Egoras (old): Decentralized Microcredit and Financial Inclusion Protocol

What is Egoras (old)

Friends, imagine this scenario: somewhere in the world, many people are unable to borrow money from traditional banks to start businesses, expand operations, or handle unexpected expenses, simply because they lack a bank account or sufficient collateral. The Egoras (old) project, abbreviated as EGR, acts as a “decentralized microcredit bridge” for those forgotten by the traditional financial system.

Simply put, it is a blockchain-based microfinance protocol targeting individuals and small businesses who cannot access banks or other financial services. Its core function is to provide “unsecured microloans,” something almost impossible in traditional finance.

So, how does it work? You can think of it as a community mutual aid fund. If you’re a participant in Egoras, you can lock your EGR tokens and vote on which loan applications should be approved. Your voting not only helps those truly in need of funds, but also earns you rewards. It’s like using your own “credit” and “judgment” to support community development, and being rewarded for it.

Project Vision and Value Proposition

The vision of Egoras (old) is very clear: it hopes to use blockchain technology to expand the accessibility and inclusivity of financial services, addressing the issue that over 2 billion people worldwide lack access to basic financial services. Its core value proposition is to provide capital sources for “underserved” or “unserved” communities, helping people start businesses, support SMEs in obtaining expansion funds, and meet household needs.

Compared to traditional financial institutions, Egoras (old) stands out for its “decentralized” and “unsecured” features. Traditional banks usually require strict credit checks and collateral, while the Egoras protocol attempts to solve trust and risk issues through community governance and token incentives. It is committed to improving the quality of financial services and reducing the cost of financial services for these communities.

Technical Features

The technical core of the Egoras (old) project lies in its “on-chain governance” and “self-funding treasury” systems. On-chain governance means that the project’s rules and decision-making processes are recorded on the blockchain and executed through token holders’ votes. It’s like a transparent digital government jointly managed by community members.

The self-funding treasury means the project itself has a fund pool to support its operations and development, without relying entirely on external investment. Although the whitepaper mentions these core concepts, there is relatively limited public information about its specific underlying technical architecture, consensus mechanism (such as whether it uses Proof of Work (PoW) or Proof of Stake (PoS)), and other deeper technical details.

Tokenomics

Basic Token Information

• Token Symbol: EGR
• Issuing Chain: Ethereum
• Contract Address:
  0x73Cee8348b9bDd48c64E13452b8a6fbc81630573
• Total Supply: 99,097,732,541.23 EGR
• Circulating Supply: According to the project team, Egoras (old) self-reports a circulating supply of 0 EGR and a market cap of $0. This data has not been verified by the CoinMarketCap team.

Token Utility

The EGR token plays a crucial role in the Egoras ecosystem, mainly serving the following purposes:

1. Governance Voting: EGR holders are the “decision-makers” of the Egoras lending protocol. They can lock EGR tokens to vote on loan applications, deciding which should be approved or rejected. This empowers community members to directly participate in project operations.
2. Reward Mechanism: EGR holders who participate in voting can receive two types of rewards:
   • EGR Voting Rewards: These rewards are generated through an inflationary monetary policy, meaning additional EGR tokens are minted to reward voters.
   • ETH Rewards: When borrowers repay loans, a portion of ETH (Ethereum’s native token) is distributed to EGR holders who participated in voting. It’s like helping the community successfully lend, and the community shares part of the profit with you.

It’s worth noting that EGR tokens locked for governance voting are returned to holders within 72 hours after the governance process ends.

Team, Governance, and Funding

Regarding the core team members and specific background information of the Egoras (old) project, public sources do not provide detailed disclosures. The project’s governance mechanism mainly relies on EGR token holders. As mentioned earlier, EGR holders lock tokens to vote on lending protocol proposals, enabling community-driven decision-making. This model aims to achieve decentralization and reduce reliance on a single centralized entity.

