Exploring the Agoric Cryptocurrency Project and the BLD Token
Agoric is a cryptocurrency initiative founded on simple smart contracts via Hardened JavaScript, complete with its native BLD token.
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Agoric was established with a mission to streamline the utilization of smart contracts while minimizing risks associated with potentially harmful code, which could lead to financial losses. Instead, the project provides readily available contracts for dApps, incorporating a secure architecture. Additionally, Agoric is integrated with the Cosmos cryptocurrency network, enabling seamless project migration from Cosmos to Ethereum or other EVM networks.
In today's article, we'll dissect the Agoric cryptocurrency project and delve into the applications of its native BLD token.
History of Creation
The Agoric project was set in motion in 2018 by Mark Miller, who had dedicated two decades to exploring the frontiers of cryptography. His primary goal in establishing the new network was to enhance the security of smart contracts. As a result, they chose JavaScript over Solidity as the project's programming language.
Nowadays, Mark Miller continues his role as the Chief Scientist, while Dean Tribble, formerly a lead architect at Microsoft, fills the CEO role.
One unique concept embedded within Agoric is a security technology known as “Capability-based Security,” crafted by Mark Miller himself.
Investment Activity
As per the data from Crunchbase, Agoric has raised a total of $36 million through four investment rounds. This funding has come from various well-known cryptocurrency funds such as The Spartan Group, Compound, Polychain, Placeholder, and ChorusOne.
Investment contributions to Agoric through ICOs and private investment rounds. Source: Crunchbase
In late 2021, the Agoric team embarked on a public token sale via Coinlist, an ICO platform. During two sales rounds, they succeeded in pulling in an additional $50 million. According to market metrics, the project wasn't as successful on Coinlist, with many investors unable to recover their full investment, let alone make a profit.
ROI Statistics for Agoric Investments on the Coinlist Platform (cryptorank.io)
Platform Mechanism and Features
Agoric operates on its own blockchain, which is constructed using the Cosmos SDK software. The platform provides its users with a host of advantages and tools:
● A complimentary public library packed with token smart contract and application templates.
● The use of JavaScript as the primary programming language.
● A secure and adaptable code structure that can be tailored to specific requirements.
● Easy access to liquidity provision services and other DeFi functions like treasury vaults, DAOs, and an integrated market maker.
● Cross-chain bridges for seamless token and application migration.
Key benefits of the Agoric cryptocurrency network. Source:agoric.com
The Agoric blockchain operates using a Proof-of-Stake consensus mechanism. The network can host up to 100 validators and typically requires about 5 seconds to create a single block.
Cryptocurrency BLD
Aligned with the PoS algorithm, BLD coins can be used for paying transaction fees, validating transactions, and generating passive income via staking. BLD tokens are also employed for funding developer grants, managing the project within the DAO framework, and conducting marketing activities.
Based on the analysis from CoinGecko at the time this article was written, BLD coin has the following attributes:
● Current price: $0.146
● Market capitalization: $81 million
● Circulating supply: 546 million
● Maximum supply: Unlimited
● Average daily trading volume: $700,000
● All-time high: $0.75
● All-time low: $0.13
The BLD token can be purchased on cryptocurrency exchanges such as Huobi, CoinEx, and the trading section of Coinlist Pro. The token is also traded on the Osmosis decentralized exchange powered by the Cosmos blockchain.
BLD Price Dynamics. Source:coingecko.com
Interesting Facts:
● Across all investment rounds, Agoric has raised $140 million. Considering that Coinlist users faced a high token purchase price ($0.85), and the assets of private investors are locked for 2-4 years, no investor has managed to earn a profit or recover their initial investment yet.
● Mark Miller, co-founder of the project, was named one of the 100 most influential people in technology in 2021 by Cointelegraph.
● Agoric supports Ethereum smart contracts for both creating standard tokens (ERC-20) and deploying NFTs (ERC-721).
● At the time of writing, Agoric's co-founder Mark Miller is 70 years old. Most of the team members are over the age of 40.
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