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The TRON 4.0 smart contract privacy protocol will bring a ton of new features including shielded transactions, efficient smart contracts, verifiable transactions, etc.
In a major announcement last Saturday, June 6, TRON Foundation CEO Justin Sun spoke about a major upgrade coming to the TRON mainnet next month. The TRON co-founder said that TRON 4.0 mainnet launch is scheduled next month on July 7th.
Congrats to @OfficialTRONZ🎊
After nearly a year in development, TRONZ’s Smart Contract Privacy Protocol will finally be released as an integral part of #TRON 4.0 protocol on July 7.
Its launch will mark a definitive moment for the history and evolution of #TRON blockchain🔥 https://t.co/n9DE3vTWt6
— Justin Sun (@justinsuntron) June 6, 2020
The TRON 4.0 launch will introduce a new Smart Contract Privacy Protocol using zK-SNARKS technology. Also, called zero-knowledge proof, zk-SNARKS is a cryptography branch that facilitates transactions without disclosing any confidential information.
In an elaborate blog post, the TRON Foundation has explained all the key features that the 4.0 upgrade will bring to the TRON mainnet. More specifically, it elaborates that major upgrades that smart contract protocol will bring to the platform. This includes diverse and shielded transactions, efficient smart contracts, verifiable transactions, etc.
Besides, the key four upgrades coming along with the TRON 4.0 network include:
- The TRONZ Smart Contract Privacy Protocol – This is the first smart contract privacy protocol supported by a virtual machine.
- The TPOS Dual-Layer Consensus Mechanism – This combines the benefits of PBFT and DPoS thereby drastically reducing the block confirmation times fro 57 seconds to know at 3 seconds. Thus, it will possibly make TRON an ideal use-case for online and point-of-sale (PoS) merchant transactions.
- New TICP Cross-Chain protocol – This will setup the basis for cross-chain communication with the Tron ecosystem.
- Financial institution and enterprise blockchain solution – The newly upgraded TRON mainnet will help to host enterprise-grade customized solutions for businesses. Thus, it is a major step towards getting more businesses on the blockchain platform.
TRON 4.0 First Blockchain to Host Smart Contract Privacy Protocol
The TRON 4.0 will be the first blockchain to host a smart contract privacy protocol. The TRON Foundation has assured that it will be an open-source protocol available to any developer anytime within the TRON ecosystem. The protocol will support all TRC20-standard tokens on the TRON network.
The company says that privacy is a standalone feature to stay in compliance with global regulations. It will, in no way, make TRX transactions private or anonymous. In another official blog post, the TRON Foundation explained:
“TRON has been working steadily on developing a safe public chain in compliance with global regulations and policies. Therefore the TRON 4.0 upgrade will not make TRX anonymous in any way, nor will it have added privacy features. TRONZ Smart Contract Privacy Protocol will fully support all TRC20-standard tokens on the TRON network, whether issued or not. Developers can adopt the shielded transaction feature simply by implementing the smart contract. These protocols are groundbreaking developments in smart contract development”.
If you want to find out more updates from the blockchain industry, please, follow this link.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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