Almost every crypto investor will love to see the confidentiality of transactions and identity on their favorite coins. Interestingly, Tron (TRX) and Litecoin (LTC) are exploring the use of confidentiality. Notably, both the above-mentioned cryptocurrencies are set to launch into the world of privacy and this move might boost their likelihood in the cryptocurrency sector.
The latest move by Tron (TRX) is quite interesting. Interestingly, zk-SNARKS technology is the most recent addition that Tron (TRX) awaits in the domain.
Tron (TRX), Zcash (ZEC) and zk-SNARKS
It is to be noted that Zcash (ZEC) is placed at an advantageous position, as it looks to become a privacy coin by default because of the underlying technology, which it uses. To this end, TRX will be in constructive rivalry with major privacy-enhanced cryptocurrencies like Zcash (ZEC), Verge (XVG), and Monero (XMR) and beyond.
It is to be noted that zk-SNARKS shields (does not disclose) transactions. Therefore, it entails the proof of construction, whereby a party can substantiate the existence of information and that too without giving any extra particulars about it.
Going by the facts, Tron may stand a better chance among its contemporaries because of the recent announcement by Tron Founder Justin Sun that around one billion user base of BitTorrent would be added to Tron (TRX) and that the blockchain technology continues to be the decentralization chief in the domain.
Litecoin (LTC) and MimbleWimble Protocol
It is also interesting to look at Litecoin at a time when Tron is looking to get into the privacy domain. Interestingly, Litecoin (LTC) is also planning to enhance its daily use specialty with the privacy of transactions. In fact, this is the reason why Litecoin is working on the principle of Confidential Transactions (CT). The founder of Litecoin, Charlie Lee points out that this is the missing link in Litecoin (LTC) and Bitcoin (BTC). As per him, the coin will be fully regarded as “money,” by adding this through Confidential Transactions.
Apart from that, the MimbleWimble protocol will give support to Litecoin (LTC)’s drive to become fungible. Notably, the MimbleWimble protocol protects transactions by restraining confidential and concise information to the concerned parties. Furthermore, only the sender and receiver will have insights on the amount that is involved in the transaction.
There is no contradiction to the fact that the privacy of transactions will allegedly increase the chances of the TRX and LTC virtual currencies. Furthermore, the step towards privacy can be seen as a welcome development because more investors are getting aware of transactions. By looking at the above facts, it can be said that the steps toward anonymity might fast-track Litecoin (LTC) and Tron (TRX)’s stakes in the cryptocurrency ecosystem.