Dero x Satoshi CLUB AMA Session 2 March 2021
PART 1. Introduction of Dero project and community questions.
Hello, Satoshi clubbers and guests of this site. We are happy to present you with a project called the Dero project.
Dero the world’s fastest anonymous blockchain. It is the first crypto project to combine a Proof of Work blockchain with a DAG block structure.
The plan of AMA session:
- Part — Introduction and preselected questions.
- Part — Live questions
- The Quiz about Dero project
The reward pool is 250 Dero
Leading the AMA our clever and fun admins:
Gold Rocket | Satoshi Club — @GoldRocket27 and Andrés M. | Satoshi Club — @AndresM77
The Representative of the project:
Dank: — @Dank
Kryptoid: — @realkryptoid
Joshy: — @notoriousjoshyb
Introduction of Dero project.
Gold rocket | satoshi club:
We are pleased to announce our ama with DERO project
Andrés m. | satoshi club:
Dank: — @Dank
Kryptoid: — @realkryptoid
Joshy: — @notoriousjoshyb
Welcome today, is an honor for us to have you here
Kryptoid:
Thank you for having us.
Gold rocket | satoshi club:
Welcome to satoshi club guys!
Dank:
Yeah, a pleasure to be here.
Andrés m. | satoshi club:
How are you?
Gold rocket | satoshi club:
Thanks for joining
Dank:
Another day in paradise
Gold rocket | satoshi club:
To begin with, please tell us a few words about yourselves and how did you get to be involved in the crypto & DERO projects?
Kryptoid:
Well, @Dankfc I have been with the project as community members since the beginning and now along with @notoriousjoshyb we have founded the DERO foundation. The purpose of the foundation is to support both the community and the progress of the DERO project. We have been managing the community and project for years together as a team at this point.
Andrés m. | satoshi club:
Is there only one official DERO community or do you have several local communities?
Gold rocket | satoshi club:
DERO has been developed since 2017
Kryptoid:
Our official communities can be found in our telegram information and on dero.io. In general, our most active community is on discord. We also have a very active french telegram.
Gold rocket | satoshi club:
Please share links with our community!
Kryptoid:
Of course!
Website | Discord | Forum | Github | Reddit | Twitter |
Gold rocket | satoshi club:
Thanks for sharing
Andrés m. | satoshi club:
Satoshi clubbers, let’s join
Joshy:
Greetings all, a pleasure to meet you
Andrés m. | satoshi club:
Thank you
Gold rocket | satoshi club:
Welcome to satoshi club
Andrés m. | satoshi club:
Nice to meet you too.
We have collected some community questions, are you ready to answer them?
Kryptoid:
Ready when you are. :d
Gold rocket | satoshi club:
We are looking forward to this moment !!!
Preselected questions about the Dero project.
Andrés m. | satoshi club:
Q1 from telegram user @auguss7
I understand that DERO combines pow with a dag block structure, but couldn’t it be compatible with pos? Or only privacy can be obtained with the given combination?
Kryptoid:
Privacy comes from Cryptonote on our current chain and our homomorphic encryption on our current test-net. Pos could possibly be compatible, however since DERO is 51% attack resistant because of the blockdag structure, we find pow to be the most secure way to reach consensus.
Andrés m. | satoshi club:
Sure, we have a question about this type of attack.
Dank:
Also, we look at fairness when seeking consensus. Pos has many benefits, but security and economic fairness are far greater with pow.
Andrés m. | satoshi club:
Of course, you take a great decision with pow.
Gold rocket | satoshi club:
Thanks for your answers
Dank:
The lead dev, captain, has always looked for green solutions, so that is something that is always on our radar. Feel free to dm or join our discord if any know of tech that may fit in with our ecosystem.
Andrés m. | satoshi club:
Of course, we will, our users are always interested in technical topics.
Gold rocket | satoshi club:
Want to add something or we can proceed to the next question?
Kryptoid:
Feel free to proceed.
Andrés m. | satoshi club:
Q2 from telegram user @konditer_rolex
The fact that DERO networks do not need any extra layers or secondary blockchains for the full functioning of contracts is of course good. Tell us about the commission on the network and some technical information about how and by whom the operability of the DERO network is maintained. And how are you doing with the scalability of the blockchain.
