{"id":"agoric","version":1,"language":"en","title":"Agoric","hidden":false,"content":"**Agoric** is a [Cosmos](https://iq.wiki/wiki/cosmos)-based [Layer 1 ](https://iq.wiki/wiki/layer-1)[blockchain](https://iq.wiki/wiki/blockchain) that aims to support the development of cross-chain [smart contracts](https://iq.wiki/wiki/smart-contract) using JavaScript.[\\[1\\]](#cite-id-g3jzqzo0pxe)  \n$$widget0 [YOUTUBE@VID](huTI9_Gq2ow)$$  \n  \n# Overview  \n  \nAgoric, founded in 2018, is a [Cosmos](https://iq.wiki/wiki/cosmos)-based [Layer 1](https://iq.wiki/wiki/layer-1) [blockchain](https://iq.wiki/wiki/blockchain) that aims to support the development of cross-chain [smart contracts](https://iq.wiki/wiki/smart-contract) using JavaScript. It focuses on improving secure [smart contract](https://iq.wiki/wiki/smart-contract) creation through its object-capability (ocap) programming layer.   \n  \nBuilt on the CometBFT consensus system, Agoric facilitates Inter-Blockchain Communication (IBC) for cross-chain interactions. The native token BLD is used for staking and governance, while IST is used for network fees. Agoric also includes Zoe, an escrow service designed to enable secure contract interactions and support applications, [NFTs](https://iq.wiki/wiki/non-fungible-token-nft), and [DeFi](https://iq.wiki/wiki/defi) markets.[\\[1\\]](#cite-id-g3jzqzo0pxe)[\\[2\\]](#cite-id-l7ptok73bqp)[\\[3\\]](#cite-id-2isffaj4nth)[\\[4\\]](#cite-id-owewcvs549o)[\\[5\\]](#cite-id-oznst1vkyko)  \n  \n# History  \n  \nAgoric's roots go back to 1988 when Mark S. Miller co-authored the Agoric Open Systems papers, which outlined concepts for decentralized computational markets and object capabilities (ocaps). Over the next 15 years, Miller and Dean Tribble collaborated on secure computing projects.  \n  \nIn 2018, Agoric was established by Miller, Tribble, Bill Tulloh, and Brian Warner. The project aims to develop a [Proof-of-Stake](https://iq.wiki/wiki/proof-of-stake) [blockchain](https://iq.wiki/wiki/blockchain) with JavaScript [smart contracts](https://iq.wiki/wiki/smart-contract), focusing on enabling [decentralized finance (DeFi)](https://iq.wiki/wiki/defi) applications and incorporating a stable token for economic activity and [staking](https://iq.wiki/wiki/staking) rewards.[\\[4\\]](#cite-id-owewcvs549o)  \n  \n# Products  \n  \n## Orchestration  \n  \nAgoric aims to facilitate multi-chain application development through its Orchestration framework, which enhances user interactions across various [blockchains](https://iq.wiki/wiki/blockchain). This framework allows [smart contracts](https://iq.wiki/wiki/smart-contract) to employ async/await and multi-block execution for improved cross-chain communication.  \n  \nThrough timer services, smart contracts can autonomously execute tasks, while connections to the Inter-Blockchain Communication protocol (IBC) aim to provide broader access to liquidity. [Smart contracts](https://iq.wiki/wiki/smart-contract), written in a secured variant of JavaScript, focus on safety and composability.  \n  \nFor instance, users may transfer MATIC from the [Polygon](https://iq.wiki/wiki/polygon) network to stake [ATOM](https://iq.wiki/wiki/atom) on the [Cosmos](https://iq.wiki/wiki/cosmos) Hub in a single transaction. Agoric's emphasis on [DeFi](https://iq.wiki/wiki/defi) aims to improve liquidity access and establish multi-chain connectivity.[\\[11\\]](#cite-id-5voi1yelabd)[\\[12\\]](#cite-id-b7b9jwb01ys)  \n$$widget0 [YOUTUBE@VID](9uL9Kjtsbgc)$$  \n  \n## Agoric Platform  \n  \nThe Agoric platform comprises several components designed to support [decentralized applications](https://iq.wiki/wiki/decentralized-application) and [smart contracts](https://iq.wiki/wiki/smart-contract). SwingSet serves as a distributed JavaScript environment that organizes execution into vats, allowing secure, asynchronous communication and persistent state storage. It operates on the [Cosmos](https://iq.wiki/wiki/cosmos) SDK, which integrates with the [Cosmos](https://iq.wiki/wiki/cosmos) blockchain framework.   \n  \nInter-Blockchain Communication (IBC) enables messaging between different [blockchains](https://iq.wiki/wiki/blockchain), while Dynamic IBC (dIBC) aims to facilitate the deployment of new protocols without requiring platform upgrades. [Tendermint](https://iq.wiki/wiki/tendermint) functions as the consensus engine, defining how blocks are created and agreed upon.[\\[6\\]](#cite-id-wbegssl2p1)  \n  \n# Architecture  \n  \n## Zoe  \n  \nZoe is a service and [smart contract](https://iq.wiki/wiki/smart-contract) [API](https://iq.wiki/wiki/apis) that aims to improve secure asset trading while minimizing risks for users and developers. It ensures that users either receive their desired assets or a full refund, even if a contract fails.  \n  \nThe trading process involves users making an offer with an invitation, proposal, and assets. Zoe escrows the assets, relays them to the relevant contract, reallocates them, and completes the offers.  \n  \nZoe supports various contracts, including [Automated Market Makers (AMMs)](https://iq.wiki/wiki/automated-market-maker) and token [minting](https://iq.wiki/wiki/minting). It seeks to enhance [blockchain](https://iq.wiki/wiki/blockchain) commerce by providing safety features, simplifying contract creation, and clarifying terms.   \n  \nAdditionally, Zoe allows wallets to enable more interactive experiences with [decentralized applications (dApps)](https://iq.wiki/wiki/decentralized-application) for secure offer approvals.[\\[7\\]](#cite-id-mv2d7uzfhts)[\\[8\\]](#cite-id-g1283tolf39)  \n$$widget0 [YOUTUBE@VID](T6h6TMuVHKQ)$$  \n  \n## ERTP  \n  \nAgoric's Electronic Rights Transfer Protocol (ERTP) is a JavaScript standard designed to facilitate the transfer of digital assets. It aims to support the creation of fungible, non-fungible, and semi-fungible assets by utilizing object capabilities (OCaps) for secure access control.  \n  \nAssets are represented as Amount records, which consist of a brand and a value. Brands categorize asset types, while values indicate quantities. The AmountMath library aims to support basic operations, linking each asset brand to a unique mint and issuer.  \n  \nDigital assets are managed through purses for storage and payments for transfers, with secure transactions requiring matching deposit facets. Non-fungible assets, such as theater tickets, can be minted with specific attributes. Overall, ERTP aims to streamline digital asset management while ensuring security.[\\[9\\]](#cite-id-5cula3ztvpp)  \n$$widget0 [YOUTUBE@VID](htS-2gvY3Cs)$$  \n  \n## Agoric VM  \n  \nAgoric's architecture is built around the Agoric Virtual Machine (VM), a secure JavaScript runtime that aims to enforce Object-Capability (OCap) principles for safe code composition. This integration allows front-end developers to utilize familiar tools while back-end developers can work within a secure framework.  \n  \nThe OCap model seeks to protect object encapsulation and control communication, extending security across systems to support safe interactions between [blockchains](https://iq.wiki/wiki/blockchain). Additionally, Agoric aims to improve efficiency in [blockchain](https://iq.wiki/wiki/blockchain) development by enabling npm-style code reuse while addressing the associated security risks.[\\[10\\]](#cite-id-64f1c19nifr)  \n$$widget0 [YOUTUBE@VID](52SgGFpWjsY)$$  \n  \n## Cosmos/Tendermint  \n  \nThe Agoric VM is designed to function independently of its consensus protocol, allowing the Agoric chain to implement the most appropriate consensus engine. Initially, it aims to launch as a sovereign [blockchain](https://iq.wiki/wiki/blockchain) within the [Cosmos](https://iq.wiki/wiki/cosmos) ecosystem, utilizing the [Tendermint](https://iq.wiki/wiki/tendermint) consensus engine, which seeks to achieve fast throughput and finality through its [Byzantine Fault Tolerance (BFT)](https://iq.wiki/wiki/byzantine-fault-tolerance) mechanism.