Introduction
In recent years the world has witnessed a revolutionary technology called Blockchain. It was created to provide an alternative financial solution to every person around the world. Thus, people get freedom from the existing cruel financial model. They will not be under control of any authority or institution, they can make any financial transaction with their own free mind. Blockchain provides power in the hand of every person, they have full control over their financial portfolio management. Blockchain provides the highest level of security, reliability, trust, and transparency.
Public Blockchain provides complete transparency in every transaction and they are publicly available for everyone. But this completely ruins our financial privacy. But technology doesn't stand still, it will develop progressively. Thus, the concept of private Blockchain and privacy coin arises. In this article, we will discuss privacy coins.
Need for privacy
Privacy is a fundamental right of every human being. It may be in personal matters, financial matters or in any other aspect of life. People want to maintain privacy in these fields and most importantly in every financial matter. They don't want to reveal their financial statements and wealth records. They wanted to have full privacy in every financial transaction they make. But somehow they need to comprise their privacy in this matter due to the presence of Banks and government interference. Someone wants to hide their business tactics from their competitors. That's where the importance of privacy blockchain-powered cryptocurrencies arises.
In privacy coins one can hide the sender, receiver and the transaction amount. Today many privacy coins are providing effective services to users. But everything is not so sweet as it seems, because effective utilization of privacy coins comes with many complexities. Such as privacy coins like Monero, Zcash and Dash have their own set of algorithms and technology behind it to provide make fully private transactions. Zcash uses zk-snarks & zk-starks encryption mechanism to provide private transactions on Bitcoin's core network. But the Zcash only supports simple private transactions which makes it limited usability. Monero uses Ring signature, RingCT, stealth addresses, and decentralized mixed currency technology. Even utilizing these advanced technologies Monero poses a high risk of being attacked and leads to the discloser of users privacy. Dash uses trusted Masternodes and third party currency mixing mechanism. As Dash relies on third-party credibility it poses an unpredictable risk.
One common drawback with all the three top privacy coins is that they didn't support privacy smart contacts, which makes them limited usability. Smart contacts is the wonderful mechanism of blockchain technology which provides endless real-world applications. And bringing privacy-based smart contacts open doors of new opportunities. Thanks to a team of professionals who are committed to bringing privacy smart contacts by creating a project called Sero.
Rise of Sero
Sero (Super Zero) wants to create a complete privacy-focused blockchain solution through a non-interactive zero-knowledge proof (NIZK) mechanism. Sero aims to provide complete privacy in user info, transaction details, and turing smart contract functionality. To achieve this Sero has completely redesigned the blockchain protocol structures. The use of NIZK encryption algorithm brings more privacy frameworks in smart contacts which makes it full proof in protecting users privacy.
Sero V1.0 brings new optimization and improves computational efficiency by reducing memory usage. Sero has extended its privacy featuring a mechanism to physical networks and in the network interactions with centralized applications. Sero's privacy solutions help to provide privacy in decentralized applications which bring more use case possibilities in the real world.
Design feature
It is worth to note that existing privacy blockchains provide privacy solutions to limited scenarios, they cannot be expanded to Dapps and smart contact transactions. Sero uses Super-zk mechanism to validate private transactions. Sero chain is designed in such a way that all the transactions done on the blockchain network are completely private, they can't be traced. Sero's encryption technology makes every payment transaction unrelated to the user's real identity. Thus, users no need to create pseudonym accounts for privacy purposes. Sero has extended its security to further levels with which no one can predict the user's identity from transaction statistical characteristics and even with malicious ring nodes. In order to ensure privacy in smart contracts, Sero supports UTXO+ACCOUNT transactions.
Sero has provided privacy level options in the user's hand with which he can make the optional audit of transactions from any trusted third party. In order to maintain the network throughput, Sero has implemented special consensus mechanisms. Sero team has also implemented the ALIEN protocol which provides privacy security for the transmission of information within the decentralized network. And CASTROL protocol which protects the privacy of each node on the internet.
Competative advantages
Conclusion
There is no doubt that Sero will play an important role in accelerating the growth and adoption of blockchain technology in real world application through turing private smart contacts. In the means of privacy, Sero beats all the existing privacy blockchain solutions with it's competitive advantages. It provides privacy in all transactions including smart contacts and in the decentralized application level. The world is waiting for such a real use case privacy-focused solution which can be implemented in every business workflow. Sero truly protects everyone's privacy with its futuristic privacy mechanisms.
Finally, I would suggest you to read the official whitepaper of the project for more details. This project needs much public attention and I wish all the best for this great project.
Learn more about Sero:
Website: https://sero.cash/en/
Read Whitepaper: https://sero.cash/en/uploadfile/upload/2019052010565112.pdf
Wiki: https://wiki.sero.cash/en/index.html?file=home-Home
Telegram: https://t.me/SeroOfficial
Facebook: https://www.facebook.com/SEROProtocol/
Twitter: https://twitter.com/SEROdotCASH/
Discord: https://discord.gg/3AZVMRU
Medium: https://medium.com/@SERO.CASH
LinkedIn: https://www.linkedin.com/company/sero-global-inc/
Reddit: https://reddit.com/r/SERO_Official
YouTube:
GitHub: https://github.com/sero-cash
About Author:
Bitcointalk username: Abhijeetcg
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1676105;sa=summary
Sero address: jK9d19uuUjBNRGH95V6xz5GopGLnVpw8PszZFg9xCDMUAhRZf8QKe1SmNkbQyAYH5RD3uo73QfAMYmybAyRBYmVMK4B8dc2H7tthCeKCMWjRuT6joNVyAkfU6JF7gNN4fME
