Confidentiality of transactions and identity is what every crypto investor will love to see on favorite coins. It is interesting that the Tron (TRX) token, and Litecoin (LTC) are exploring the use of privacy. At the moment, both coins are set to launch into the world of privacy. The move will no doubt, enhance their chances in the crypto market.
Tron (TRX)’s zk-SNARKS – Borrowing a Leaf from Zcash (ZEC)
The latest move by the Tron (TRX) is commendable. A look at its formulation and journey in the crypto-sphere attests to the fact that the coin is positioned for greatness. The Zero-Knowledge Succinct Non –Interactive Argument of Knowledge (zk-SNARKS) technology is the latest addition that Tron (TRX) awaits in the space.
The underlying technology, which has been in use in Zcash (ZEC), places the coin at advantage, as it looks to become a privacy coin by default. To this end, TRX will be in favorable competition with top privacy-enhanced coins such as Verge (XVG), Monero (XMR) and Zcash (ZEC) and beyond.
zx-SNARKS shields (does not disclose) transactions. Thus, it entails the proof of construction, whereby a party can confirm the existence of information, without giving more details about it.
Coupled with the fact that Founder Justin Sun has claimed that the 1 billion users of BitTorrent would be added to Tron (TRX) and that the blockchain technology remains the decentralization chief in the space, Tron stand a better chance among its contemporaries.
Litecoin (LTC) makes the list with Confidential Transaction
Litecoin (LTC) is also looking at enhancing its daily use specialty with privacy of transactions. This is the reason why it is working on the premise of Confidential Transactions (CT). This is coming on the heels of Charlie Lee’s (Founder of Litecoin) disclosure that the coin is not fungible. He pointed out that this is the missing link in Bitcoin (BTC) and Litecoin (LTC). By adding this through CT, the coin will be fully regarded as “money”.
On the other hand, the MimbleWimble protocol will aid in Litecoin (LTC)’s drive to become fungible. The protocol protects transactions by limiting concise and confidential information to the involved parties. For instance, only the transacting parties (sender and receiver) will have insights on the amount that was involved in the transaction.
Anonymity drives Adoptions
There is no gainsaying the fact that the confidentiality of transactions will increase the chances of the LTC and TRX coins. The step is a welcome development because more investors are getting conscious of transactions. In light of this, the steps toward anonymity will fast-track Tron (TRX) and Litecoin (LTC)’s stakes in the crypto-sphere.