SERO - the first fully anonymous blockchain.

bountyacaunt (32)in #sero • 5 years ago

Cryptocurrency is entering our life more and more tightly. Now it is very difficult to imagine our existence without Bitcoin and blockchain. It seems, the blockchain implies complete confidentiality, and there’s nothing to strive for. But, there was a team that created a truly anonymous blockchain, uniting in a whole, seemingly completely different things. Now we will get acquainted with the project SERO

What is sero?

As the developers working in this project claim to be SERO, this is really the first of its kind anonymous or better to say confidential blockchain. On this basis, you can create something innovative and unusual, completely anonymous, using smart contracts.

The basis or core of the SERO platform can be a separate coin, which has complete anonymity. Such a coin is based on Turing's smart contracts, using the Zero-Knowledge Proof technology. The advantages of this symbiosis are the ease of use of smart contracts, as well as a completely anonymous distributed registry.

Anonymous platform

Since we already have coins, we need a blockchain that fully matches the options of the coins, that is, it has complete anonymity. Developers have created such a platform. And now, everyone who decides to switch to a fully anonymous blockchain will have the opportunity to use not only anonymous coins, but also create decentralized and completely anonymous applications.

Data storage

Naturally, for the operation of the platform and data storage, an extensive and fast storage library and complete anonymity are needed. And here a solution was found. For these purposes, the developers decided to use the library with the encryption protocol Zero-Knowledge Proof. This is what allowed us to achieve a twenty-fold excess of the nominal data transfer rate in a distributed registry.

Project advantage

Naturally, to implement such an idea, decisions of other developers were borrowed. But the whole point is that in those decisions were made their own edits and searches, which brought the technology to the ideal.

Algorithm NIZK

Experts in the field of blockchain know the NIZK algorithm. Thanks to research, and further, and the publication of Ben-Sassoon, published in 2014, the developers of SERO have been able to significantly optimize this process.

Encryption process

The encryption process plays a crucial role in the performance of the platform and its speed. In our case, the Zcash encryption process is used, which unfortunately is not fast enough (one transaction takes 1-2 minutes). Naturally, for SERO this is unacceptable. Therefore, changes were made here. As a result, the encryption speed decreased by 20 times.

Blockchain structure

Initially, the SERO platform was created on the ethereum blockchain. But here it was not without making improvements. In our case, the UTXO + mode has been implemented. This solution will even more ensure the anonymity and security of the tokens released on the SEROCHAIN blockchain.

Turing protocol

Thanks to the use of the Turing protocol, developers interacting with the SEROCHAIN blockchain can issue completely anonymous coins and use them in decentralized applications. All this became possible after the use of the zero-disclosure algorithm and the homomorphic encryption protocol in the blockchain.

Multiple Token Support

We are used to the fact that one blockchain supports only one type of token. In SEROCHAIN, the situation is slightly different. Each developer can create their own type of token, which will be supported by the blockchain SERO. As you can see, this is a unique opportunity for SERO to support several different digital assets created in its own blockchain.

Privacy audit

In the event that any of the parties requires an audit of transactions, a third independent party will be suitable for this purpose. If it is impossible to do this in other blockchains, then in SEROCHAIN it is not only possible, but there is also a choice of permitting an audit.

Conclusion: In my opinion, the SERO project is one of the best I have been considering lately. I would describe it as an improved anonymous blockchain with an unusually high potential for developing decentralized applications and more. Many will ask why SERO? I will answer - because the project is already working: the blockchain has been launched, there is a wallet of its own, and mining of coins is underway.