DERO is a relatively new cryptocurrency that has gained a lot of attention in the digital asset world for its unique technology and strong focus on privacy and security.
Founded in December 2017, DERO is a project led by a team of experienced developers with a passion for cryptography and blockchain technology. From the very start, the team behind DERO had a clear vision for their project: to create a platform that prioritizes both privacy and security for their users.
One of the key benefits of using DERO is its high level of privacy. While many cryptocurrencies, including Bitcoin, are pseudonymous (meaning that transactions can be traced back to a specific user), DERO is a blockchain platform that utilizes homomorphic encryption to protect user data. This means that account balances and other information are never decrypted by the blockchain itself, and can only be accessed by the account owner.
In addition to its privacy features, DERO also boasts fast transaction times with low fees and allows a large number of transactions to be processed simultaneously, resulting in quick confirmation times. Additionally, because it uses a proof-of-work consensus algorithm, it is more decentralized than many other cryptocurrencies and is resistant to 51% attacks.
DERO’s Use of Homomorphic Encryption
On February 26, 2022, DERO launched STARGATE, and this marks a major milestone to its blockchain platform development and is a testament to the hard work and dedication of the team and whole community!. This update (coded in GoLang totally from scratch) is based on the DHEBP (DERO Homomorphic Encryption Blockchain Protocol), which totally replaces the previously developed CryptoNote protocol. The migration to DHEBP represents a significant advancement for DERO, as it brings numerous benefits such as increased scalability and security.
Homomorphic encryption is a form of encryption that permits users to perform computations on its encrypted data without first decrypting it. These resulting computations are left in an encrypted form which, when decrypted, result in an identical output to that produced had the operations been performed on the unencrypted data.Source: Wikipedia
DERO’s use of Homomorphic Encryption sets it apart from other cryptocurrencies and makes it a truly unique and innovative choice for those who value security and privacy. Its commitment to protecting user data sets it apart from the competition and makes it an appealing choice for individuals and organizations looking for a secure and private digital asset.
I personally think DERO is a pioneer in the cryptocurrency world, as it is the first project to implement Homomorphic Encryption. This revolutionary technology allows data to be processed and analyzed without ever having to be decrypted, ensuring that the highest level of security and privacy is guaranteed for all users.
Security Measures on the DERO Network
The DERO Project has developed a global blockchain network that prioritizes privacy and security for its millions of users. In order to protect the network and its participants, DERO has implemented self-signed TLS encryption for all network communication, which prevents eavesdropping and tampering of data.
Additionally, DERO uses UDP for peer-to-peer communication rather than TCP, which enhances security by reducing the exposure of the node software to the operating system’s kernel and minimizing network overhead.
The DERO team is constantly working to improve the network’s performance and scalability, including the use of ECDSA for key generation in order to increase the number of handshakes per second. These efforts ensure that DERO is well-equipped to handle enterprise services and other large-scale applications in the future.
DERO Stargate is, finally, a decentralized application platform that is designed to be private, scalable, and user-friendly. It allows developers to create powerful and unstoppable applications that can be deployed on the DERO network, while giving users complete control over their assets and preserving their privacy. We encourage users to try out Stargate and provide feedback to help us continue to improve and evolve the platform.”
Benefits of Using DERO
Certainly! Here are a few more points about DERO:
- DERO was first launched in 2017 and has since undergone several updates and upgrades. Its latest version, DERO Stargate, was released in early 2022 and brought significant improvements to the network, including enhanced privacy features and increased scalability.
- In April 2018, the DERO network migrated to the Golang code base, and also unveiled a new blockchain technology called “Atlantis” that combines the Cryptonote protocol with directed acyclic graph and Rocket Bulletproofs, leading to fast blocktimes and high transaction speeds.
- By August 2018, the DERO team had initiated applications for listings on major exchanges and was focusing on marketing towards professional and business users and developers.
- In 2020, DERO released the AstroBWT mining algorithm, which is ASIC/FPGA/GPU resistant and can be run on various devices including ARM CPUs and mobile devices.
- One of the main goals of the DERO team is to create a cryptocurrency that is easy to use and accessible to everyone. To that end, they have developed user-friendly wallets within both CLI and GUI interfaces, as well as a simple and intuitive interface for making transactions.
- DERO has a strong community of supporters and developers. The project has a dedicated Reddit board, Discord channel, and Telegram group where users can discuss the latest developments and get support from the team.
- In addition to being used as a means of exchange, DERO can also be used for other applications. For example, it can be used to create smart contracts and decentralized applications (DApps) on top of its blockchain.
- DERO has a limited maximum supply of just 21 million coins.
- As a Layer 1 platform, it is integrated directly into the core protocol of the network, providing a solid foundation for building applications that are decentralized, secure, and private. This makes DERO an attractive choice for developers looking to create applications that prioritize these values.
DERO is a cryptocurrency that has seen significant growth in recent years. Currently. at the time of writing, trading at a price of $3.98, it has the potential for strong returns for investors. In fact, DERO reached an all-time high of $27.29 in October 2021, demonstrating its potential for price appreciation.
One of the key factors contributing to DERO’s success is its high number of real-world transactions. To date, the cryptocurrency has processed over 1.5 million transactions, indicating strong adoption and usage. This is particularly impressive considering that DERO is a relatively new cryptocurrency, having only been launched in 2017.
If you are interested in finding out more about DERO, please visit their website for further information.
In addition to its high volume of transactions, DERO is known for its fast processing times. With an average transaction time of just ~18 seconds, it is one of the quickest cryptocurrencies on the market. This makes it a convenient and efficient choice for users, and is likely a contributing factor to its growing popularity. Overall, DERO is a cryptocurrency that has a lot to offer with its strong adoption and fast transaction times.
In my opinion, DERO is a cryptocurrency that is definitely worth considering for anyone interested in the digital asset space, including investors and developers. Its unique technology, strong focus on privacy, fast transaction times, and low fees make it stand out among its peers. Its decentralized governance model and active community are also major positives in my view. Even for those new to the world of cryptocurrency, I believe that DERO is a project worth researching and potentially investing in. Developers in particular may find it an attractive platform for building decentralized applications. I highly recommend giving it a closer look and seeing for yourself all that it has to offer.
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