Kryptoid:
Yes, everything is layer one on dero. The network is maintained through distributed nodes run by users. So far, what we have seen in the capabilities of dhebp (our new homomorphic encryption blockchain protocol) scalability is going great. This new protocol can support hundreds of transactions per second and thousands of transactions in a single block. We are also getting ready for further stress testing right now.
Dank:
If by the commission, you mean a “gas” concept, we are still working for a better way. Currently, on our testnet, smart contracts are relying on the standard fee-per-kb. We understand that gas will be a major issue as seen in the defi mania, so it will be approached with the same level of attention as all previous technological advancements.
Gold rocket | satoshi club:
Btw, tell us a bit about your successes in the project, i know there was a hard fork a year ago…
Kryptoid:
Yes, our new pow, astrobwt was deployed. If you are interested more about astrobwt you can find that here
Andrés m. | satoshi club:
For whom are destined the commissions on DERO network?
Kryptoid:
Miners.
Andrés m. | satoshi club:
Great and there is a reward for holders?
Kryptoid:
No staking, no.
Dank:
We would also like to see full node operators with rewards as well.
Andrés m. | satoshi club:
Interesting, how to achieve my own node?
Dank:
The idea is to remain as open as possible, but there are a lot of considerations. We are not there yet. Hopefully we will have some more news on node rewards soon.
Gold rocket | satoshi club:
We are looking forward to this news!
Andrés m. | satoshi club:
Oh got it, we will be waiting for it in Satoshi club community
Kryptoid:
All a user needs to do is run the DERO daemon to be a node operator. Currently, node operators do not earn by running nodes but we hope to provide an incentive with the next release. It will be discussed further in our community as we get closer to mainnet.
Andrés m. | satoshi club:
Thank you so much for this clear answer.
Gold rocket | satoshi club:
Thanks for sharing
ready for the next question?
Kryptoid:
Always ready.
Andrés m. | satoshi club:
Q3 from telegram user @juansb07
On their website, they explain that DERO will be safe against most hash rate attacks. And that exactly is 51% immune to hash rate attacks. So, how DERO has managed to have this protection against hashrate attacks? If they are immune to half the attacks, why not reach total protection of 75–100%? Do you think about improving this security system?
Joshy:
With the new stargate testnet, you can now run a fast sync node that will sync the DERO daemon almost instantaneously which will be much easier for mobile devices, etc, or alternatively, you can run a full node that will sync the entire blockchain and run a full node.
Kryptoid:
I think that is a misinterpretation of what a 51% attack means. It means 51% and above. Although 100% hash rate attack would be literally the entire network. Not sure you could do anything about that. :d
Gold rocket | satoshi club:
Thanks for the clarification! Do you want to add something from yourself?
Kryptoid:
When deploying astrobwt pow to mainnet, we actually had a large hash rate issue at the time of fork. The chain settled in about 20 minutes or so and there were no problems. Because of the low amount of miners at that time and the level of hash rate it was a real-world simulation of something like a 90% attack.
Gold rocket | satoshi club:
Thanks for the answer! Ready for the next question?
Joshy:
Just to add to this, when this was happening it was great to see DERO dag in action on https://network.dero.io/ feel free to check it out
Please feel free.
Gold rocket | satoshi club:
By the way, I tried to install your wallet today and it was very easy to use it. Are there any features or features that you are proud of?
Joshy:
All of the wallets are great, the command line wallet is very easy to use with a little bit of guidance if you are not familiar. Our browser wallet at https://wallet.dero.io/ looks and runs great. This can be also used on mobile. I personally like the design of this which was done by one of our community members “zoz” which we are very grateful for. Dank is also working on a GUI wallet that is available at https://git.dero.io/dero_foundation/cmd one of the great features of this wallet is the speed. With stargate coming to the mainnet in the future there will be many changes to the wallets.
Andrés m. | satoshi club:
How many tokens can I hold on that wallet?
