Justin Sun Announces Beta Testing for TRON Shielded Transactions with zk-SNARK

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by Teuta Franjkovic · 3 min read
Justin Sun Announces Beta Testing for TRON Shielded Transactions with zk-SNARK
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TRON plans to use the zk-SNARK technology for the shielded transactions that will now become “fully shielded” as it has been put by Justin Sun.

In nowadays world, privacy is everything. Privacy is a worthy asset in the world where almost anyone who is internet-connected, can find each and every data possible. In crypto space, privacy seems to be even more. Every day more and more companies are becoming aware of how important it is to ensure privacy for their customers. Zk-SNARK is a technology of a so-called of zero-knowledge cryptography. TRON Foundation and its founder Justin Sun seem to be starting to get it. Reportedly, Sun decided to start implementing shielded transactions using zk-SNARKs for the TRX coin.

Designed first by the developers of the cryptocurrency Zcash, this “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge” offers the possibility to make the transaction amount as well as the sender and recipient on a public blockchain anonymous.

Announcing Beta Test of zk-SNARK for TRON

Sun announced that TRON is going to launch its shielded transaction in a beta test. He explained that these private transactions are made in a way that the sender and receiver addresses, transaction input and output, and transaction amount are kept secret.

TRON plans to use zk-SNARK technology for the shielded transactions, that will now become “fully shielded”. Sun noted that TRON uses a multi-party computing (MPC) protocol, as does Zcash, in order to transparently and securely create zero-knowledge proofs and prevent malicious attacks from shielded transactions.

In the series of tweets, Sun is trying to explain the way the protocol works. The point is that only one participant needs to be sincere in order to protect the integrity of the parameters (already mentioned zero-knowledge proofs). The process of generation will also be scalable. That will enable as many participants as needed to contribute to the security of the proof. According to Sun, this means everybody can contribute.

However, he didn’t say when the public beta version will be available.

TRON’s Private Transaction Is Not Obligatory

However, plans regarding applications of private transactions for TRON is nothing new. In December 2018, Sun spoke about the necessity of higher privacy and anonymity levels in nowadays data-driven society, especially considering the fact that both websites and search engines monetize user data.

All of this, and more, leads to a “compromise of privacy” that Sun wants to prevent as part of TRON’s vision of a Web 4.0 platform.

After all, he was always saying that not all TRON transactions will be necessarily shielded. Instead, TRON intends to implement the feature as optional. He said that users should be able to decide if they want a private transaction.

New Tron Blockchain Game

It seems TRON is developing a new game that will be based on the TRON chain. Also, it is possible that it will be using TRX. Team JUST created the game and they say they have been working with “autodecentric theory of mind artificial intelligence.” The game launch is scheduled for December 22.

Meanwhile, there are other companies in crypto space that are also interested in the introduction of zk-SNARKS. One of them is Tezos that said it will research it and expects to introduce it in 2020. Before Tezos, it was Cardano that was showing interest in the zero-knowledge proof technology. Also, Ethereum is said to be focusing on better co-functioning with Zcash with its Istanbul hard fork.

It’s also worth mentioning that the price of TRON (TRX) has dropped by about 6% in the last 24 hours to $0.0126, amid the latest price crash on the crypto market.

Altcoin News, Blockchain News, Cryptocurrency news, Ethereum News, News
Teuta Franjkovic
Author: Teuta Franjkovic

Experienced creative professional focusing on financial and political analysis, editing daily newspapers and news sites, economical and political journalism, consulting, PR and Marketing. Teuta’s passion is to create new opportunities and bring people together.

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