The cryptocurrency market has achieved new heights of success during the year 2021. With the market now valuated at over $2 trillion dollars, it has turned into a race. The cryptocurrency market is flooded with new projects trying to compete with existing ones. Blockchains employs new and old technologies trying to set themselves apart from the crowd. Some of the common consensus mechanism in the market are Proof-of-Stake, Proof-of-Work, and Directed Acyclic Graphs (DAG). In this guide we will discuss Dero. Dero is a blockchain that is taking the blockchain competition to the next level through its integration of existing consensus protocol in order to create something extraordinary.
What is Dero?
Dero is a blockchain that combines the Proof-of-Work consensus mechanism with Directed Acyclic Graph structure along with anonymity. DAG offers increased speed but at the cost of security while Proof-of-Work blockchains focus on security but compromises speed. The integration of both these technologies by Dero presents something unique and valuable. It allows Dero to offer the best of both worlds.
The cryptocurrency combines the smart contract technology of Ethereum with that of privacy coins. Although Dero is one of the lesser-known privacy coins, the unique architecture of the network has the potential to help Dero rise up the ladder.
Dero was created in 2017 by an anonymous developer who goes by the name “Kaptan”. It was initially a fork of the popular privacy coin, Monero. However, the cryptocurrency was later redesigned with code rewritten from scratch. Dero is the first CryptoNote blockchain to operate on its native blockchain without any other layers or blockchains while having smart contracts compatibility.
The blockchain was designed for privacy and functionality. It also offers top-of-the-line security and speed. The average block generation time of the blockchain is just twelve second. Moreover, the blockchain is also secure against all major hashrate attacks.
Dero network has been picking up the pace in 2021. While the privacy coins domain has been dominated by other cryptocurrencies, the scene may alter soon as Dero gains popularity. The cryptocurrency has been steadily surging upwards in 2021. The coin started off the year with a price level of $0.69; however, it currently stands at $22. The all-time high was established a couple of days ago at $27. The current performance of the cryptocurrency is a testament to the potential it carries.
According to the estimates of Wallet Investor, Dero is expected to be operating at a price level of $45 in a year’s time while the five-year projection places it at $128. Digital Coin Price predicts a price of $100 by 2026.