The Awesome Power of Homomorphic Encryption Realized - DERO Project Leverages Cypherpunk-Designed Tech for Unrivaled Privacy in Transactions
AMSTERDAM, Jan. 20, 2023 /PRNewswire/ -- The DERO Project recently highlighted the importance of privacy for blockchain security by showcasing the innovative power of its DERO homomorphic encryption (DEROHE). Despite hundreds of millions of dollars spent in research and development by other companies who are desperate to develop this tech, DERO has already delivered – using a fully developed homomorphic encrypted blockchain for almost a year now. The DERO Project represents the ongoing evolution of a thriving ecosystem that protects a user's privacy while enabling lightning-fast transactions and settlement times.
What Exactly Is DEROHE?
Researched by some of the biggest tech giants in the world, homomorphic encryption is the process of performing operations on encrypted data without first having to decrypt that data. DEROHE encrypts user balances and transactions before they are operated on, allowing the blockchain to function, update balances, and transact without ever having to decrypt user balances or exact transaction numbers. The history of transactions and balances is established via mathematical proofs, easily verified without the need for a transparent blockchain, and allows for chain pruning and verification of history without having to scan the entire blockchain.
Why Is DEROHE Important for the Future?
"Encryption has become almost a generic term at this point, used everywhere in the digisphere to lull users into a sense of security and safety," said DERO Foundation members. "But even the best encryption relies upon first decrypting data in order to analyze it. And it is there – at the decryption stage – where the vulnerabilities lie. That's the point of access for hackers and thieves. This is why DEROHE is so revolutionary. Data can be recorded, stored, secured, verified, and even shared without ever decrypting it – literally eliminating blockchain analysis."
And while DEROHE can be used to share encrypted data with third parties to ensure absolute privacy, it has many other business and blockchain applications too, along with the potential to enable new types of distributed computation.
"DERO is the most technologically advanced smart contract platform out there right now," said DERO developers. "It is the fastest privacy chain with near instant settlemet, using DEROHE and an account-based decentralized blockchain. We're the only ones successfully using this tech – others are still trying to perfect it." The DERO Foundation also pointed out "There are already defi projects gaining traction including DEX, as well as NFTs and tokens – which are natively supported by the privacy protocol and move wallet to wallet like cash once they are created. This is a truly unique capability that only DERO provides."
The DERO Project – dARCH Hackathon News
DERO is currently hosting an extended contest event called dARCH, which is a six-month hackathon scheduled from November 1, 2022 through May 1, 2023. The hackathon offers a total prize pool valued at over $40,000, with competition taking place in three separate events. DERO tokens and NFA trophies are awarded to the winner of each event. Round one is coming to an end on February 1st and developers need to make sure they have their proof of concept or complete projects submitted by then. Read more about the dARCH event at Medium.com.
Learn more about DEROHE here and explore the possible applications for DEROHE here. For up-to-the-minute news on the platform, visit the DERO Forum. And follow the DERO Project on social media: Twitter, Discord, Telegram.
About DERO – Privacy Together
Originally launched in 2017, with mainnet homomorphic encryption and smart contracts released at the beginning of 2022, the DERO Project is a platform for developers to deploy secure, open, scalable, and privacy-preserving decentralized applications. DERO is unique because the developers value security and privacy above all else, allowing users to transact privately over the network without fear of pitfalls, scammers, identity theft, common protocol-level or network attacks. And with tech that preserves transparency where required, scaling with network load, DERO provides the ideal environment for business-class applications. Learn more about the DERO Homomorphic Encryption Blockchain Protocol (DHEBP) at: www.Dero.io.
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