[\\[10\\]](#cite-id-64f1c19nifr)  \n  \n## Dynamic IBC  \n  \nThe Inter-Blockchain Communication protocol (IBC), co-developed by Agoric, aims to enable the Agoric programming model to function across various [blockchains](https://iq.wiki/wiki/blockchain). It seeks to provide Agoric chain users with access to protocols, liquidity, and assets in the [Cosmos](https://iq.wiki/wiki/cosmos) ecosystem and beyond, including planned connections to [Polkadot](https://iq.wiki/wiki/polkadot) and asset pegging from [Zcash](https://iq.wiki/wiki/zcash), [Ethereum](https://iq.wiki/wiki/ethereum), and [Bitcoin](https://iq.wiki/wiki/bitcoin). IBC facilitates the transfer of external financial assets to the Agoric chain for [DeFi](https://iq.wiki/wiki/defi) protocols, loan collateralization, [staking](https://iq.wiki/wiki/staking), and trading, while allowing Agoric assets and [smart contracts](https://iq.wiki/wiki/smart-contract) to interact with other [blockchains](https://iq.wiki/wiki/blockchain).[\\[10\\]](#cite-id-64f1c19nifr)  \n  \n# Use Cases  \n  \nAgoric provides various use cases for users and developers within the [Web3](https://iq.wiki/wiki/web3) ecosystem.  \n  \n* **For Users:** Agoric aims to facilitate seamless interactions across multiple [blockchains](https://iq.wiki/wiki/blockchain), improving the overall [Web3](https://iq.wiki/wiki/web3) experience.  \n* **For Developers:** Agoric seeks to offer cross-chain programmability and multi-block execution, enabling the development of advanced applications.[\\[13\\]](#cite-id-azybgh6eu9o)  \n  \n# Tokenomics  \n  \n## Agoric Stable Token ($IST)  \n  \nAgoric's IST is an IBC-enabled stable currency that aims to maintain parity with the US dollar, serving as a medium of exchange within the Agoric ecosystem and providing stability across the IBC network. As an over-collateralized, risk-managed token, IST is designed for use within the [Cosmos](https://iq.wiki/wiki/cosmos) and interchain ecosystems.  \n  \nIST functions as the native fee token for the Agoric chain, facilitating transactions and supporting platform functionality for users and developers.[\\[10\\]](#cite-id-64f1c19nifr)[\\[14\\]](#cite-id-b1wouao32gs)  \n  \n### Inter Protocol  \n  \nThe Inter Protocol includes contracts on the Agoric [blockchain](https://iq.wiki/wiki/blockchain) that manage the [minting](https://iq.wiki/wiki/minting), [burning](https://iq.wiki/wiki/token-burn), stability mechanisms, and governance of the Inter Stable Token (IST). It aims to facilitate effective management of IST within the Agoric ecosystem.[\\[18\\]](#cite-id-afnl120zog)  \n  \n### Use Cases  \n  \nIST serves essential functions within the Agoric ecosystem and the broader [Cosmos](https://iq.wiki/wiki/cosmos) and IBC environments. Key use cases include:  \n  \n* **Vault Creation:** Users aim to create over-collateralized Vaults by depositing assets such as [ATOM](https://iq.wiki/wiki/atom) or stATOM to mint IST while retaining their original positions.  \n* **Parity Stability Module (PSM):** The PSM facilitates the minting and redemption of external stable tokens for IST at a 1-to-1 ratio, subject to governance-approved limits.  \n* **Interchain Accessibility:** IST aims to provide accessibility across all chains in the [Cosmos](https://iq.wiki/wiki/cosmos) and IBC ecosystems, assisting in transactions and interactions.  \n* **Governance:** An Economic Committee oversees IST's stability, while Agoric BLD stakers have the ability to vote on governance proposals related to the Inter Protocol.