An Overview of Agoric
Table of Content
Unique selling proposition
Product & Technology
Investors and partners
The Agoric platform is built on top of the Cosmos SDK and uses a Proof of Stake mechanism. It allows developers to create decentralized applications(dApps) and contains built-in decentralized finance principles such as collateralized loans or options.
Agoric is part of the Inter-Blockchain Communication (IBC) working group, along with Tendermint, and has invested in Agoric and awarded grants for the development of Cosmos.
The project operates in the smart contracts market, one of the most potential markets of the Blockchain field.
Total Addressable Market
According to coingecko, the market capitalization of the smart contract sector as of Sep 11, 2021, is $640B. Meanwhile, the global Smart Contracts market size is projected to reach US$ 345.4 million by 2027, from US$ 106.7 million in 2020, at a CAGR of 18.1% during 2021-2027.
Current prominent competitors:
Ethereum ($382B) accounts for 59.74% of the total market cap
Cardano ($77B) accounts for 12,03% of the total market cap
Solana ($52B) accounts for 8.13% of the total market cap
As already said, according to the forecast the scale of the market of smart contracts in the year 2026 will be greater than 3 times in 2019, so there will be many opportunities to exploit and breakthrough in this market.
3. Paint Point
Researchers have estimated 34,000 vulnerable smart contracts active on the Ethereum mainnet today, an issue the founders attributed to a fundamental bug with Solidity.
In the current environment of the smart contract, security is a major obstacle to its development in the larger economy and the mainstream applications.
Creating a secure smart contract using today's technology is very difficult. These challenges limit both the number of applications created and the number of qualified programmers to create them.
4. Unique selling proposition
Agoric was founded on open source principles optimized for a booming public, collaborative economy.
With Agoric, smart contracts will be built faster. The project saves users time by using Agoric's pre-made Dapp and smart contract components or templates. They are secure, composable, and allow users to bring their projects to life.
Composable Library: Agoric provides a library of reusable and composable components coded by experienced community members like the users themselves.
Secure Architecture: By eliminating complex security flaws, Agoric provides builders with a more secure environment to quickly finalize contracts.
Market Services: Easy access to liquidity and DeFi services, including vaults, administration, and Automated Market Maker.
Cross-Chain Assets: Bring assets from the Cosmos and Ethereum networks directly to your project. A world of users and opportunities at hand.
Resource management: Agoric components help people focus on building apps, not on integrating complex protocols and third-party code.
5. Product & Technology
Agoric is a virtual machine, a layer-1 blockchain built on Tendermint, providing developers with a smart contract framework. Agoric's virtual machine and smart contract framework is the founders' research into object-feature security models and asynchronous messaging.
The Agoric chain provides a rich framework for trade in digital assets by providing the means to define, protect, and transfer digital property (Rubin, 2008). According to the team, this model allows developers to partition permissions and risks across the system.
The Agoric Smart Contract Framework
Electronic Rights Transfer Protocol (ERTP): provides a standard way to create and exchange various digital assets, both fungible and nonfungible. The object approach makes it easy to create complex digital assets that are immediately tradable and composable, enabling reuse of market institutions.
Zoe: Zoe reduces the burden of smart contract programmers. Zoe offloads from developers the responsibility for safeguarding users assets, enabling them to focus on the economic logic of their applications.
Zoe performs the required escrow and enforces offer safety and payout-liveness guarantees, which reduces the risk to the contracting parties.
System-defined contracts: The blockchain itself leverages the smart contract framework’s power and flexibility to implement governance, staking, staking derivatives, and other cryptoeconomic primitives. It makes these same contract components available for reuse by user-defined smart contracts, thus seeding the component environment.
Agoric Virtual Machine (Agoric VM)
Cosmos / Tendermint: The Agoric VM is built independently of its underlying consensus protocol. The Agoric Chain will launch initially as part of the Cosmos ecosystem, as a sovereign blockchain built on the Tendermint consensus engine.
Dynamic IBC: The Inter-Blockchain Communication protocol (IBC), co-developed by Agoric, allows the Agoric programming model to work on Tendermint-based chains.
IBC provides Agoric chain users access to protocols, liquidity, and assets based on the Cosmos ecosystem and possibly more.
