The project is an attempt to create a stable cryptocurrency without a third party to neither check for double spending nor to stabilize the price. It is achieved by making the block reward proportional to the hash rate working on it, with Moore's law correction (2.3y smoothed halving). This approach makes the Ergon price dependent on the global electricity prices. It was launched in may the 3rd 2021 with no founders reward or premine.
The main project goal is to create a less volatile version of Bitcoin suitable for the global p2p electronic cash, while keeping the security and permissionlessness assumptions of Bitcoin.