The Community Speaks segment is written by select members of cryptocurrency coin or token project communities who want to update the Altcoin Buzz Army about news surrounding the project they represent. The goal of the Community Speaks Segment is to bring these community members in to introduce the Altcoin Buzz Army to their opinions surrounding their respective projects and keep them updated on its progress. Any ideas or opinions expressed here do not necessarily align with those of the Altcoin Buzz core team.
Several weeks ago there was a conversation starting around a coin called DERO. I decided to take a look and find out why some were calling the DERO development team some of the most skilled and dedicated developers around. Let’s take an in-depth look at the DERO network and coin.
DERO’s goal is to be the most-decentralized DAG blockchain that offers all it’s users and businesses the most secure, reliable, and private usability. DAG stands for the directed acyclic graph. This protocol is used by the Ethereum blockchain and is considered the most optimal protocol to exist. Let’s look at some key features about DERO and it’s blockchain’s power.
First, deroDAG has no chain splits or orphan blocks. Orphan blocks are very annoying as they can happen when two miners win block rewards at similar times. Reward from orphan blocks are not considered part of the main chain and are thus not worth anything. Another cause for orphan blocks is an attacker trying to reverse transactions. So how did the DERO team solve this? They created the first proof of work DAG/blockchain hybrid. A secondary benefit to this hybrid is the 75 transactions per second and a secure chain.
DERO was the first to implement bulletproofs on the main net which makes it 10 times faster than Monero’s blockchain. Bulletproofs help maintain anonymity among transactions by hiding the amounts being traded. They do this by enabling efficient confidential transactions. Bulletproofs is a key component of DERO’s cryptographic protocol. Retail users like the average Joe can use the anonymity functions to cover their transactions. Companies and institutions that wish to keep their internal transaction private can also use this. I mean do you know how much Vayner Media was paid for that snapchat campaign? Nope, and you will never know because privacy is the key factor.
Dero is also double spend immune. People cannot duplicate the same transactions. For confirmations to proceed all that is needed is confirmations that occur in under 2 minutes.
The development team has wallets across all operating systems, and the web wallet has all the encryption needed for optimal safety and privacy.
The Dero virtual machine and file system is coming by the end of the year. The file system is a decentralized storage for smart contracts. The virtual machine helps execute the smart contract codes and it works in conjunction with the file system because it stores the smart contract data.
But what’s a smart contract? Here’s a line that is taken from Wikipedia to help explain:
“A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract.”
At the moment, there is an issue that the DERO team is focused on fixing. Smart contract details and transactions are visible to eyes on the blockchain. One of the most innovative tasks by the DERO team is to create private smart contracts. Individuals and companies wish to keep their transactional details private and the DERO team is focused on making this a reality.
The DERO smart contracts will be the easiest to write thanks to the DVM-basic which is derived from “GwBasic and Visual Basic”. This is one of the newest updates from the development team.
What’s the use case for the DERO coin? The coin is the means of exchange within the network. It will also help to power the private smart contracts. Privacy and speed is a top feature for the DERO coin.
It’s easy to see why so many people are excited about this project. A coin and blockchain that will truly give users and companies a private currency and a private option for their smart contract system. One that is faster than Ethereum and Monero. The development team has achieved so much success that people are starting to notice. You can find the DERO coin on Stex and Trade Orge. To learn more join their telegram and visit their website.
This article was brought to you by a member of our Community Speaks team. The Community Speaks team is made up of members of different project communities who want to make their voice heard in the Altcoin Buzz community. If you are interested in becoming part of our Community Speaks team please contact @Garrett59 on telegram.