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Agoric is a smart contract platform built on the Cosmos SDK that uses Tendermint Proof-of-Stake (PoS) and a native token to secure the network. The Agoric chain enables developers to create decentralized applications (dApps) using composable JavaScript smart contracts. It also contains built-in decentralized finance (DeFi) primitives, allowing Agoric to support a secondary, stable local currency for facilitating economic activity to maintain a healthy ecosystem. Agoric is a virtual-machine, Layer-1 blockchain built on Tendermint that provides developers with a smart contract framework. Agoric's VM and smart contract framework are products of the founders' research on asynchronous messaging and object-capability security models. The Agoric chain aims to provide the means to define, protect, and transfer digital assets, as defined by the network's intrinsic property rights model. According to the team, this model enables developers to partition permissions and risk throughout the system. The Agoric Smart Contract Framework Electronic Rights Transfer Protocol (ERTP): ERTP provides a standard way to create and exchange various digital assets, both fungible and nonfungible. The object approach aims to make it easier to create digital assets that are tradable and composable. With ERTP, developers can represent arbitrary property rights and cryptoeconomic abstractions in a standard way, which may help accelerate development and mitigate long-term security hazards. Zoe: Zoe aims to reduce the burden of smart contract programmers. It offloads the responsibility for safeguarding user assets, enabling developers to focus on their applications. Zoe performs the required escrow and enforces offer safety and payout-liveness guarantees, thereby reducing the risk of the contracting parties. System-defined contracts: The network leverages the smart contract framework to implement governance, staking, staking derivatives, and other cryptoeconomic primitives. It makes these same contract components available for reuse by user-defined smart contracts. The Agoric VM Secure JavaScript runtime: The Agoric VM (called Swingset) provides a secure and distributed JavaScript runtime, which enforces ocap and enables the composition and reuse of code. DeFi dApps today consist mainly of Web2 front-ends coded in JavaScript connected to Web3 smart contract backends programmed in Solidity, with no consistent framework for connecting the two. Agoric aims to allow developers to write their smart contracts and front-end interfaces in JavaScript, a commonly used Web2 programming language. Using the same language for both ends of an application may provide some consistency across the entire stack. JavaScript also comes with a wide developer base and mature tooling (libraries and packages) that could spark development. Object-capability (ocap) security: Agoric's ocap security architecture (developed by Miller in 2006) allows JavaScript to be safe for coding blockchain-based applications. SES, developed by Agoric, is a standards-track subset of JavaScript that enforces object-capability security, a battle-tested security model used in secure operating systems (Heiser & Elphistone, 2016). Ocaps provide fine-grained permissions that support the partitioning and managing of risk and uses a familiar object-oriented framework for enforcing digital property rights. Agoric distributed programming model extends the ocap security architecture across systems, providing a consistent model for front-end developers and enabling secure, asynchronous programming between chains. Exponential composability: JavaScript's popularity has been driven, in large part, by the power of composition. When Node.js launched in 2010 with npm, the node package manager, it created a culture of reuse. Today, there are more than 800,000 reusable packages on npm. Ninety-seven percent of modern web application code is from reusable packages; only 3% is newly written code. Ocap aims to enable safe composability and npm-style reusability for blockchain use-cases. Underlying Architecture Cosmos/Tendermint: The Agoric VM is architected 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. Tendermint is a proven Byzantine Fault Tolerance (BFT) consensus engine that can provide fast throughput and finality. Dynamic IBC: The Inter-Blockchain Communication protocol (IBC), co-developed by Agoric, enables the Agoric programming model to operate across Tendermint-based chains. IBC gives Agoric chain users access to the protocols, liquidity, and assets based in the Cosmos ecosystem and potentially beyond (current projects are underway to connect to Polkadot via IBC and to peg assets from Zcash, Ethereum, and Bitcoin). IBC provides a bridge for bringing external financial assets onto the Agoric chain for funding activities and chain growth, collateralizing contracts, staking, and participating in trade and related transactions, and for making Agoric assets and smart contracts available to other chains.