Justin Sun Hints at TRON Privacy Coin Coming Soon

Michael LaVere
  • TRON Founder Justin Sun says TRON's privacy coin is on the way.
  • Sun asked community members to float ideas for a name. 

Justin Sun, CEO of the TRON Foundation, has posted an update saying the unnamed TRON-based privacy coin is coming soon.

According to a tweet published Jan. 6, Sun teased the TRON user base by announcing that the network’s privacy coin is “on the way,” while asking users to float ideas for its name. 

TRON initially announced its intention to provide private transactions in January 2019, while failing to provide much more of an update for most of the year. In December, Sun provided a series of tweets explaining that the organization was beta-testing “shielded transactions.”

The shielded/private transactions utilize zero-knowledge proofs (zk-SNARK) to hide transaction data, such as the sender and recipient address. TRON’s version of zero-knowledge proof will rely upon a multi-party computation (MPC) protocol to construct and secure the private transactions. 

Sun called the implementation of shielded transactions “highly scalable,” and opened the door for community input through GitHub. 

Featured Image Credit: Photo via Pixabay.com

The Coronavirus Outbreak Is Delaying China’s Digital Currency Research

China’s research into the launch of its own digital currency has reportedly been delayed over the coronavirus outbreak, which according to recent data has infected over 81,000 people worldwide and claimed the lives of 2,765.

According to the Global Times, an anonymous source close to the matter has detailed that the outbreak forced several government institutions to slow down. The source was quoted as saying:

The coronavirus outbreak has led to postponed work resumption in government institutions, including the People's Bank of China (PBC). Policymakers and research staff involved in the DCEP project are no exception, which weighs on the development process.

Commenting on the case the CEO of a Shenzhen-based blockchain firm involved in the launch of the digital currency, Shentu Qingchun, noted the People’s Bank of China, the country’s central bank, was expected to make an important announcement during Q1 of this year.

Qingchun added, however, there’s only a month left and as such “chances that the announcement could be made on time are slim.” The currency, called Digital Currency Electronic Payment (DCEP), is still being developed and officials are discussing scenarios in which it could circulate as cash.

The source noted that the digital currency could still be launched on time as the central bank has “abundant talent” that can help it deal with the delay in research. Per Shentu, since the DCEP is a digital currency it would help reduce hand-to-hand contact among individuals, which has helped the coronavirus outbreak spread. As such, policymakers could give the DCEP more attention.

The Global Times’ source added that research into the DCEP has “achieved fruitful results” and that it’s close to an end. The central bank’s research institute, per the report, has applied for 65 patents involving digital currencies, while its institute of printing science and technology has applied for 22.

Featured image by Floriane Vita on Unsplash.