• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Sensei Inu Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
Sensei Inu Logo

Justin Sun Hints Privacy Coin on TRON: 2 Key Reasons It Can Be Bad For TRX

Samuel Wan by Samuel Wan
4 years ago
in Cryptocurrency Market News
Reading Time: 3 mins read

Tron CEO Justin Sun took to Twitter to garner name suggestions for an up and coming TRX-based privacy coin. No further details have been forthcoming and many in the crypto community remain wary of his latest announcement.

Privacy coins on #TRON is on the way. What's the best name for it? $TRX #TRX @Poloniex

— Justin Sun (@justinsuntron) January 6, 2020

Tron Developers Have Been Working

Justin Sun, and his style of self-promotion, have often drawn criticism. Most notably, regarding the Warren Buffett charity lunch that never was. And also, the Liverpool FC-Tron partnership that didn’t exist.

Tron trx liverpool

All the same, while some accuse him of excessive hype, others say his marketing ability is second to none. Either way, there’s no denying that Sun is still an influential figure in the world of cryptocurrency.

And just before Christmas, Sun was active on Twitter, updating the community on a raft of privacy features in development on the Tron network.

These include the use of zk-SNARKS and shielded transactions to hide transaction data. As well as multi-party computation (MPC) to secure the system. All of which were pioneered by ZCash developers.

(2/5) The shielded transaction uses zk-SNARK (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge) to implement a completely shielded transaction.
Zero-knowledge proofs rely on a set of public parameters?

— Justin Sun (@justinsuntron) December 17, 2019

The Tron CEO later went on to say that these features will not integrate with existing tokens. Meaning, only new tokens launched on the Tron network will be able to make use of these features.

“Existing tokens such as $TRX, $BTT and $WIN will not be able to incorporate this feature, and their transaction ledgers will continue to be public.”

At present, it’s unclear how these privacy features would work in practice. But the backlash from authorities, regarding privacy coins, means Sun and his team would need to tread carefully.

Trend Towards Privacy

Last year, authorities enforced a crackdown on privacy coins, which resulted in some exchanges delisting privacy tokens. Despite that, the trend towards existing projects adding privacy features goes on unabated.

For example, Tezos incorporated zk-SNARKS late last year, not forgetting Ethereum and Litecoin, both of which are keen to get in on the privacy side of things.

In the case of Litecoin, Charlie Lee has mentioned that MimbleWimble features will be opt-in. So senders can choose to enable it, or not.

While nothing is set in stone, preliminary talks with regulators, show they are seemingly okay with this. But given that there are no details on how Sun proposes to integrate privacy features on the Tron network, it may well be the case that regulators say no.

A potential thumbs down from regulators would be a massive blow for the Tron brand.

In addition, some parts of the crypto community are not sold on zk-SNARKS as a robust protocol.

“zk-SNARK is a zero-knowledge proof system that generates succinct non-interactive arguments of knowledge. With a prover having to convince a verifier of valid proof.”

Under this system, Reuben Yap, COO at ZCoin believes that unproven cryptographic assumptions, in conjunction with bugs, may mean that hackers could exploit this flaw to double-spend tokens.

Although Yap does admit that no-one has yet managed to break the verifying element within the zk-SNARKS protocol, that doesn’t mean the system is invulnerable. But it’s still a known entry point for hackers.

As such, this may well leave the Tron network open to potential malicious attacks. And when coupled with a lack of information on how regulators view Tron’s latest endeavors, this is a case of wait and see.

Tags: Justin Sunprivacy coinTRON
Tweet123Share196ShareSend
Samuel Wan

Samuel Wan

Samuel Wan is passionate about different cultures and eating good food. He has years of experience working in business and finance — a burgeoning interest in Bitcoin and cryptocurrencies since 2017. UK based.

Related Posts

‘Uptober’ Hopes Fuel Bitcoin Price Rally, Bitcoin Minetrix Presale Nears $350,000

‘Uptober’ Hopes Fuel Bitcoin Price Rally, Bitcoin Minetrix Presale Nears $350,000

3 hours ago
Chainlink Bear

Chainlink Signal That Preceded Crashes Of 34% Is Back

6 hours ago
Bitcoin BTC price October

Bitcoin News: Analysts Reveal Forecasts For October As BTC Price Pushes Past $28,000

8 hours ago
Praxis announces crypto accessibility partnership with Choise.com,  expanding its global presence

Praxis announces crypto accessibility partnership with Choise.com, expanding its global presence

9 hours ago
Fan Tokens and SportFi Are Drawing Support From Unlikely Quarters, Including Regulators

Fan Tokens and SportFi Are Drawing Support From Unlikely Quarters, Including Regulators

9 hours ago
crypto

Crypto Era Looms: BIS Innovations Chief Calls On Central Banks To Prepare

10 hours ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Press Releases

  • The Next Bull Run Is Approaching, Follow The Smart Money...

    9 hours ago
  • Index CFDs: Experts Have Conducted A Comprehensive Study In...

    11 hours ago
  • Unbelievable: Tradecurve (TCRV) Skyrockets, Leaving...

    13 hours ago
  • Microsoft’s AI Reveals the Holy Trinity of Profit...

    13 hours ago
  • Investing in Trading 212: Is the Risk Worth the Reward?

    2 days ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Win 8.88 BTC
  • Play Casino Games
  • Play Finance

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.