DERO: DAG + Cryptonote + Bulletproofs + SSL + POW + Smart Contracts
Goal: The goal of the Dero project is a blockchain network that can serve businesses and individuals around the globe allowing for secure, fast and anonymous transactions and smart contract execution.
Circ Supply: 5,470,051
Max Supply: 18,400,000
Exchanges: TradeOgre, STEX, Crex24, South Exchange, Bitalong, Cryptopia (TBC)
Wallets available: Windows, Linux, Mac, Web Wallet
Proof-of-work (PoW) algorithm: CryptoNight
Premine: 2 million (10% of supply)
1 million is locked for Dev’s for release over 4 years 20% 20% 30% 30% and other
1 million is unlocked for funding, exchanges, marketing etc.
12 Second Block Time
2 Minute Confirmation Time
No Orphan Blocks
No Soft Forks
SSL/TLS P2P Network
CryptoNote: Fully Encrypted Blockchain
Fully Auditable Supply
Written From Scratch In Golang
1.25MB Block Size
DERO is led by a team of three developers, headed up by ‘The Captain’, who has over 10 years experience in Cryptography and Blockchain Development.
The team are intent on developing revolutionary blockchain technology and have already achieved a world’s first when they completely rewrote the CryptoNote protocol from scratch, in Golang earlier this year.
DERO is 50x faster than Bitcoin, immune to double spend attacks and will soon have smart contracts enabled as we move towards the end of Q4. This enforces their three pillars of speed, security and privacy.
As this review is more of an overview of all aspects of the project, I won’t delve too much into the specifics of the technology and why it’s so important, as that would be an entire review on it’s own. However to summarise – the key feature of this technology is that it incorporates traditional PoW consensus methodology over a DAG Blockchain, soon to have Smart Contracts implemented and the ability to massively scale.
For a more informative and well thought explanation of the technical aspects of DERO refer to this article by Cryptonator1337.
The goal this year for DERO was first to release Atlantis (their testnet), focus on any bugs in the code and then release the full product. Now they have achieved these milestones they are beginning to turn their attention towards marketing and recruiting some high profile Twitter marketers along the way.
It is evident they are keen to provide a high quality image for the coin to coincide with the underlying technology. The website is smart, clean and professional and they are creating high quality, polished videos such as this YouTube introduction to DERO video.
DCAB – For smaller coins that aren’t able to bring in millions of dollars during an ICO, community always plays a key role in word of mouth advertising, guerilla marketing strategies and bounties used for language translations for white papers etc.
For this reason DERO created the Dero Community Advisory Board. This team was created employing highly skilled members of the community in order to help grow the project in all required aspects. DCAB boasts the following experience:
128+ years experience working in a professional capacity
56+ years business leadership experience
23+ years experience with crypto
1 PhD, 2 Masters Degrees, 1 MBA
Specialists in the fields of Distributed Systems, Networking, Consensus Algorithms, Marketing and Early-Stage Growth (to name but a few).
More information on DCAB can be found here.
DERO Foundation – Although little is known about the DERO foundation it is believed that it could be related to ensuring that DERO is compliant with certain regulations that are required to work with businesses. It states on their site:
“The goal of the Dero project is a blockchain network that can serve businesses and individuals around the globe, allowing for secure, fast and anonymous transactions and smart contract execution.”
And again in the September monthly update:
“Dero foundation is in progress and will be incorporated in the light of new regulations. We expect Dero foundation to be incorporated within 2018”.
Finally, to further engage the growing community, the first official DERO meetup has been organised and will be held later this year in Germany – date and venue TBC.
In the September issue of the monthly DERO update The Captain stated that:
“As everyone knows it’s not easy to get listed on exchanges. But as Dero blockchain has so many first and innovations exchanges are showing interests in Dero and some have even lowered their listing fees.”
This is quite an achievement and speaks volumes that a number of exchanges are willing to reduce their fees as they acknowledge the technology behind the coin, and recognise the innovations that DERO are driving forward.
The Dero team have successfully completed every major milestone of their roadmap on time this year which is always a huge achievement and signifies a cohesive team and project. Still to come in Q4 are Smart Contracts and the Dero Foundation. A detailed roadmap can be seen below:
I was lucky enough to speak with The Captain, the lead developer and creator of DERO, who kindly took time out of his busy schedule to answer a few questions I had about the project.
Whilst his answers were brief, it’s evident that his main focus is on constantly improving the core technology of the project and is open to any suggestions for improvements.
One of the things that also resonated with me is The Captain’s openness and desire for anyone from the community who wants to contribute to the project to put their name forward. This is often the case with projects that haven’t gone through an ICO but also reaffirms my earlier point around establishing a strong community to support the coin.
CS: What in your view makes DERO superior to its competitors?
Captain: That’s for you guys to decide. We are trying to build one of the most practical and usable blockchains. Please let us know what more should be included.
CS: Can you provide an update on the progress of the DERO foundation?
Captain: The DERO foundation will be sure in the coming months. Lets focus and get the tech first: DVM. (Dero Virtual Machines)
CS: You recently partnered up with @Cryptonator1337, a well respected name in the Crypto community and you have recently been added on Crex24. Are we now seeing the start of a marketing push?
Captain: The Dero community is already doing a lot and there is more to come. At the moment the focus is core technology.
CS: The lock-up of the pre-mine to be released over a number of years shows a great dedication to the project. Are you planning to expand the team at any point?
Captain: Anyone committed and dedicated is welcome.
CS: The Captain promised something “revolutionary” is on the horizon. Can you shed any more light on this?
Captain: We recently released the Dero web wallet which runs completely inside a web browser and it just requires the Dero daemon to connect to the network.
CS: You’ve achieved all the goals set out on your roadmap this year and with Smart Contracts currently being developed for Q4. What does 2019 hold for DERO?
Captain: During this journey we solved lots of unexpected and unforeseen problems and also improved the existing ones. Dero core crypto is several times faster and more changes will be there in the future to further improve the performance and scalability. There are some awesome plans for Dero in 2019.
DERO is an incredibly ambitious project. They have security and privacy features baked into their code from testnet which some hugely established projects have only just started to implement e.g. Monero’s recent addition of Bulletproofs.
Private Smart Contracts on Mainnet are due before the end of Q4 as well as something “revolutionary” which the lead dev Captain has promised.
Listing all of the above characteristics leads me to envision DERO as a hybrid of BTC, ETH and Monero allowing for Speed, Scalability, Smart Contracts and Privacy. As DERO is already 50x faster than BTC, has better privacy features than Monero and is soon to implement Smart Contracts – this impressive technology stack could soon be an industry leader.
For a project on such small exchanges DERO has achieved an incredible buzz across social media and is finally getting the recognition it deserves.They have just been listed on Crex24 and Cryptopia is expected in the coming weeks.
With all the features that are due to be implemented along with a huge marketing push, this coin has the potential to astound the Crypto community in 2019!
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