Kryptoid:
As many as you like
Joshy:
As many as you like but remember to save your seed in a safe place
Andrés m. | satoshi club:
Haha of course
Dank:
To add, we are also working to improve the UI/UX, which seems to be an issue for crypto in general.
Gold rocket | satoshi club:
Yes the design is very good and the menu is available! You did a good job!
Andrés m. | satoshi club:
Wow great job, I’m going to install it, as you said is highly secure
Kryptoid:
We always remind users to keep their seed safe (as josh said) and make sure they practice good personal security. A wallet is only as secure as you make it, at the end of the day.
Andrés m. | satoshi club:
Q4 from telegram user @gutike95
Since 2018 DERO has been migrating to other mining chains and algorithms to the point of obtaining a block time of 27 seconds, is this really the minimum time that DERO can reach? Or with future associations could they be reduced even more?
Dank:
It is not the minimum, but the block time will be within some range of that. We need more data from the testnet to find the sweetspot for smart contract execution.
Q3 follow-up: but to go a bit deeper, there are multiple checks in our protocol. As a couple of examples, on our current mainnet, we check the mempool to ensure that all transactions are added there first. We also check for double spending on our client protocol with the help of cryptonote key images, which can only be spent once. With the blockdag structure, competing blocks are added, some as side blocks, so all transactions are added.
Andrés m. | satoshi club:
Has your mainnet been audited?
Kryptoid:
Yes, it has been. Also, we have had a situation with our bulletproofs that we did not have the same bugs that were released with other chain’s implementations. Our developers are pretty advanced with cryptography and security, i think that shows in the quality of not only our current mainnet but the new testnet as well.
Andrés m. | satoshi club:
I agree with you, that could increase the trust of the users about the quality of the project.
Well, something else to add, or are you ready for the next question?
Kryptoid:
I think we can move on.
Andrés m. | satoshi club:
All the users need this type of advice.
Joshy:
For the most secure option please see the guide on creating a cold wallet — https://docs.dero.io/rtd_pages/basic_coldwallet.html
Andrés m. | satoshi club:
It will be great a DERO physical wallet
Q5 from telegram user @garrinepotter
Is it possible to mine DERO now? Tell me where to find your software for mining and what hardware it is better to do it. Possibly there are pools and can you tell me how to find them?
Kryptoid:
There is a miner included with the download for the wallet that you can use to solo CPU mine. With the current hash rate of the network, a lot of users choose to use pools. Xmrig currently supports astrobwt for this.
Joshy:
Absolutely it’s possible and it is very easy to use with dero’s own miner. Please see the guide to mining on windows and Linux here https://docs.dero.io/rtd_pages/basic_mining.html
Kryptoid:
There are a lot of places to find lists of pools but we do have a zero fee community pool that was donated by a community member nelbert442.
Gold rocket | satoshi club:
Satoshi clubbers! Note!
Joshy:
If anyone ever needs support with mining to feel free to jump in our #mining channel on discord https://discord.gg/xr8txqke and we will help out as much as we can.
Kryptoid:
As far as hardware, people use CPU and GPU. As far as hash rate to wattage ratio, they are fairly close. Astrobwt is GPU resistant (i haven’t seen anyone even claim more than a 1.3x improvement on efficiency with GPU) but you can still use GPU successfully to mine. You will not have a huge edge against the CPU miners, though.
Gold rocket | satoshi club:
Thank you very much for the answer! This is exactly what our members wanted to know!
Andrés m. | satoshi club:
Of course, a lot of clear details
As a CPU miner, I need I high-tech computer to mine dero?
Kryptoid:
It all depends on electricity cost and how much DERO you are looking to mine, Anybody can mine but slower CPUs will obviously take longer to find coins.
https://github.com/deroproject/astrobwt/issues/2
Feel free to share your benchmarks here.
Andrés m. | satoshi club:
Do we need any kind of license for it? Some countries ask for licenses to BTC miners. Talking about legal earnings.
Kryptoid:
Not as far as I’m aware, no. I guess, check with your local laws and regulations.
Andrés m. | satoshi club:
Sure
. Before the last question, can you share with us your tokenomics?
Kryptoid:
Sure.
