Cryptocurrency

Introduction to DERO and Why it is Being Considered as the Next Big Thing?

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Since quite some time, a crypto coin named DERO has captivated the attention of cryptocurrency enthusiasts. Not just that, the development team of Dero has managed to get all the applause for their dedication and development. So let’s find out about the Dero coin and what the buzz is all about.

The primary goal of DERO is to become the most DAG or decentralized directed acyclic graph blockchain which provides the business and users with the most reliable, private and secure operation. Utilized by the blockchain of Ethereum, the protocol is deemed to be the best protocol that exists today.

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DERO Features :

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  • DERO is immune to double spending. Meaning, the transactions can’t be duplicated by anyone.
  • DERO’s development team possesses wallets on all the operating systems. The web wallet on the other hand also has the required encryption for the sake of maximum privacy and safety.
  • Dero has zero orphan blocks or chain splits. But what is an orphan block? The orphan block occurs when two miners simultaneously win the block rewards. The main chain does not consider the rewards from the orphan block as its part which makes them worth nothing.
  • Orphan blocks can also occur when an attacker attempts to reverse the transactions. The team at DERO, however, found a solution by creating the first-ever proof of work blockchain/DAG hybrid. The incidental advantage of this hybrid can be realized in the form of a secured chain and 75 transactions per second.
  • DERO is also the first crypto to have implemented bullet-proofs on the main Interestingly, that makes DERO 10 times more rapid than the blockchain of Monero. As bulletproofs hide the amounts that are being traded, it greatly helps in maintaining anonymity. This capability is achieved by allowing effective secret transactions.
  • Bulletproof is a primary element of DERO’s crypto protocol. It can be used by individuals and companies alike. While average retail users can utilize the anonymity to hide their transactions, corporations can use it for keeping their internal settlements private. It’s a great privacy feature.
  • The Dero file system and the virtual machine are expected to be out by year-end. The virtual machine which works in alliance with the Dero file system will help in executing codes of the smart contracts. The file system will prove to be the decentralized storage to store smart contracts.

With all these features, there is one issue the Dero development team is trying to resolve. Currently, the transaction and details of smart contracts are apparent to blockchain’s eyes. Making these smart contracts private is the innovative goal that the team is trying to achieve.

Another recent update from the team is that the smart contracts of DERO would be the simplest to write due to the Visual Basic and GwBasic based DVM-basic.

With speed and privacy being a top feature of DERO currency, the DERO coins will be utilized for exchange inside the network. Moreover, the coin will also power the smart contracts.

All these insights make it quite understood why people are enthusiastic about DERO as it promises companies and users the privacy option and private currency for the system of their smart contracts. It also offers more speed than Monero and Ethereum. Presently, the DERO coins are available on Trade Orge and Stex.

 

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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