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Welcome back guys, today in this article we will discuss about important aspect of blockchain and crypto space, that is privacy coins and smart contacts. Why we need privacy in smart contacts and about a perfect privacy coin. So let's gets started!
Why we need privacy on blockchain?
Well, we all know that blockchain technology is the revolutionary technology in the history of mankind. It's immutable, unhackable and transparent nature makes it more superior. The transparency provided by blockchain at highest level and no other technology can beat that. The blockchain derivative cryptocurrency is known as the future of financial transactions. And guess what they provide transparency in financial transactions. But, there are many people who doesn't like too much transparency in every part of the life.
We humans try to be open minded but at the same time we don't want to reveal everything about us. That's why we create social media accounts with nicknames or fancy names rather than with our real name. We try to keep some information secret such as our financial details, business ideas and etc etc. It is applicable to even Institutions, businesses and companies, they also want transparency in their work process but not in financial details and businesses partnerships; Here they want complete privacy. We make many financial dealings or settlements very anonymously.
Public blockchains offers complete transparency. Just like Bitcoin and Ethereum, they work on public blockchain network. Every transaction done is completely transparent and is visible to all through block explorers. Here we can track which is the sending address, the amount being sent and the receiving address. And even with the help of nodes IP address which are used to complete the transaction we can track the transaction flow. Moreover, if we are on centralized exchanges where it is mandatory to provide KYC. Then they can know our public blockchain address and how much amount we have in it, thus they can link the public address with our real name. So the point I wanted to make here is that by just little effort anyone can not only track our transaction details but also know who we are. So we can say that public blockchains make invasion of our privacy. That's why we need anonymity in blockchain networks. And this can be provided by Privacy coins.
Importance of privacy coins
So, privacy coins provide complete anonymity on blockchain network and helps to perform anonymous transactions. The main objective of privacy coins is to hide the sender address, the sending amount and the receiver address. With these features no one track our transaction history and who we are. These features are not available on Bitcoin and Ethereum networks. In the recent years we have seen many privacy coins like Monero, Dash, Zcash and other coins. They provide complete privacy for our transactions. Every privacy coin uses different cryptographic protocols such as Monero uses Ring signature, RingCT. Zcash uses zk-snarks & zk-starks to provide completely anonymous payments.
The famous public blockchain Ethereum has introduced the world a unique applicability of blockchain that is smart conrtacts. With the smart contracts we can easily automate business, financial and any other operations with increased efficiency. But as I told the smart contacts correctly run on public blockchain which means all the transactions data flow through smart contacts is publicly visible. This limits the usage of smart contracts in companies confidential financial processes and they want privacy in this matter.
Sero is on the mission to provide privacy smart contracts which completes the overall adoption of blockchain technology in the commercial sector. Sero uses zero knowledge proof technology to offer a secured privacy blockchain which supports turing smart contracts. It supports UTXO+ACCOUNT transactions to offer anonymous transactions even in smart contracts.
Sero also called as super zero, uses non interactive zero knowledge proof (NIZK) encryption algorithm to protect privacy. Sero chain offers faster transaction verification than Zcash. With NIZK and homomorphic protocols Sero chain offers issuance of private coins even in decentralized applications. Dapp developers easily choose to issue private or public tokens within their application environment. Sero chain is capable to offer multi currency decentralized trading on its network. The best part is that in order use the Sero chain services no extensive technical knowledge is required.
Sero offers best features for businesses and corporates, they not only can utilize the privacy smart contracts but also make third party audits to track transactions. They can allow third party auditors by giving limited permissions to access the transactions. On the Sero chain anonymous tickets can be easily handled and it supports complex data structures. The super-zk offers verification of anonymous transactions verification on the network. It offers four times faster protection than bulletproof technology.
Sero brings new advancements is privacy blockchain technology. Sero offers optimization and improvements in zero knowledge proof technology. Finally we can say that Sero makes commercialization of privacy blockchain solution all over the world.
Sero website: https://sero.cash/en/
Whitpaper: https://sero.cash/en/uploadfile/upload/2019052010565112.pdf
Wiki info: https://wiki.sero.cash/en/index.html?file=home-Home
Telegram: https://t.me/SeroOfficial
Discord: https://discord.gg/3AZVMRU
GitHub: https://github.com/sero-cash
Facebook: https://www.facebook.com/SEROProtocol/
Twitter: https://twitter.com/SEROdotCASH/
Author details
Bitcointalk username: Jessicajn
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1865993;sa=summary
Sero address: G41JcP1u4qgYChDMMNpUzPaqjwGLSoJuoE8DHFsqo8c3YoQJpfVxw2jmSohgcHra6ux5gCtnMCcCr9ZdGSJuu9v4UpZcP5k14pJ5V4JToqQUMopAJShGAWGfaWoYEwpKdk5
Privacy in smart contract is a really good thing
Yes it is must needed in business sector for financial privacy
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