Dero is the first cryptocurrency project to combine Proof of Work blockchain with DAG block structure and fully anonymous transactions. The fully distributed ledger processes transactions with an average block time of twelve seconds and can securely resist most hash rate attacks. Dero will be the first CryptoNote blockchain to have smart contracts natively on its main chain, without any additional layers or secondary blockchains.
DERO Virtual Machine
DERO blockchains smart contracts will run on the DERO Virtual Machine (DVM). DVM is a Turing-complete 256-bit virtual machine environment for DERO smart contracts and CryptoNote protocol, as well as other modifications. DVM is unique because, in addition to executing smart contracts, it maintains the privacy and fungibility of identities involved in smart contracts. DVM will support Solidity and Golang languages. DVM is under development with several features and optimizations planned. DERO started as a code fork of Monero (which itself was a fork of Bytecoin). Leveraging the CryptoNote protocol, DERO aims to become a new blockchain technology integrating privacy-focused features of the CryptoNote protocol along with new smart contract control capabilities. The core Cryptonote is undergoing Golang updates. DERO will introduce smart contracts on the DERO blockchain. The implementation of the CryptoNote protocol in Golang is largely complete.
Project Outlook
Dero combines the best aspects of Monero, Ethereum, Nano, and even Beam (in the form of selective auditability), building a project that reminds me of Chainlink: not focused on excessive marketing but rather on the technology itself. Once the work behind the scenes is revealed, price trends will likely show sustained growth, making other top 100 coins envious. A primary issue I hope to see addressed by the Dero team is legitimacy. Monero is often recognized as the "typical money laundering" coin, which is not conducive to global adoption or government acceptance. However, there remains a significant opportunity for Dero to establish itself as the first in private smart contract solutions for businesses that require such services. We should not assume that cryptographic privacy is only used for nefarious purposes, just as we wouldnt assume our neighbors are committing crimes behind closed doors. Additionally, there are legitimate needs for privacy, such as voting services, escrow services, address authentication/verification, and more, all of which are just some of the legitimate purposes of these private smart contracts, many of which still need to be built. If Dero can effectively brand itself (or even rebrand as rumors suggest), they can eliminate the unfounded fears of cryptocurrencies worldwide and take their fate into their own hands. With the technology, vision, and progress Dero has demonstrated thus far, they have earned a place in the future of the crypto world, and if they can continue to survive, their rise will capture everyones attention.
Technical Overview
1. Based on the CryptoNote Privacy Protocol, Dero uses the CryptoNote privacy protocol, meaning that Dero transactions cannot reveal who sent or received currency through the blockchain. Dero leverages all aspects of the CryptoNote protocols privacy features in its new blockchain technology to protect the identity of all parties involved in transactions.
2. Utilizing DAG and PoW Algorithm, this approach avoids soft forks and 51% double-spend attacks.
3. Implementing Smart Contracts: Smart contracts are digitized self-executing contracts that can enforce the terms agreed upon by all participants in a contract. The goal of smart contracts is to significantly improve contract security while reducing the costs associated with traditional contracts.
4. Using Bulletproofs: Dero reduces transaction fees significantly, making it very user-friendly.
5. Adopting Atomic Swaps: Atomic swaps enable the exchange of cryptocurrencies without the need for a trusted third party. To prevent one party from failing to send currency, atomic swaps use a feature called Hashed Time-Lock Contracts (HTLCs) to enable trustless transactions.
6. Voting: Using blockchain technology, any group or organization can create a secure and transparent voting system while maintaining complete anonymity among voters.
7. Blockchain Escrow Services: Escrow services can leverage Deros blockchain technology as a trusted third party. In this scenario, financial instruments or assets are recorded on the blockchain and held until appropriate instructions or fulfillment of contractual obligations. Dero has achieved many technical innovations, such as being the first to adopt smart contracts in an anonymous coin, enhancing its security. Utilizing DAG alongside PoW avoids soft forks and 51% attacks; in the Dero mainnet, the DAG networks main blocks reward miners with 100% rewards, and side blocks with 8% rewards, addressing the natural forking issue caused by the extremely fast block times of 12 seconds. Therefore, Dero does not experience soft forks or orphaned blocks. Furthermore, if the Dero network finds multiple blocks at the same height, Dero includes all blocks instead of choosing one, making hash power attacks futile. Another innovative aspect is that in Dero transactions, not only are the transaction addresses anonymous, but also the addresses of smart contracts.
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