Tron (TRX) Could Adopt zk-SNARKS To Enhance Privacy by Q1 2019
The Tron (TRX) cryptocurrency could soon join the list of privacy coins such as ZCash (ZEC), Monero (XMR) and Verge (XVG). This is according to the project’s CEO and Founder Justin Sun.
Justin made the statements about privacy on the Tron network during an interview with the team at the Bad Crypto Podcast. (A recording of the interview is available online for further reference.)
In the interview – and around the 22 minute mark – Justin is asked by Bad Crypto’s Rachel Wolfson, about the concerns of privacy on the Tron blockchain since everything is evidently transparent.
Justin Sun responded to the question as follows:
First of all, I think that transparency [on the Tron blockchain] is very important…and also the governance. That is how people have trust in this network.
I think privacy is also important for the network. So that’s why I think in next year, Q1, we will adopt the zk-SNARKs into our network. So zero-knowledge proof into our network…
This is how we can improve the privacy of the whole network.
So in the future, if you want to have these private transactions and a private address, we can also make sure…if you use the address…that nobody can see you…the transaction can be untraceable.
We provide a different solution, and depending on your preference, you can choose a different one.
This Would Be a Game Changer For TRON
The Tron community has already seen how significant the implementation of zk-SNARKS would be on the Tron network as can be seen in the following tweet by @TronColony.
#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
What is zk-SNARKS?
The ZCash cryptocurrency is the first widespread application of zk-SNARKS: a form of zero-knowledge cryptography. The technology allows for shielded transactions to be fully encrypted on the blockchain yet still be verified as valid through consensus rules by using zk-SNARKS proofs.
The team at ZCash further explains the protocol as follows:
zk-SNARK stands for “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge,” and refers to a proof construction where one can prove possession of certain information, e.g. a secret key, without revealing that information, and without any interaction between the prover and verifier.
“Zero-knowledge” proofs allow one party (the prover) to prove to another (the verifier) that a statement is true, without revealing any information beyond the validity of the statement itself. For example, given the hash of a random number, the prover could convince the verifier that there indeed exists a number with this hash value, without revealing what it is.
What are your thoughts on the possibility of Tron (TRX) implementing the privacy protocol on its network? Please let us know in the comment section below.
[Image courtesy of ItsGoingDown.org]
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