SERO-Bitcoin Version Of Privacy Preservation
SERO is a new protocol that makes provision for preservation of privacy. It handles the Bitcoin lapses, where the history of every user's payment in Blockchain is disclosed in public.
SERO improves on Zerocoin, both in functionality and in efficiency. It extends the Bitcoin protocol by creating privacy preservation payments. SERO seeks to ensure that every user privacy is well protected.
The SERO Protocol
SERO uses these protocols in running its functions;
Account System: Accounts consists two categories: User account(32 byte seed chosen by the user), the contract account(generates a 64-byte address corresponding to the smart contract environment installed by the user); the two category are non-repeatable and unique.
Assets System: User account or smart contract account, has the attribute of managing unlimited variety of assets. With the exception of the settlement of transaction fees using SERO coins, each asset has the same transaction characteristics as SERO coins.
Witness System: SERO protocol uses non-interactive zero knowledge proof (NIZK) and needs to provide witness information of assets source when generating transactions.
Prove System: SERO's proof system includes a calculation circuit based on directed acyclic graph to describe the internal constraints of each SERO transaction: input and output balance of various asset types, verification of public and private key, validity of commitments, validity of witness and so on.
What Is The Science Behind SERO?
At the core of SERO technology are SERO-knowledge proofs, which permits transaction data to be validated without showcasing information about the amount and the parties involved. SERO uses specific SERO-knowledge proofs called zk-SNARKs i.e. zero-knowledge succinct non-interactive arguments of knowledge.
SERO has its foundation on strong science and audited meticulously by third parties. It is an open-source protocol, built by an engineering team that is specialized on E-security and originally based on Bitcoin Core's battle-tested codebase.
Sero Planning For The Future
Sero has the following future plans to achieve into reality;
The homomorphic encryption of smart contracts has already reached development stage and is planned to be released on SERO platform of version 2.0. The team discovered a method to balance data security and performance through both on-chain and off-chain computing. The plan aims to accomplish the task within 6 months.
SERO's decentralized wallet application is currently under development and is scheduled to be released soon.
Within one year, the team will release a new consensus mechanism SE-Random in an updated version of SERO. The design will combine the latest PBFT theory and VRF algorithm in the consensus mechanism with ability of balance fairness and efficiency.
SERO plans to introduce Secure Multi-party Computing (SMC) in the future, in order to make provision for extensive support of off-chain data under the premise of privacy protection.
The multi-chain system is the SERO’s scalability solution. SERO will apply a mechanism similar to the Ethereum’s Plasma for performance expansion based on multi-chain system, SERO’s status updates per second can reach extremely high levels (possibly billions).
Finally, Sero is a revolutionary open-sourced framework for building secure and anonymous dapps cheaply and I urge you to give it a try because it is worth it.
To Know more ;
Website : https://sero.cash
Writer - Darkangel
Bitcointalk Profile Link - https://bitcointalk.org/index.php?action=profile;u=313409