Introduction:

#Agoric is a Layer 1 application chain built on#Cosmosusing JavaScript and based on a brand new virtual machine.

  • Agoric attempts to provide a safe, simple, and elegant way to write smart contracts for a wider range of practitioners by writing smart contracts in JavaScript.

  • Agoric is like other Tendermint blockchains built on the Cosmos SDK, which is a proof-of-stake chain. Agoric has spent years perfecting a way to use JavaScript to make smart contract programming accessible to a wider range of developers. Agoric's hardened JavaScript will enable millions of developers to easily and securely build applications.

  • Since Agoric is built on Tendermint, it also has native support for IBC, which naturally connects it to the entire Cosmos ecosystem. The composability of Agoric’s technology promises to enable exponential growth in other JavaScript ecosystems such as Node.js.

Classification:

Composable DeFi

Zoe - Agoric's smart contract framework

Zoe serves as a recognizable link between web2 and web3 developers, designed to have a pluggable and composable framework.

The main difference between Zoe and other smart contract frameworks is the security provided (ensuring that the required information is obtained or the submitted information has been refunded and closed), which ensures that on-chain transactions are either settled and closed or returned to the user.

On Ethereum or Solana, there is no such protection for users: for example, if a user sends tokens to a smart contract on UniSwap and the transaction fails due to errors or malicious code, the user will not be able to return their assets.

When using Zoe, tokens are sent to the Zoe smart contract, not the contract itself. This means that the infrastructure can guarantee that users get what they want, or get their assets back. Zoe does this by automatically escrowing all users' digital assets and processing their subsequent payments.

Zoe provides security that allows users and developers to avoid catastrophic errors that often occur on other blockchains.

 

ERTP

The Electronic Rights Transfer Protocol (ERTP) is Agoric’s standard for creating and transferring tokens, and will later include components such as NFTs and assets from other chains. It also enables projects to quickly launch their own tokens through the security of JavaScript.

Endo

Endo is a JavaScript platform still under development that will enable secure communication of objects between nodes and protocols. Endo is based on SES, a secure JavaScript environment that allows isolated programs to be executed separately.

BLD is the native staking token

Provide security for the network. BLD is not only produced in staking, but also in the operation of IST (Agoric's local stablecoin)

BLD will also become a token for protocol governance, just like other tokens in the Cosmos ecosystem. This means that as a BLD holder, you can also vote for the governance of the BLD and IST protocols. Similarly, the fees generated by running the IST protocol flow to BLD stakers.

Inter Protocol - IST

  • Overcollateralized stablecoins

  • It can be understood as a comprehensive economic layer on the Agoric chain

Three ways to mint IST

  • Whitelisted assets approved by governance, such as Atom, OSMO, SCRT, etc.

  • Provides a relatively safe stablecoin USDC (similar to Maker’s solution)

  • Staking BLD (Agoric’s governance token)

 

Agoric adopts a revenue capture model that directly benefits from the use and economic activities of IST, rather than Terra’s minting and burning mechanism.

Agoric and Inter Protocol’s revenue sources mainly come from the following aspects:

1) Gas (network) fees on Agoric, transaction fees are paid in IST and distributed to stakers and validators through the reward pool

2) IST minting fee. Users obtain IST through over-collateralization, and usually need to pay minting fees, stability fees (calculated daily), liquidation penalty interest, etc. These fees will be distributed to the reward pool and reserve pool. Note that although IST minting needs to go through Agoric, when IST is used on a large scale, the acquisition or transaction of IST does not have to be executed through the Agoric chain.

3) Agoric is developing a native AMM DEX and stablecoin exchange protocol, and the transaction fees will also be fed back to Agoric.

4) Like other chains under the POS mechanism, the additional issuance of Agoric governance token BLD will be given to the stakers who maintain the network.

 

  • The Agoric system can serve as a software publishing and distribution market, providing strong incentives for the development of software components.