In terms of funding, the whitepaper mentions a “self-funding treasury” system, meaning the project may accumulate and manage funds through its own protocol mechanisms to support its development and operations. However, there is currently a lack of public data on the specific size of the treasury, sources of funds, usage, and the project’s funding runway.

Roadmap

For a project like Egoras (old), information on its historical milestones and events, as well as future specific plans, is very limited in current public sources. Given the “(old)” label in the project name, this may indicate it is an earlier project or has undergone iterations and evolution. Therefore, it is difficult to provide a detailed timeline-style roadmap. Typically, newer blockchain projects publish detailed roadmaps to showcase their development plans and milestones.

Common Risk Reminders

Investing in any cryptocurrency project comes with risks, and Egoras (old) is no exception. Here are some common risk reminders:

1. Technical and Security Risks:
   • Smart Contract Vulnerabilities: Any project based on smart contracts may have code vulnerabilities, which could lead to loss of funds or system attacks.
   • Protocol Stability: As an “old” project, its maintenance and update activity may be low, and potential technical issues may not be fixed in time.
2. Economic Risks:
   • Loan Default Risk: The core of Egoras (old) is providing unsecured microloans. If borrowers default in large numbers, it could negatively impact the protocol’s economic model and token value.
   • Token Inflation Risk: EGR token voting rewards are generated through an inflationary policy, meaning the token supply increases. If inflation is too rapid or lacks effective balancing mechanisms, it may dilute token value.
   • Liquidity Risk: As an “old” project with a self-reported circulating supply of 0, EGR tokens may have low trading volume and liquidity in the market, making buying and selling difficult and causing large price fluctuations.
   • Market Volatility: The cryptocurrency market itself is highly volatile, and the price of EGR tokens may be affected by overall market sentiment, macroeconomic factors, and the project’s own development status.
3. Compliance and Operational Risks:
   • Regulatory Uncertainty: The global regulatory environment for cryptocurrencies and decentralized finance (DeFi) is still evolving, and future policy changes may impact project operations.
   • Governance Efficiency: While on-chain governance is decentralized, it may face issues such as low decision-making efficiency, insufficient voting participation, or voting power being controlled by a few whales.
   • Information Transparency: Lack of detailed team information, fund usage reports, and future roadmaps may increase uncertainty for investors.

Please remember, the above is not an exhaustive list of risks. Be sure to conduct thorough personal research and risk assessment before investing.

Verification Checklist

When researching any blockchain project, here are some key pieces of information you can verify yourself:

• Block Explorer Contract Address:
  • EGR Token (Ethereum):
    0x73Cee8348b9bDd48c64E13452b8a6fbc81630573
    You can use an Ethereum block explorer (such as Etherscan) to check the contract’s transaction history, holder distribution, and more.
• GitHub Activity:
  • EgorasMarket/what-is-egoras: This GitHub repository contains the Egoras protocol whitepaper, but shows 0 stars, 0 watchers, and 0 forks, which may indicate low codebase or documentation update activity.
• Official Website/Community: Try to find the project’s official website, social media (such as Twitter, Telegram, Discord), and forums to learn about the latest developments and community activity.

Project Summary

The Egoras (old) project (EGR) is an early attempt to solve global microcredit issues through blockchain technology. It uses a decentralized approach, allowing EGR token holders to participate in loan approval governance and earn EGR and ETH rewards. Its core value lies in providing financial inclusion for groups ignored by the traditional financial system, helping them access the funds needed for development.

However, as a project labeled “(old),” public information is relatively limited, especially regarding the team, detailed technical architecture, specific roadmap, and funding operations. The self-reported circulating supply of 0 also adds to market information uncertainty. Despite its grand vision, investors considering such projects need to be fully aware of potential technical, economic, and operational risks, especially issues of insufficient liquidity and low information transparency.

In summary, Egoras (old) represents an exploration of how blockchain can address real-world financial inequality. For interested parties, it is recommended to conduct deeper research, consult all available official materials, and carefully assess all potential risks. This is absolutely not investment advice.