DERO is a new, experimental blockchain technology written in Golang with a focus on enhanced Privacy and Smart Contracts while maintaining the transparency and security of the blockchain. The goal is to create a unique state of the art blockchain technology with enhanced Reliability, Privacy, Security, Usability, and Portability by bringing together some of the best proven technologies like CryptoNote Protocol and Smart Contracts, thereby allowing for the creation of Private Smart Contracts.
Blockchain is an open, distributed ledger that can record transactions between two parties efficiently, and in a verifiable and permanent way.
CryptoNote Protocol uses a distributed public ledger that records all balances and transactions of its in-built currency like Bitcoin. Unlike Bitcoin, CryptoNote’s transactions cannot be followed through the blockchain in a way that reveals who sent or received coins. The only people with access to the whole set of data about a transaction are the sender or receiver of the transaction.
A smart Contract is a protocol intended to facilitate, verify, and enforce the negotiation or execution of a digital contract. Smart contracts allow for direct contract execution without a third party. These transactions are trackable and irreversible. Smart contracts were first proposed by Nick Szabo in 1994.
For more details about Blockchain, CryptoNote Protocol, and Smart Contract see:
Some brief examples of what a smart contract is capable of managing without third-party intervention include: access authorization to a physical object like a building or internet-of-things (IoT) devices, asset management, trading, ticket purchasing, or share distribution. In some instances, an individual or organization would prefer not to reveal the details of the transaction or contract (i.e. participants, amounts, and contract terms) to the rest of the world. Dero brings true privacy to smart contracts for the first time on any blockchain.
Truly private smart contracts are a unique feature offered by DERO that other projects to date (April.1/2018) do not offer. Dero accomplishes this by keeping all ascepts of the transaction, smart contract, and users details private on the original blockchain without the need to trust sensitive or otherwise private information to second layer or off-chain solutions.