Binance Research has published a review of Aergo Chain, an open-source hybrid blockchain protocol running on its own cryptocurrency.
This software solution is designed for enterprise and government use scenarios, it combines aspects of public (trust.
The platform provides a number of infrastructure components for enterprises and developers to host blockchain applications based on Aergo Chain. The project offers mechanism smart contracts supporting Lua and SQL, as well as a number of features such as distributed versioning and concurrency management.
The private blockchains on the project's platform run on the RAFT algorithm, based on a leader-based consensus mechanism, while the public blockchain network, the Aergo backbone, runs on the Byzantine failsafe delegated stake proof mechanism.
In order to vote and manage blockchain makers, AERGO tokens must be purchased and mapped. Users can use the platform to pay enterprise-level cloud providers, such as large telcos, for hosting their private blockchains on dedicated nodes, rather than having to perform the complex process of hosting those blockchains themselves - functionality that is also unlocked with AERGO tokens. Corporate customers will need to use the project's service token to purchase additional application services from other third parties. In addition, all future Blocko services (supported by Samsung) will be based on the new products Aergo Enterprise, which require tokens to operate.
An example of use in an enterprise environment using Aergo Chain includes a solution adopted by Lotte Card for over 25 million users to verify credit cards by fingerprints. This allows Lotte Card to automatically verify that the fingerprint presented at checkout matches the identity of the credit card holder. The solution is built using the Lua Aergo version of smart contracts with SQL integration. SQL integration verified, allowing Lotte Card to save 90% of its security costs for fingerprint authentication due to the blockchain system's ability to eliminate the need for manual fingerprint verification.
Other customers using this project's solutions include Hyundai Motor Group, Korea Stock Exchange, Shinhan Bank, POSCO and others.