Dero Blockchain: CryptoNote Privacy & Smart Contracts Uses?
DERO blockchain is an experimental blockchain project, which was written in Golang. The focus is enhanced privacy and smart contracts while at the same time maintaining high security and transparency for the blockchain. The aim is to ensure the creation of a unique and modern blockchain technology, which has better reliability, security, usability, privacy, and portability. To achieve this, the creators of this technology will bring together unique technologies such as Smart Contracts and the CryptoNote protocol. This will ensure the creation of private smart contracts.
The blockchain is an open and distributed ledger, which can record transaction between two parties with great efficiency. These transactions are also permanent and verifiable. The CryptoNote protocol utilizes the distributed ledger such as the one used by Bitcoin. However, unlike the Bitcoin, the CryptoNote transactions cannot be traced via the blockchain in a manner that reveals who sent or received those coins. The only people who can access data on the transaction history are the receiver and sender.
The smart contract is a protocol, which is utilized to verify, facilitate, and enforce the execution of a digital contract. These Smart Contracts allow for direct contract execution without having to involve third parties. The transactions are traceable and cannot be reversed. Nick Szabo first proposed the smart contract in 1994.
The DERO Virtual Machine
All smart contracts on the DERO blockchain blockchain are going to run on DERO Virtual Machine. The DVM is a Turing Complete 256-bit virtual machine runtime environment created for DERO smart contracts. It has been created with the CryptoNote Protocol privacy and various other modifications.
The DVM has the unique ability to execute smart contracts while still maintaining fungibility and privacy of the identities of those that take part in a smart contract. DVM is going to support Golang and Solidity languages to write smart contracts. DVM is currently in early stages. In future, there may be several other features and tweaks that are added to it in future. The aim is to make it efficient while still maintaining a high degree of privacy during transactions.
Some Of The Issues DERO Can Resolve
The DERO blockchain will allow for the creating of a voting smart contract, which also contains a list of voters. This list will be prepared by distributing authorization codes or signed wallets. With this, the voter will be able to cast their vote and verify it. Because of the use of the CryptoNote protocol and Ring Signatures, it will not be possible to correlate voters with their votes.
Assets can be recorded and stored on the DERO blockchain. This will be done without having the identities and details of those involved. To achieve this, they will utilize subaddresses. However, it will still be possible to conduct an audit and verify the facts. Anything including land, property, and even car registration can be possible with DERO. With the enhanced privacy, owners will not have to worry about revealing intricate details about their personal lives.