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Way in the future say in a sidechain or something would smart contracts be possible? And if so would they be able to benefit from Monero's privacy features?

samwellj
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There are a number of projects currently developing protocols that could be used for p2p transactions, financial derivatives, decentralized governance, and self-enforcing agreements.

Once multisig is implemented, it would be possible to incorporate Monero to enhance the privacy features of a smart contract application.

ajs
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I think the right developer could implement DERO as a side-chain to Monero--- by using DERO smart contracts and Minting QR codes on DERO as NFTs--- the DERO QR code (NFT) is a Monero public key. The QR code is a verifiable NFT as valid on the Dero chain (but the smart contract of the NFT would hold the Monero private keys inside the NFT) and would hold Monero on the XMR blockchain.

The "NFT QR Code" minted on DERO is verifiable on DERO (anti-counterfeiting) but the actual QR code points to a public key address on Monero. To verify value. So you now have a verifiable valid NFT with a verifiable valid value. All on private chains.

The Monero value is held locked up as a private key (smart contract part) inside the Dero QR code NFT--> on the Monero blockchain.

Once the NFT smart contract is "unlocked", the contract's private Monero key is revealed, but the NFT is no longer valid on the DERO blockchain. i.e. burned. Preventing the selling of an empty value NFT.

This is the way the lifelong dream of Monero-ites could have physical Monero cash.

Silverbacked is doing a physical silver bill that has a QR code that has a private key in it that can only be revealed upon the destruction of the bill. Revealing the private key on the blockchain. Turning the physical cash back into digital.

Physical cash is then "minted" with a new QR code with a public key that matches the value on the Monero blockchain. The bill is verified valid on the DERO blockchain.

I just think DERO/Monero is the way to go about this.

All Rights Reserved. Daniel Hall. 7/11/2023

Daniel Hall
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