DERO Monthly Update

Published in

DERO

5 min readJun 29, 2019

June 2019

It has been a long month since our last update, but rest assured that the team has been hard at work to bring more innovations and optimizations to the DERO ecosystem. Before we dive into what we have been working on, we would like to give thanks to our dedicated community for their recent assistance with on-boarding new members and disseminating information about our long term endeavors. As privacy and security are our primary focus, you have been essential in taming the expectations created by an overly hyped and concession-driven market. We appreciate you. Now, away with the feels and on to the good stuff.

As we previously announced in the last monthly update, the DERO Foundation is still on track for meeting the three month deadline. All required information, documents, and plans have been submitted. It is now in the hands of the Dutch government. As we wait, we felt it was time to take this moment and announce the Founders of the DERO Foundation and their roles within the organization:

Dan Kingsbury, CEO
Josh Byatt, COO and acting CFO
Rito Escobedo, CTO

Each Founder has a wealth of experience and dedication that has already been applied to the DERO Project, which will continue as we transition to the foundation. We are excited to finally bring a legal structure to the project and the business development that follows. Even as we patiently await the completion of this process, the team has been busy at work in other areas of project growth.

Exchanges

As many are aware, we have started to become more vigilant about choosing which exchanges DERO should be listed on. While we cannot control where our currency is traded, we can choose to partner with exchanges that have proven a certain quality of support and transaction efficacy that match our platform. With that in mind, we are happy to announce that we are working on a partnership with a new exchange! While details about this partnership will be very limited (as required by a NDA), we would like to share that the team has been working tirelessly to bring more investment opportunities to more people. We hope that this new venture will help to bring more investors on board and expose more people to our advancing platform.

In other news, Beaxy has gone live and their platform is open for trading. Please join us in congratulating them on a successful launch. For those that do not know, Beaxy has partnered with DERO to help promote community growth, reach users outside of crypto markets, and to help drive adoption of our unique platform. As a reminder, DERO is included in their third round of listings, so be prepared to start buying and selling in new markets and with one of the most advanced exchanges to date.

Release 2: Stargate

We have been delighted to witness the many great projects that have been developed on the Stargate testnet thus far. Community developers have been busy crafting infrastructure to help increase adoption, but also finding bugs to be fixed before we go live. With their help we have been able to identify some minor bugs and opportunities for further optimization. To all of the developers actively testing, please continue to report any issues or bugs, as your input is and always will be invaluable. There are also many developers that are waiting patiently for Stargate to go live, so, naturally one of the main questions that we are asked is, “when mainnet?” Implementing private smart contracts on the base layer of a scalable blockDAG is not an easy task. Since our primary focus is to ensure the security and privacy of all users, extensive testing and optimizing is required. We know that it is important and it is also a priority. With that said, we have planned for the Stargate release to be deployed on mainnet by the end of Q4 2019.

For more information about how to get started with testing on our Stargate release, please visit the links below:

Source Code
DVM Documentation
Build Competition
Smart Contract Example

Release 3: Unnamed

As optimization research is an ever-present task, recent findings have presented the opportunity to increase privacy without sacrificing performance. Release 3 (detailed below) will introduce privacy performance upgrades and further network decentralization. Since the performance of private smart contracts will be reliant upon the implementations of this release, both releases will be deployed to mainnet together. Now, let’s dive in to what Release 3 will have to offer.

Omniring
https://eprint.iacr.org/2019/580.pdf

DERO will be implementing the Omniring RingCT scheme that will build upon our currently optimized Rocket Bulletproofs, while accomplishing four main goals:

Increase privacy without relying on a trusted setup or pairing-friendly elliptic curves
Have logarithmic proof sizes in the size of the ring
Share the same ring between all source accounts in a transaction
Reduce the size of the blockchain moving forward

So, what does this mean? In a typical transaction consisting of a ring size of 5, the transaction size is about 300 KB. That same transaction in Release 3 will have a transaction size of 30 KB. Omniring will also allow users to utilize ring sizes of up to 100, depending on the level of privacy required without hindering performance. As our goal is to support millions of transactions per day, we are confident that implementing Omniring will help us get there with more privacy and efficiency.

RandomX
https://github.com/tevador/RandomX

In an effort to increase decentralization of the DERO network, the RandomX Proof-of-Work algorithm will be implemented, which will utilize general purpose CPUs for mining. In addition to the goal of RandomX to minimize the performance advantage of specialized hardware, it was also meant to replace the existing CryptoNight hash function. This means that the verification time to validate proofs will be at least as fast as CryptoNight.

More details about Release 3 will be provided in upcoming updates.

The Future

We would like to announce the following changes and additions to our 2019 roadmap:

Release 2 and Release 3 deployed on mainnet
Branding and digital presence overhaul
Documentation standards and resource library

To view our existing roadmap and more, please click here or visit our website listed at the bottom of this publication.

Join the DERO Network

There is now an easy way to get your full node up and running as quickly as possible. With a daily bootstrapped database and the latest binaries, anyone can get started with DERO by using three simple commands. Click on the link below for more information.

Install a full DERO node with stats

That is all for now, but we will be releasing more information about our new roadmap goals soon. Thank you all for your continued support!