DERO - Cryptonote Privacy with smart contract | First SSL Network
DERO is a new, experimental blockchain technology written in Golang with a focus on enhanced Privacy and Smart Contracts while maintaining the transparency and security of the blockchain. The goal is to create a unique state of the art blockchain technology with enhanced Reliability, Privacy, Security, Usability, and Portability by bringing together some of the best proven technologies like CryptoNote Protocol and Smart Contracts, thereby allowing for the creation of Private Smart Contracts.
Blockchain is an open, distributed ledger that can record transactions between two parties efficiently, and in a verifiable and permanent way.
CryptoNote Protocol uses a distributed public ledger that records all balances and transactions of its in-built currency like Bitcoin. Unlike Bitcoin, CryptoNote's transactions cannot be followed through the blockchain in a way that reveals who sent or received coins. The only people with access to the whole set of data about a transaction are the sender or receiver of the transaction.
A smart Contract is a protocol intended to facilitate, verify, and enforce the negotiation or execution of a digital contract. Smart contracts allow for direct contract execution without a third party. These transactions are trackable and irreversible. Smart contracts were first proposed by Nick Szabo in 1994.
For more details about Blockchain, CryptoNote Protocol, and Smart Contract see:
Some brief examples of what a smart contract is capable of managing without third-party intervention include: access authorization to a physical object like a building or internet-of-things (IoT) devices, asset management, trading, ticket purchasing, or share distribution. In some instances, an individual or organization would prefer not to reveal the details of the transaction or contract (i.e. participants, amounts, and contract terms) to the rest of the world. Dero brings true privacy to smart contracts for the first time on any blockchain.
Truly private smart contracts are a unique feature offered by DERO that other projects to date (April.1/2018) do not offer. Dero accomplishes this by keeping all ascepts of the transaction, smart contract, and users details private on the original blockchain without the need to trust sensitive or otherwise private information to second layer or off-chain solutions.
- PoW algorithm: CryptoNight
- Max supply: 18.4 million for first 8 years, Infinite ~157,000 DERO/year
- Block reward: Smoothly varying
- Block time: 120 seconds
- Difficulty: Retargets at every block
- Ticker: DERO
DERO KEY FEATURES
- CryptoNote privacy: CryptoNote currencies use a distributed public ledger that records all balances and transactions of its in-built currency like Bitcoin. Unlike Bitcoin, CryptoNote’s transactions cannot be followed through the blockchain in a way that reveals who sent or received coins. Dero utilizes all aspects of the CryptoNote protocol’s privacy features in its new blockchain technology to protect the identities of all parties involved in a transaction.
- Smart contracts: A smart contract is a digital self-executing contract that is capable of enforcing the terms laid out by all participants in the contract. The goal of smart contracts is to significantly increase contract security while simultaneously reducing costs associated with traditional contracts.
- Atomic swaps: Atomic swaps make the exchange of one cryptocurrency for another possible without the need for a trusted third-party. To prevent one party from failing to send their coins, atomic swaps use something called hash time-locked contacts (HTLCs) to enable a trustless trading system.
- Mobile and offline wallets: As with any currency, multiple forms of storage and varying degrees of financial availability are required. Dero is bringing a complete spectrum of wallet storage options to users by providing solutions that range from mobile wallets on mobile devices to offline 2FA (Two Factor Authentication) biometric identification protected hardware wallets.
- Lightweight wallet: Instead of downloading the entire blockchain, a lightweight wallet connects to randomly selected decentralized nodes to utilize the data stored there. This dramatically reduces the amount of data required to transact on the network while maintaining the security of your private keys on your device, not the node the device is connected to.
- Subaddresses: This technology allows for the creation of additional public addresses for one wallet. This allows a user to differentiate where payments are coming from while preventing privacy loss caused by linking transactions to one public address.
- Escrow services on the blockchain: Escrow services may take advantage of Dero’s blockchain technology by using it as the trusted third party. In this instance, a financial instrument or an asset is recorded on the blockchain and held until the appropriate instructions are given, or contractual obligations have been fulfilled.
- Address signing and certifying: Comparable to the way a certifying authority may issue a passport or driver’s license, an individual may receive digital signatures and pre-authorizations that are stored on their individual wallet on the blockchain.
- Voting: Through the use of blockchain technology any group or organization may create a safe and transparent voting system that also maintains complete anonymity among voters.
Smart Contracts on the DERO blockchain will run in a DERO Virtual Machine (DVM). DVM is a Turing complete 256-bit Virtual Machine runtime environment for DERO Smart Contracts with CryptoNote Protocol Privacy and additional modifications. DVM is unique in its ability to execute Smart Contracts while maintaining the privacy and fungiblity of the identities involved in the Smart Contracts. DVM will support the Golang language for writing Smart Contracts with the possibility of Solidity in the future. DVM is in the development phase, and several other features and optimizations are planned which may be added in the future.
- DERO Blockchain full Activation: Q1 2018. - Completed ahead of schedule
- GUI Wallets, Sub Addresses, Atomic Swap, Smart Contract Testing: Q2 2018.
- Smart Contract support on chain. Q3 2018.
- Strategic market expansion.
OFFICIAL POOL: http://pool.dero.live/
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