DERO uses its own chain and is not a token of any other platform. Tokens can also be launched on DERO and are also natively accessible in the wallet as well as private.
Circulating supply is about 10.4m
The total supply is 18.4m (currently with tail emission of 157k/yr similar to xmr)
Andrés m. | satoshi club:
Thank you so much
Q6 from telegram user @cleotilde1
Dero’s smart contracts seem to be designed for a network of majority businesses, what about minority businesses and companies or individuals in full development? Are your services designed to satisfy both businesses?
Dank:
DERO is an open platform, so the protocol works the same way for all participants. Where you will find unique and tailored business needs, will be in how smart contracts are developed. There are no restrictions that should limit any individual, business, or developer from deploying applications on our network.
Gold rocket | satoshi club:
So, summing up our fascinating conversation, please tell us why dero?
Kryptoid:
DERO is a fully functional smart contract and services platform with speed and privacy at its core. The goal is the ease of use, security, and privacy for everyone.
Gold rocket | satoshi club:
Do you mind if I quote from your website?
Kryptoid:
Feel free.
Gold rocket | satoshi club:
Kryptoid:
There you go.
Gold rocket | satoshi club:
It seems to me better can’t tell
Joshy:
DERO also has added a unique feature of the private service model on its blockchain which supports the building of market-place, secure and safe voting-systems, identity verifications systems,crypto-exchanges within the DERO eco-system.
More info on this here
Gold rocket | satoshi club:
Thank you very much for your answers and information! It was very informative! Ready for a storm of questions?
Kryptoid:
As ready as we can be. Thank you all again.
Andrés m. | satoshi club:
Thanks to you for your time
Joshy:
Thank you for having us!
Gold rocket | satoshi club:
I will open the chat for 2 minutes, after that you will need to select 10 questions and answer them.
Kryptoid:
Sounds great.
PART 2.Questions about the Dero project from the live chat of the telegram community.
In this part, we open a chat for the crypto community for 120 seconds. Then the guests from the Dero crypto project choose the top 10 questions. The 10 crypto enthusiasts have earned cryptocurrency in the sum of 40 Dero.
Q — 1 from a telegram user @highpee
I saw this statement on your twitter.
“On $DERO, you don’t know who interacts with the Smart Contract, but you know what you’re executing.” It’s somehow confusing. Can you explain what that mean? How can we know what the smart Contracts is executing when it’s unclear who is interacting with the SC?
Dank:
Our Stargate RC2 release allows for both public and private smart contracts, but in either case, the smart contract code is public. This is for auditing purposes and also for public safety. Everyone should know what code is being executed. See an example on our explorer:
Q — 2 from a telegram user @Pratze
I believe that Dero is really a great project and has a good future, can u pls tell me how to do investment with Dero Project? Do u have any ICO or maybe presale now?
Joshy:
DERO did/does not have ICO or presale. If you would like to buy and hold/trade DERO you can on TradeOgre — and Kucoin — as always we would not recommend holding coins on the exchange so please visit to find wallet user guides. They are very secure as long as you store your seed safely.
Q — 3 from a telegram user @Indomiekuy
Dero project is an industry leader with many totally new development in a blockchain ecosystem for example fully anonymous transactions based on Homomorphic Encryption. Could you introduce to us what is Homomorphic Encryption and how does it work?
Kryptoid:
Homomorphic Encryption works by computing data that is encrypted without decrypting it first. So, information is taken in encrypted and private. Then the calculations are performed while still encrypted and the answer is returned encrypted. The node performing the calculation does not know the unencrypted data at any time.
Q — 4 from a telegram user Deleted user
&?&
Dank:
DERO blockchain services allow the delivery of 128 bytes of data which can include URLs, license keys, identity verification, crypto exchange, and more. Once a transaction is sent to a service provider, a reply will be sent to the sender with the same level of privacy. See more details:
Q — 5 from a telegram user @Gabrielle124
What is DHEBP? and what does it do in your platform?
Joshy:
DHEBP stands for DERO Homomorphic Encryption Blockchain Protocol. Homomorphic encryption is a form of encryption allowing one to perform calculations on encrypted data without decrypting it first. The result of the computation is in an encrypted form, when decrypted the output is the same as if the operations had been performed on the unencrypted data.
