TRON Improves Privacy Features With zk-SNARKs
TRON users could soon have enhanced privacy features when transacting TRX tokens. During a recent interview at The Bad Crypto Podcast a few days ago, Justin Sun talked about how the platform will implement greater privacy features. The main intention is to use ZCash’s zk-SNARKs cryptography.
TRON Enhances its Privacy
There are some virtual currencies in the market that provide greater privacy to users. These coins are Bitcoin Private (BTCP), ZCash (ZEC) or Monero (XMR), among others. However, TRON might implement zk-SNARTKs as soon as the first quarter of 2019. If this becomes true, users transacting TRX tokens will have better privacy and anonymity.
Justin Sun, the founder of the TRON Foundation, has also discussed other developments and integrations within the TRON blockchain. He talked about BitTorrent and the impact that it will have in the industry.
Justin Sun explained that several websites and search engines monetize user data. This is something that is affecting users’ privacy on many different levels.
“[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 date 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],” explained Justin Sun.
With the implementation of zk-SNARKs into the TRON network, the virtual currency and whole blockchain will be much more private than before.
About it, Sun commented:
“In the future, if you want these private transactions and a private address, we can make sure… they cannot see you and the transaction can be untraceable.”
zk-SNARKs are also known as zero-knowledge proofs. This technology is already used in many different projects in the cryptocurrency market. With this implementations, it is possible to shield transactions and encrypt TRX amounts transacted.
The Bitcoin ledger is not private and it is possible to deduce the wallet ownership just by analyzing the received and sent transactions. This is how different regulatory agencies are able to determine the identities of individuals that use virtual currencies for illegal purposes.
Sun explained that not all the TRX transactions will be private. Indeed, he mentioned that they will be allowing users to decide whether they want to process a private transaction or not. Nevertheless, according to the ZCash development documents, if there is not a large number of users using zk-SNARKs, it might be possible to deduce specific transactions.
Learn More
Want to learn more about TRON? Read about how Tron’s transactions have passed other major coins in our in-depth article. You can also read about how Tron’s price was boosted earlier this year with the rumor of a big partnership.
Interested in investing in Tron? You’ll want to start with our Tron price prediction article as well as our analyst’s read on TRX trading in our Tron Technical Analysis.
The best place to buy or trade for TRX is on Binance. After, you can utilize the great features of TronWallet to hold your TRX.
