The privacy of the blockchain is mainly reflected in the three characteristics of transactions and assets: un-traceable, un-associable and anti-statistical analysis.
For a private transaction, except for several parties involved, the third party cannot obtain details such as the address of the party and the transaction amount of the transaction by any means (Privacy)
Current decentralized blockchain systems, such as Bitcoin and other public chain systems, have rapidly gained popularity as a valued internet infrastructure. Due to the decentralized nature of a public chain system; the system must reach a consensus on the data flow, and also needs to reach a consensus on the
calculations of datasets. In the Bitcoin system, the data includes user-invoked remittance transactions, calculations of transaction verification, and UXTO updates; which require constant tracking of the user’s account balance. Other types of blockchain systems, such as Ethereum, uses an account-based model to construct a decentralized smart contract system.
Although the blockchain systems that support smart contracts are powerful and expressive, the current implementation lacks transaction privacy protection. The entire sequence of activities is propagated through the network and recorded on the blockchain, and is publicly visible.
Dash is the first cryptocurrency designed to protect privacy. Dash utilizes centralized currency mixing scheme -simply transfer a sum of money in multiple addresses for many times to achieve the purpose of hiding the real addresses of the transaction.
Monero uses Ring Confidential Transactions algorithm for its encryption method. The method mixes the signer’s public key with another public key set and then signs the message, makes it impossible for intruders to distinguish which public key corresponds to the actual signer; therefore, protecting the user’s real identity.
Zcash is a cryptocurrency that use encryption technology to provide users with greater privacy protection than other cryptocurrencies. Originally named ZeroCoin, the team then developed the ZeroCash system, and it was developed into Zcash cryptocurrency in 2016. Zcash is an improvement to Bitcoin and developed on Bitcoin’s infrastructure. It uses Zero-Knowledge Proof technology called zk-SNARKs to encrypt user information.
A. Zero-knowledge proofs is a safer way to trade confidentially, but it also faces the problem of slow transaction speed.
Whether it is the centralized currency mixer of Dash currency or the ring signature of Monero, the realization of these currencies confidential transactions depends on the external environment, i.e. real transactions are hidden in the collection of Forged transactions, so there is a chance to locate real transactions through data analysis.
ZK-SNARKs is an encryption method based on pure mathematical
theory. The encryption method is self-contained, The use of encryption mechanism requires significant changes to the underlying protocol and consumes more computing resources, affecting the efficiency of blockchain applications. Therefore, the usage of privacy protection mechanism needs to consider the efficiency and
cost of nodes in efficiency performance, and cost of computing and storage.
B. Existing cryptocurrencies that support confidential transactions do not support smart contracts:
In decentralized application, the smart contracts of Ethereum widely increase the application scenario of the blockchain. The applications are no longer limited to the digital assets value of circulation. The current mainstream blockchain privacy protection technology does not support smart contracts, which prevents
the greater establishment of practical usage. Any secure privacy protection mechanism for anonymity to support smart contracts has to make major modifications to the underlying system of the blockchain, the implementation will be difficult.
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 with the existing blockchain privacy protection technologies, SERO can not only 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’s complete smart contracts for privacy protection come true. At the same time, SERO’s Super-ZK zero-knowledge system is more than 20 times faster than Zcash, which solves the biggest problem of restricting the popularity of zero-knowledge proof technology: speed.
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 scenarios.
SERO’s BETANet is a public beta network deployed by the project team and open to community testing.
The current BETA network has implemented the following functions:
1. The SERO Chain
2. Support of confidential transactions of SERO currencies
3. Generate tokens using smart contracts
4. Generate tickets using smart contracts
5. Support of confidential transactions of tokens and tickets Generated by smart contracts
6. Block browser
7. The wallet of PC
At the beginning of SERO network construction, BETANet’s participation has certain rules in order to select and motivate appropriate initial node participants:
The version adopts the POW consensus, and the MAINNet will be changed to the SE Random consensus when it goes online.
The SERO currency assets on the version will be mapped to MainNet one by one when MainNet goes online.
3. Mining on BETANet requires a license from the mail [email protected]
Major Upcoming Events (RoadMap)
On December 31, 2018, deployment of the BETANet-Release version.
In February 2019, we will deploy the MainNet version and support the light wallet, SE-Random consensus and smart contract offline calculations.
Be a part of SERO:
Currently. 2nd phase of SERO Early Bird iBO Token Exchange is underway. 84% of tokens sold out already and remember with every new purchaser the price increases according to the Bancor formulae
SERO Early Bird iBO Token Exchange Round: https://sero.cash/news20181103.html
Blockchain Explorer: https://explorer.web.sero.cash/blocks.html
Source code: https://github.com/sero-cash/go-sero
SERO Blockchain Browser: https://explorer.web.sero.cash/blocks.html
SERO Smart Contract Editor: https://remix.web.sero.cash/
The privacy of the blockchain is an important need for various reasons. Untrackable, Untraceable transactions are very popular in many applications and are in demand (Looking at the popularity of the privacy coins). The need is here and SERO comes with a solution to all the existing problems with a working BetaNet and MainNet launching soon. There is no reason why this project cannot be a success apart from the legal troubles most of these privacy coins are facing from SEC and other governing bodies.