- Tron-based privacy coin is one step closer to reality
- Tron joins the list of crypto projects to add privacy features
Tron News Today – In a recent tweet, the CEO and Founder of Tron – Justin Sun – updated the community on the forthcoming development on the Tron network. In the tweet, Justin Sun announced that a Tron-based privacy coin is one step closer to reality. In January last year, the CEO of Tron announced plans for private transactions.
Tron-Based Privacy Coin Is One Step Closer to Reality
Since then, the blockchain project has added the feature to its testnet in July last year and opened it to beta testers just last month. This week, the CEO updated his followers on the final stretch of the project. In the tweet, Sun also asked the Tron community what they would like the name of the project to be.
TRON (TRX) Price Today – TRX / USD
— Justin Sun (@justinsuntron) January 6, 2020
The response was many, with many users giving their preferred name for the coin. Users suggested several names for the projecting such as P-TRX, TRON-P, PRON, and even Privatron. However, it is less likely that Tron will use any of the suggested names. Justin Sun might just be generating hype, which he is well known for. However, it seems like Tron might name the project pretty soon.
Tron Set to Hide Transaction Data
In December last year, Sun said that Tron will use zk-SNARKs and shielded transactions to hide transaction data such as recipient and sender addresses, outputs and inputs, and transaction amounts. The blockchain project also plans to use a system called multi-party computation (MPC) to secure the system. The whole process resembles that of Zcash (ZEC).
However, Tron is making the privacy feature optional but the firm has not said anything on how users will access the privacy features. The firm might add privacy features to its main native token TRX or issue a secondary token. Digital currency trading platforms may also play a role. The recent tweet of Sun implies that Poloniex exchange, which is now closely related to Tron, is involved in this project.
Tron Joins the Privacy Coin Club
Tron has now joined the list of projects that have added privacy features to their coin. In October last year, Tezos (XTZ) added zk-SNARKs. In August, Decred announced the addition of the feature to its coin. Litecoin is adding Grin-based privacy, while the founder of Ethereum proposed an ETH transaction mixer in May last year.
Established privacy-centric digital currencies such as Zcash (ZEC), Monero [XMR], and Dash (DASH) remain popular also. Nevertheless, privacy tokens are encountering challenges. Regulators are cracking down on them and some digital currency trading platforms have also been delisting them.