Homomorphic encryption can be used for privacy-preserving outsourced storage and computation. This allows data to be encrypted and out-sourced to commercial cloud environments for processing, all while encrypted. In highly regulated industries, such as health care, homomorphic encryption can be used to enable new services by removing privacy barriers inhibiting data sharing. For example, predictive analytics in health care can be hard to apply via a third party service provider due to medical data privacy concerns, but if the predictive analytics service provider can operate on encrypted data instead, these privacy concerns are diminished.
DERO will use Homomorphic account based model, a first for privacy-focused blockchains. This will allow Instant account balances, No more chain scanning or wallet scanning to detect funds, or the need for key images, Massive scalability improvements (fixed account cost of 66 bytes in the blockchain), Truly light-weight and efficient wallets & Perfectly anonymous transactions with Many-out-of-Many Proofs (Bulletproofs and Sigma Protocol) to support deniability.
Q — 6 from a telegram user @Cleotilde1
I was reading on your website about the modifications that DERO made during the course of 2020 and there are several milestones, how did you manage to switch to a new mining algorithm in full swing of the pandemic, and what benefits has this new algorithm-generated so far for DERO?
Kryptoid:
While it was definitely strange to be working and preparing for an upgrade during the pandemic, our developers, team, and community are very resilient. We had something that needed to be done and we made sure it happened.
So far the main benefit from the change in the algorithm was getting away from the CryptoNight ASICs and distributing hash rate into a more diverse set of miners.
Q — 7 from a telegram user @Xusuo
The $DERO team already announced public testing of Stargate RC2, a private decentralized application platform. What issues are you trying to solve with Stargate RC2? Can you explain what is the main use of Stargate RC2?
Kryptoid:
The first one is obviously privacy, current application platforms do not use layer 1 privacy. Layer 1 privacy is essential because if your privacy is on layer 2, you are still using an open and transparent chain underneath.
Another problem that Stargate tackles is scalability. DHEBP not only provides the privacy for the chain but it’s account model allows for fast transactions that are instantly settled in 1 block. This aids in creating a more scalable platform than can be found in most projects today.
The main use of Stargate is for whatever your heart desires. With the ability to do smart contracts as well as services the options are very open. Tokens, defi, apps are all possible with complete privacy at it’s core.
Q — 8 from a telegram user @Sumione
Is there any plan to list DERO in exchange like Binance, Okex? Why didn’t you choose Ethereum as a blockchain so that it could get listed on Uniswap and will have mass adoption?
Kryptoid:
Exchanges are always welcome to list DERO. We aren’t huge fans of paying exchanges for the “privilege” of being traded on them, however.
ETH is not private and as you can see by gas fees has scalability issues. DERO’s technology lies in it’s blockchain, it is not simply a token that can sit on another chain. The power of DERO comes from the DERO blockchain itself.
If users would like to create something like Uniswap on top of DERO, that is possible however because it is its own platform.
Q — 9 from a telegram user @MihaiPisica
Will be able someone to track my funds?
Joshy:
DERO has wholly anonymous transactions, with DERO Stargate senders can prove to receiver what amount they have send (without revealing themselves). The Anonymity group can also be chosen in powers of 2 via the wallet. With the addition of Homomorphic Encryption DERO will be even more private than CryptoNote.
Q -10 from a telegram user @NataliyaKil
The web version of your wallet doesn’t work on mobile devices? The button: “create a new wallet” is inactive on the phone?
Kryptoid:
Due to the limitations of WASM currently, some devices have a harder time running the web wallet. We have found that Firefox for mobile usually can run the web wallet on most devices. As WASM improves in the future, we expect compatibility to grow with it.
Part 3 — Quiz about project
In the final part, we tested the knowledge in terms of the Dero project. They’ve prepared 4 questions for this part, so everyone could be a part and answer. Participants had 10 minutes to answer. 170 Dero was distributed between the winners.
Our contacts for more details:
English Telegram group | Russian Telegram group | Spanish Telegram group | Telegram Channel | Twitter | Website
Our Crypto Partner by this AMA: Dero project
