Tron Will Become A Privacy Coin Like Monero – Justin Sun Addresses The Implementation Of zk-SNARKS For Enhanced Privacy
It seems that Tron might be on its way to becoming a privacy coin and join Monero, Verge and Zcash.
Justin Sun made some statements about the privacy on Tron network during an interview at Bad Crypto Podcast.
He addressed the progress of Tron’s technology and issues regarding adoption and developments.
During this interview, Sun also talked about the delegated proof of stake governance, the impact of blockchain tech in general, integrations with BitTorrent and more.
But the most important thing that Sun talked about was the implementation of zk-SNARKS.
Zk-SNARKS, a new form of zero-knowledge cryptography
zk-SNARKS (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge), are a new form of zero-knowledge cryptography, also known as zero-knowledge proofs.
This technology enables the existence of shielded transactions and encrypts the crypto amounts that are being sent.
This whole thing means that with the use of zk-SNARKS, the ledger or the wallet ownership of the parties involved in a transaction remain private as they cannot be analyzed.
The amount of crypto sent will also be encrypted for even more privacy. Cryptos that use zk-SNARKS allow users to remain private and anonymous by shielding the sending and receiving amounts of crypto.
#Tron will adopt zk-SNARKs (zero-knowledge proof) in Q1.
What is zk-SNARKS?
It allows people to prove possession without revealing the information.
This will give $TRX hodlers the option to use private addresses and make transactions untraceable.
— TRX Colony (@TronColony) November 30, 2018
Tron to implements zk-SNARKS
Just Sun said that Tron plans to implement zk-SNARKS sometime in the first quarter of 2019.
He explained that privacy and anonymity are much-needed features in today’s society as websites and search engines are monetizing user data and this affects the users’ privacy in more ways.
“People don’t want their privacy stored by Facebook or Google because those people can more easily manipulate the data so they can push ads to you. You don’t want to share those data with them. That’s why I think the decentralized way becomes a good way to do that ànd limit how much data you are required to share.”
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.