A storm has hit the investment market which we are not going to recover from. Crypto investment is that storm. With strict capital controls in place by most countries to control the flow of money and charge high taxes, cryptocurrency gained usage in circumventing capital controls and taxes, leading to an increase in demand. Cryptocurrency has been able to present an easy to use digital alternative to fiat currencies. Offering frictionless transactions and inflation control, investors have been prudent enough to add these currencies in their diversified portfolios as an asset, as the size of the market does not represent a systemic risk. Cryptocurrency employs the use of cryptography that assures high-security processes and verifies transactions personal to each user. Hence, counterfeiting and anonymous transactions are impossible to achieve.
While this revolution is gaining wide acceptance, SERO, the world's first Privacy Protection platform which allows developers to issue privacy coins and use them in DApps, that means DApps can have Privacy features has arrived.
Blockchain is a technology which enables the protection of data against manipulation. So, in this sense, it increases the security of data. However, simply put, this security is achieved by making the records saved in the blockchain transparent and immutable; and this, in turn, is achieved through the redundant and distributed storage of each record at multiple nodes throughout a large network. If we consider the requirements of the EU General Data Protection Regulation (GDPR), the very essence of the security of blockchain is therefore in contradiction with the privacy required for the protection of personal data.
As a result, the development of a blockchain project needs to include careful examination of what kind of data is being stored, and whether that data could be considered to be personal data.
With that being said, SERO is the world's first privacy coin Protocol supporting smart contract using Zero-Knowledge Proof.
But before we go any further, please check out this video presentation to get even more acquainted
Now that I have your attention, let’s get right to it.
What exactly is SERO?
As depicted above and as indicated on the official website of SERO, SERO (Super Zero) is the world's first blockchain system that truly realizes the complete privacy protection of blockchains through non-interactive zero-knowledge proof. Compared to the existing blockchain privacy protection technologies, SERO not only can realize the privacy protection of account and transaction information but also support Turing complete smart contracts.
In addition, developers can also create their own encrypted cryptocurrencies supporting smart contracts based on SERO-Chain. SERO re-designed the blockchain structure and various underlying protocols, making Turing complete smart contract for privacy protection come true. Making privacy protection measures available for a wider range of application scenarios, and making the attacks on user’s private data more challenging with the advanced NIZK encryption algorithm. In addition, the upcoming SERO V1.0 release, NIZK encryption algorithm is thoroughly optimized, which greatly reduces the memory resources required and improves the computational efficiency. Compared with the mainstream privacy cryptocurrencies, SERO's supports of Turing complete smart contracts, privacy protection measures and its related decentralized applications have significantly broadened its use-case scenarios.
The SERO team considers the privacy protection measures required by the decentralized applications. The team also plans to provide solutions for the security of point-to-point network transmission and the privacy of the physical network address of the account, enables the centralized application to obtain powerful privacy protection functions when interacting with the centralized application or when interacting with the user's client.
SERO's Role In The Future Of Privacy Coins
SERO goal is to be the unique and leader of the privacy chain coin and projects in the coming future because apart from providing a platform that solves the issue of privacy in today cryptocurrencies space. Engineers and DApp developers will also benefit from SERO. A revolutionary, innovative and helpful platform for a wide range of decentralized applications (DAPPS), SERO have currently created an exceedingly refined motor that permits the acknowledgment of complex digital platforms with the very focused on security, privacy, and anonymity.
With a vast experience in on the field of blockchain and fin.tech industry. SERO is a product of years of research to solve the problem of privacy and security issues in the modern-day blockchain. With a unique solution of supporting smart contracts and enabling the creation of Decentralized applications, SERO will be top class's privacy chain project in years to come. SERO privacy security solutions are built on three main protocols which are Sero protocol, Alien protocol, and Castrol protocol.
This backings smart contract creation and privacy of digital assets.
This comprehends the present security chance in the transmission of data inside a decentralized system.
This gives the top of the line insurance to each and every hub on the internet inside a decentralized system.
The SERO Token and Usage
The SERO team has created a utility token which will serve as the main engine meant to drive the SERO ecosystem, SERO token will serve lot purposes such as :
Payment for bookkeeping reward and incentives.
Those who take part in the community development will be rewarded with SERO
SERO will be used to pay those providing algorithm as rewards for their services on the SERO platform.
The SERO Design
In order to make the SERO design unique, they will be operating with these principles:
It is expected that every transaction on blockchain network should have an input or output, this construct an acyclic graph of transactions, this is base where all transaction flows and can be tracked, the purpose of SERO design is to break the link between the two transactions, this will make the attacks impossible
Every user on the blockchain network has their own collection address. Once an address is related to the real user identity, all transaction that takes place in the network can be associated with the corresponding user identity.
MEET THE AMAZING TEAM
Be a part of this incredible project. Download the whitepaper for the full scoop.
Till next time…
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Disclaimer: This article was published in terms of the bounty campaign. I am not a project team member or its representative but a supporter of this incredible project.