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The Tron cryptocurrency (TRX) may soon be included in the list of private currencies such as ZCash (ZEC), Monero (XMR) and Verge (XVG). This is according to the CEO and founder of the Justin Sun project.
Justin released the privacy statements on the Tron network during an interview with the team at the Bad Crypto podcast. (An interview recording is available online for further references.)
In the interview – and around 22 minutes – Justin is asked by Bad Crypto's Rachel Wolfson about the privacy concerns of the Tron blockchain because everything is clearly transparent.
Justin Sun answered the question as follows:
First of all, I think that transparency [on the Tron blockchain] it's very important … and also governance. Here's how people trust in this network.
I think privacy is also important for the network. That's why I think that in the next year, Q1, we will adopt the zk-SNARK in our network. So try to know zero in our network …
This is how we can improve the privacy of the entire network.
So, in the future, if you want to have these private transactions and a private address, we can also make sure that … if you use the address … that no one can see you … the transaction can be untraceable.
We offer a different solution and, depending on your preferences, you can choose a different one.
This would be a change of game for TRON
The Tron community has already seen how significant the implementation of zk-SNARKS is on the Tron network, as can be seen in the following tweet from @TronColony.
#Tron will adopt zk-SNARKs (zero knowledge test) in Q1.
What is the zk-SNARKS?
It allows people to demonstrate possession without revealing information.This will give $ TRX hodlers the option to use private addresses and make transactions untraceable.
Gamechanger 💪#TRX
– TRX Colony (@TronColony) November 30, 2018
What is the zk-SNARKS?
The ZCash cryptocurrency is the first widespread application of zk-SNARKS: a form of zero knowledge cryptography. The technology allows the screened transactions to be fully encrypted on the blockchain but still verifiable as valid through the consent rules using the zk-SNARKS tests.
The ZCash team further explains the protocol as follows:
zk-SNARK is the acronym for "Zero-Knowledge Succinct Non-interactive knowledge topic" and refers to a construction of evidence in which one can prove possession of certain information, e.g. a secret key, without revealing that information and without any interaction between the prover and the verifier.
The demonstrations of "zero knowledge" allow one part (the demonstrator) to prove to another (the verifier) that a statement is true, without revealing any information beyond the validity of the declaration itself. For example, given the hash of a random number, the prover could convince the verifier that there actually exists a number with this hash value, without revealing what it is.
What are your thoughts on the possibility of Tron (TRX) to implement the privacy protocol on its network? Let us know in the comments section below.
[Image courtesy of ItsGoingDown.org]Disclaimer: This article is not intended to give financial advice. Any other opinion present here is purely that of the author and does not represent the opinion of Ethereum World News or one of its other writers. Perform your research before investing in one of the many cryptocurrencies available. Thank you.
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