[\\[14\\]](#cite-id-b1wouao32gs)  \n  \n## Agoric Native Token ($BLD)  \n  \nBLD serves as the native token of the Agoric chain, facilitating [staking](https://iq.wiki/wiki/staking), voting, wallet creation, and transaction fee payments. It aims to be compatible with self-custody wallets, institutional custodians, and both [decentralized](https://iq.wiki/wiki/decentralized-exchange) and [centralized exchanges](https://iq.wiki/wiki/cex-centralized-exchange).  \n  \nStaking BLD is intended to support transaction validation and network security, enabling holders to earn rewards while contributing to the [blockchain's](https://iq.wiki/wiki/blockchain) stability.[\\[13\\]](#cite-id-azybgh6eu9o)[\\[15\\]](#cite-id-czgvy2hn908)[\\[16\\]](#cite-id-l48p3ud17rh)  \n![bld-logo-color.png](https://ipfs.everipedia.org/ipfs/QmS9XvATw9Z4b3oVhoJKwnEPbf6KZDeyxdCJBouoa4GKwp)  \n  \n### Use Cases  \n  \nBLD serves several essential functions within the Agoric ecosystem:  \n  \n* **Network Security:** Staking BLD aims to validate transactions and maintain network stability.  \n* **Governance Participation:** BLD allows holders to vote on governance proposals, thereby influencing ecosystem development.  \n* **Staking Rewards:** Stakers may receive additional BLD tokens and fees from the Inter Protocol, which encourages ongoing participation.  \n* **Wallet Support:** BLD is designed to be compatible with various wallets, facilitating transactions within the Agoric network.[\\[15\\]](#cite-id-czgvy2hn908)  \n  \n### Allocation  \n  \nAs of Q4 2023, the total supply of BLD tokens is 1,060,000,000. The initial distribution at network launch aims to support various aspects of the Agoric ecosystem as follows:  \n  \n* **Early Contributors:** 186,000,000 BLD (18.6%) is allocated for development, with a four-year vesting schedule and a one-year cliff.  \n* **Network & Decentralization:** 170,000,000 BLD (17%) is designated to support programs aimed at launching and decentralizing the Agoric chain.  \n* **Operations:** 125,000,000 BLD (12.5%) is intended for future software development and growth initiatives.  \n* **Foundation:** 125,000,000 BLD (12.5%) is allocated for grant-making, community support, and advocacy efforts.  \n* **Private Sale:** 125,000,000 BLD (12.5%) is planned for development, with a vesting schedule of two to four years and a one-year cliff.  \n* **Early Backers:** 114,000,000 BLD (11.4%) is intended to provide initial support, following a two-year vesting and one-year cliff.  \n* **Community & Ecosystem:** 55,000,000 BLD (5.5%) is aimed at funding community initiatives and activities.  \n* **Public Sale:** 70,000,000 BLD (7%) is allocated for decentralization, with two vesting options: 1.5 years with a seven-month cliff or two years with an eleven-month cliff.  \n* **Advisors:** 30,000,000 BLD (3%) is designated for expert guidance, adhering to a four-year vesting schedule and a one-year cliff.[\\[16\\]](#cite-id-l48p3ud17rh)  \n  \n# Team  \n  \nThe Agoric team consists of professionals with diverse expertise contributing to the platform's development:  \n  \n* **Dean Tribble**: Chief Executive Officer  \n* **Michael Jablon**: Chief Operating Officer  \n* **Mark S. Miller**: Chief Scientist  \n* **Bill Tulloh**: Economist  \n* **Brian Warner**: Engineering Lead  \n* **Ivan Leichtling**: VP of Engineering  \n* **Iulia Mihailescu**: VP of Marketing  \n* **Rowland Graus**: Director of Product  \n* **Josh Downer**: General Counsel  \n* **Anthony Mandelli**: Social Media & Content Manager  \n* **Matthew O'Donnell**: Director of Human Resources  \n* **Brendan O'Toole**: Senior Product Manager  \n* **Jeet Raut**: Partner Programs Manager  \n* **Anjon Roy**: Mainnet Partner Manager  \n* **AJ Rumph**: Technical Project Manager  \n* **Raphael Salas**: Security Engineer[\\[17\\]](#cite-id-vhuxt093v4)","summary":"Agoric is a Cosmos-based blockchain supporting JavaScript cross-chain smart contracts, utilizing object-capability programming for secure interactions. 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