The smart contract principle - the end to private transaction problems and anonymity?

supzeel (38)in #sero • 5 years ago (edited)

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The block chain that we know today has fallen way beyond expectations in its inability to provide the masses with the always on policy the world expects from it.

The internet has efficiently and greatly affected our society. Information is now being disseminated with speed and efficiency, friends and families can be contacted even when they are millions of miles away. The advantages it brings is enormous yet it has its flaws, the privacy of the people is slowly drifting away with the arrival of attackers and open chats.

The arrival and role of bitcoin

Bitcoin is regarded by the people as a great tool to protect their privacy. It works on a platform where all the transactions are recorded on the public block chain which is a good approach but suffers the risk of loss of privacy once the identity of the wallet owner is found out. Over the years, researchers and experts have tried relentlessly to put an end to the loss of privacy problem and provide a platform where transactions can be carried out anonymously.

Anonymous currencies and Smart contracts.

In the industry, some teams came up with some special crypto currencies that protects the privacy of individuals during transaction which are known as anonymous currencies. Some are Dash, Zcash (ZEC) and monero (XMR). These crypt I currencies provide the privacy protection to a certain level and their rise through the ranks since invention shows how much the market needs a privacy protection program as they are currently ranked among the world's top 20 crypto currencies.
Smart contract on the other hand is a computer protocol designed to distribute, authenticate and execute contracts in a way that is information based. It allows developers the ability to write a complicated contract which lives on the block chain and can be executed on the block chain. It greatly expands the application scope of the block chain system because of its use for functions as credible as custom token, financial derivatives, identity system and decentralized organization. Smart contracts with all its benefits however, is not in use as none of the block chain system support the encryption and privacy policy of smart contract. The block chain support is built on several platforms which have caused limitations such as the block chain 1.0 technology which was used by bitcoin and the block chain 2.0 used by ethereum. The privacy policy 1.0 and privacy policy 2.0 was used by Zcash and Monero.
Smart contract could prove to be a breakthrough to the major issue of anonymity and privacy protection schemes. It brings up the standard and is set to prove itself through its integration in Super Zero (SERO) which would serve as a block chain system that supports the encryption and privacy policy of smart contract. The SERO team so far has been seen to be the only team that has offered credible solution to the problem of privacy protection and has also completed the major R and D work showing a sign of the team being in real business.

Sero Team

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