TRON, the eleventh largest cryptocurrency by market capitalization and a leader in the decentralized application industry, is expected to launch privacy features on its test network in the coming days.
According to a maintenance published on May 16, TRON CEO Justin Sun told Decrypt that the previously touted privacy addition to TRX – dubbed zk-SNARKs – is about to be tested on the TRON test network. Assuming that the zk-SNARK implementation goes smoothly during the testnet phase, the CEO plans to integrate privacy features into the TRON mainnet in the near future.
Zk-SNARKs, which TRON previously mentioned as an addition to their public blockchain, are a zero-knowledge proof mechanism that allows transactions to be made without revealing transaction information to the wider network. While blockchains are valued for their transparency and public ledger, privacy transaction features add an extra layer to the utility of cryptocurrency.
However, the implementation of unconscious transactions on otherwise public blockchains has historically been messy, with other cryptocurrencies experiencing inflation bugs and a general reluctance on the part of users who would prefer transfers to be. as transparent as possible.
Speaking to Decrypt, Sun explained that adding zk-SNARK and privacy features to TRON will add an extra layer of protection for customers,
“Zk-SNARKs are extremely important because they offer everyone a new way to start using Tron with privacy protection. This is essential for many crypto users in the industry.
Historically, Monero (XMR) has been the industry leader in privacy transactions and has developed a fervent investment base that believes a basic utility for cryptocurrency in the years to come will be anonymous transactions, as opposed to to the current store of value model presented by Bitcoin. However, unlike Monero’s ubiquitous private transactions, TRON intends to integrate zk-SNARK to give TRX users the option of anonymous transactions, similar to the method employed by ZCash.
In December 2018, Justin Sun spoke in an interview about his intention to to integrate zk-SNARK in the first quarter of 2019,
“I think privacy is also important for the network. This is why I think that next year, in the first quarter, we will adopt zk-SNARK in our network. So the proof of zero knowledge in our network… This is how we can improve the privacy of the whole network.
Sun further explained that giving users the ability to conduct private transactions has added another layer of security and utility to TRON. While the entire cryptocurrency landscape, especially the altcoin market, struggles to find legitimate use cases to justify the expanding market capitalization again, features like anonymity can provide. another layer for TRON.
The TRON Foundation has already successfully established TRX and the TRON network as a major provider of decentralized applications, registering a new absolute record among daily users earlier in the week. Privacy, along with DApps and BitTorrent, could provide another avenue for TRON’s growing influence in the market. As the currency would face stiff competition from established players such as XMR and ZCash, the expansion of TRON’s network functionality could force users to search for an all-in-one cryptocurrency from which to base.