IBC provides a bridge to bring external financial assets onto the Agoric chain for chain financing and growth activities, contract collateral, staking, participation in trade and related transactions, coins provide Agoric assets and smart contracts to other chains.
Testnet & MVP
Each phase focuses on examining a different aspect of validating and securing the Agoric blockchain network.
6. Investors and partners
Investors: Polychain Capital, Ripple's Xpring, Rockaway Blockchain Fund, Interchain Foundation, Kilowatt Capital LLC, gumi Cryptos Capital (gCC), Lemniscap, MetaStable Capital, Outlier Ventures, ZCash Foundation
Partners: Chain Link, IBC, MetaMask, …
The team includes experts with proven success bringing disruptive technologies and products to market.
Mark S. Miller - Chief Scientist
Mark S. Miller is a pioneer of Agoric (market-based secure distributed) computing and smart contracts, the main designer of the E and Dr. SES distributed persistent object-capability programming languages, inventor of Miller Columns, an architect of the Xanadu hypertext publishing system, a representative to the EcmaScript committee, a former Google research scientist, and a senior fellow of the Foresight Institute.
Dean Tribble - Chief Executive Officer
Dean Tribble co-designed the negotiation process and contract for the first smart contracting system, AMiX. As a Principal Architect at Microsoft, he co-designed the Midori distributed object-capability operating system. As founder and CTO for Agorics (acquired by Microsoft), he architected the brokerage information system for Schwab’s active traders and the WebMart electronic contract system for SunLabs. As CTO of VerifyValid and VP of Deluxe, his echeck systems have carried billions of dollars.
Michael Jablon - Chief Operating Officer
Michael is a proven industry disruptor. In his 25+ years of strategic leadership, he has leveraged disruptive technologies, (IP, VoIP, Smart Home) to both drive monumental change and unleash brand new business opportunities. At Spectrum (formerly Time Warner Cable), as VP of Product and Strategy he launched and led the growth of Digital Phone to over 4M subscribers and $2B in annual revenue. Off the clock, Michael is literally a wanderer, usually traveling sans map or solid plan.
Bill Tulloh - Economist
Bill Tulloh was a market manager at smart contract pioneer AMiX, was co-founder of the Agorics Project on markets and computation, and was a lead researcher of the Virus Safe Computing project both at George Mason University. He has served as a product manager and director of business development at various software companies.
Brian Warner - Engineering Lead
Brian Warner built Foolscap, a Python-based distributed object-capability system. He created Buildbot, a popular continuous-integration system, co-founded the Tahoe-LAFS capability-based secure distributed storage system, and co-authored the prescient security review of Ethereum. At Mozilla, Brian developed a framework for reviewing modular browser add-ons, co-developed Firefox Sync, and led the security design of the Firefox Accounts login system.
And more here: https://agoric.com/about/
8. Token Economy
The Agoric Token System Features two native tokens: a stablecoin (called $RUN for now) pegged to US dollar (USD) using a unique stabilization mechanism, and a staking token (called BLD for now) whose value derives from the economic activity within the Agoric ecosystem.
RUN is a stable local currency pegged to the USD to facilitate economic growth and on-chain transactions.
The BLD staking token secures and stabilizes the Agoric economy by supporting staking, governance, and decentralization.
9. Future roadmap
Here's a number of features that Agoric’s team is planning to add in the near future to Zoe, in response to user feedback.
Support "multiples" in proposals. Multiples are a way of expressing partial fulfillment of offers without having to deal with the problem of division. For instance, we may want to buy 100 shares of stock for 10 dollars each, and if we can't buy 100 shares, we're happy with as much as we can get. We want to be able to encode this kind of offer more succinctly than having to make 100 separate offers.
Support "disjuncts" in proposals. By disjuncts, we mean allowing compound offers in which we want exactly one of them to be accepted. For instance, we might want to find a good weekend activity and we're ok with buying a ticket to the museum or the concert, but not both because they will happen at the same time.
Separate Zoe into two layers. One layer, doing the escrowing and actually holding the assets, is in a different Vat than the other layer, which runs a contract instance.
Thus, We have provided you with general information about Agoric. Do you have any other thoughts on the project's development potential in the field of smart contracts with heavyweights like Ethereum, Cardano, Chainlink, Stellar,..?
For more information about the project, you can access the channels below: