new forms of voluntary cooperation. Moreover, its Proof-of-Stake (PoS) chain utilizes ‘Hardened JavaScript smart contracts,’ allowing for the rapid building and deployment of DeFi applications, especially for non-native crypto developers.
Their technology stack integrates proven Byzantine Fault Tolerance (BFT) consensus with a distributed, secure virtual machine architecture. In terms of the project’s tokenomics, Agoric uses a native cryptocurrency called ‘BLD.’ However, unlike traditional tokens that have limited use cases, BLD serves as the cornerstone of Agoric’s ecosystem.
To elaborate, BLD holders can stake their tokens with validators to ensure that Agoric’s central chain remains secure. This staking economy is linked with one of the project’s tightly-coupled systems, namely, ‘the Dapp Economy.’ This is where market participants can create digital assets, build new DeFi protocols, and connect DeFi components. Governance decisions are determined by BLD holders through token votes, making it a democratic and participatory system.
A closer look at the project’s key technicals
Agoric offers a plethora of resources for developers, making it easier for them to contribute to today’s fledgling decentralized landscape. For example, the platform’s Zoe Smart Contract Framework and Electronic Rights Transfer Protocol (ERTP) provide a standard way to create and exchange both fungible and non-fungible digital assets — allowing developers to create complex digital assets that are immediately tradable and composable.
Interoperability is another major focus for Agoric. The platform’s cross-chain operations are facilitated by its Dynamic IBC (Inter-Blockchain Communication) system. This feature allows the Agoric chain to interact with other networks, allowing it to make use of the latter’s assets, collateral, and peripheral services. Such interoperability not only enhances the utility of the Agoric chain but also makes it an ideal platform for a wide variety of DeFi use cases, such as automated market-makers (AMMs) and sophisticated derivatives markets.
The quality and expertise of Agoric’s founding team add another layer of credibility, setting them apart in the crowded Web3 arena. At the company’s helm is chief scientist Mark S. Miller, a pioneer in Agoric computing and smart contracts. His extensive contributions to programming languages like E and his role as a senior fellow at the Foresight Institute have made him a major force within the realm of computer programming. The company’s CEO, Dean Tribble, is another industry veteran, having co-designed the first smart contracting system, AMiX, and architected key systems for giants like Microsoft and Schwab. Lastly, Brian Warner is Agoric’s engineering lead, having previously created projects like Buildbot and co-founded the Tahoe-LAFS secure storage system.
The Road Ahead for the Industry
As we look ahead to a future driven by technologies like blockchain, it stands to reason that projects like Agoric can innovate and provide us with unique tools that can systematically bridge the Web2-Web3 gap widely prevalent today. Moreover, the company’s focus on non-financial aspects like governance and security positions it as a powerhouse driving a decentralized future. Interesting times ahead, indeed!
