Dero, (|dēro|; DERO)
Over the last three decades, a tension has been building as technology and the pace of our collective activities advance at an ever-increasing rate. We have become accustomed to the extraordinary convenience and independence the continual access to online information and services provides — yet, we’re beginning to pay an unacceptable premium for them. On the surface, many agree that inattention and memory are said to suffer. More indirectly, though, we may be paying a much higher price as it relates to our privacy.
As the internet of money begins to creep inward from the lunatic fringe to the mainstream, this struggle between independent control over your data (and who may or may not access it) is certain to become an enormous public concern. Many believe we are currently unprepared, so how will we deal with it when the time comes that is overwhelmingly obvious?
Among the many privacy-focused cryptocurrencies, Dero has its sights set precisely onto this eventuality and is designed from the outset to address it. Modeled from the CryptoNote protocol and coded in Golang, Dero begins with a fundamentally private starting point by ensuring anonymity of balances. Without security, however, anonymity accomplishes nothing. This is why 51% attack resistance and double-spend immunity are the second core value proposition of the coin.
This private-by-default position is tempered by Dero’s recognition that traditional systems are not likely to mesh with how privacy is often seen as having nefarious intent (instead of the true intent of supporting autonomy and freedom). To bridge the gulf between the two perspectives, publicly verified authorities will enable users to add their signature to individual wallets. Taking such a step is one which will facilitate further integration of both the practical use of digital assets as well as bringing important ideas which fall by the wayside in our current big-business environment.
Digital Chain Mail
The Dero blockchain itself is a unique beast, and atypical of what is generally understood of blockchains. Instead of using the typical structure, a directed acyclic graph (DAG) is employed and provide certifiable resistance to exploitation as forking is not possible.
Dero is also able to claim the first CryptoNote-based blockchain to have implemented rocket bulletproofs which are a full ten times faster than usual and are used to ensure that anonymous transactions are valid. Considering that hash time-locked contacts (HTLCs) also enable atomic swaps with other cryptocurrencies as well, Dero has positioned itself well among it’s competitors without simultaneously isolating itself.
Expedience and Utility
With this heavy-duty security and speed underpinning transaction, the development team will next be working toward the implementation of anonymous smart contracts. By ensuring transactions and users details private by default, trustless execution of the smart contracts may be realized in a second layer (aka “off-chain”) manner. Uses of such an arrangement are limitless, however voting and escrow services on the Dero blockchain are cited as ripe candidates which may attract significant adoption once realized.
As the cryptocurrency sector of our emergent digital era continues to grow and find footing which will position it in ways that can reach the average individual, the battle between privacy and convenience is certain to intensify. It is the efforts of projects such as Dero which will determine the outcome. The future is uncertain, however one thing is clear: building solid solutions for problems which are likely to become more relevant in the future will have remarkable impact.
Want to know more, or experience the Dero community firsthand?
Official website: https://dero.io/