Blockchain Technology and Absolute Privacy

One of the basic challenges the world faces today is absolute privacy. The blockchain through bitcoin came with its partial solution Pseudo-anonymity which served for some times. With blockchain’s Pseudo-anonymity one can see the details of transactions like time, sender and receiver address, amount, etc. But the public will be unable to associate the public addresses with the user’s real identity. It was advised that to keep identities more secure, users should generate a new Bitcoin address for each transaction. Recent studies revealed that it is possible to associate these randomized addresses with the user’s identity- tests achieved 40-60% success. Once a user releases his public key/wallet address, everyone can see and monitor his past, present, and future address so far he uses the same wallet address.

The bad news is that people who are trying to hide under Pseudo-anonymity are hiding behind a finger.

Take for example:

Medical Cannabis Industry

Most people in the world today still ostracize people who use medical cannabis. Most people think it is only to get high. But users who patronize the cannabis industry for medical purposes are named drug addicts. It will be worse even on the blockchain despite its advantages if transactions are traced to and from the company producing medical Cannabis. This industry needs a private blockchain to launch an ecosystem that is hidden from the public.

Governments

Government bodies need to send sensitive data which can make or mar the country depending on who sees the data. These kinds of data need a super private blockchain that can allow smart contracts so that transaction details and data are not traceable.

Companies

There are companies too that need super-privacy. Any kind of leakages in the supply chain through the transactions can easily make them prey to their competitors thus bringing them to the bottom. These companies need blockchains that can ensure their privacy.

Top Privacy Coins

Over the years there have been top privacy centered blockchain like Monero, Dash, and Zcash which uses Zero Knowledge Proof. Essentially, they encrypt transaction details in such a way that no other person except the sender, receiver and whomever they share transaction key with, can view the details of the transaction. Zero-Knowledge proof allows a user to prove to a verifier that he possesses information (private key, secret phrase, etc.) without revealing what the actual information is. But, none of these privacy coins supports smart contracts integration. Smart contracts allow developers to create and launch decentralized applications on blockchains that supports it. It means it is impossible to build decentralized applications on these top privacy coins.

And SERO? Monero with Smart Contracts

SERO has built a blockchain that can cater for the deficiency. It has created a blockchain that supports super privacy of its users and allows smart contract interaction. SERO uses Non-Interactive Zero-Knowledge proof- NIZK. NIZK is a modification of the Zero Knowledge Proof. It requires no interaction between the prover and the verifier, a common reference string shared between them is enough to achieve computational Zero Proof. Additionally, tests have shown that SERO transactions are much faster than predecessor privacy coins like Zcash.

Now with SERO:

Cannabis Industry

The cannabis industry can keep its customers, distributors, and users really private by launching a decentralized application through a smart contract on SERO blockchain.

Governments

Governments and government bodies can easily use smart contracts created and deployed on SERO to send and receive sensitive transactions and data to keep the country safe from hackers and terrorists.

Companies

Companies can keep competitors from drowning them by launching D’apps on SERO which will help to handle their Supply chain’s privacy.

The world has moved from the internet of Information to the internet of Things (IoT). The internet of Value is the next phase, only projects like SERO that ensures absolute privacy can usher the world into this phase. SERO also provide security protocol to ensure privacy for centralized bodies.

There are many other interesting details this article did not touch. You can find out by getting in touch with SERO via the following links:

Website | Whitepaper | Wallet | Block Explorer | Telegram | Facebook | Twitter | Reddit | Discord | GitHub

Personal Note on SERO

Innovations like this are what we really need this day when our private data is at risk. I totally doubt the fact that any social media that leaked users’ private data can claim to create a cryptocurrency which will not leak users’ private data even if they claim not to. Personally, I feel they need to reach out to developers like that of SERO to help them create a really private and secure ecosystem. Let me know what you think about that, but first, make sure you read SERO’s whitepaper and understand what the project is all about.

We all are clamoring for the protection of the data we create or produce each moment. It is so unfair that we are being exploited every day as some ‘BIG’ companies sell our value and private data. Yet, we have learned to submit to them as we ‘comply’ while they give us crumbs or, in most cases, nothing. I will be ready to actively promote any viable Dapp which is built on a privacy Blockchain like SERO.

Thanks for reading, I am Ayobami99 (Bitcointalk).