Privacy smart contracts are the new center point on TRON 4.0 as the CEO of Tron Justin Sun took it to Twitter to pitch the new release calling it the era of the Great Voyage so let’s find out more in the TRON news.
The new release will take place at the Global Release online conference in just four days but not long ago, TRX was sitting as a top 10 cryptocurrency. however, in recent times, the project lost a lot of its value to the rivals and it now ranks 17th by market cap. It’s also hoped that the additional feature offered in the latest announcement will be enough to get the investors back.
5 days countdown of Great Voyage: #TRON 4.0 Global Release Online Conference on July, 7, 2020 13:00(UTC)
— Justin Sun (@justinsuntron) July 2, 2020
TRON’s idea is to create the infrastructure for a decentralized internet so the new protocol offers scalability, reliable network structure, and high-throughput computing in order to support decentralized applications with a growing DeFi focus. In the latest post, the team laid out the new expectations with the coming rollout and the center point was the privacy smart contracts supported by a virtual machine. The protocol will support ZK-SNARKS within a smart contract which allows for zero-knowledge proof between the verifier and the provider as Justin Sun explained. Zero-knowledge proofs are quick to verify and usually lead to scalability and use less data than one BTC transaction:
“transactions in the network can remain encrypted but still be verified as valid by using zero-knowledge proofs. So those that are enforcing consensus rules don’t need to know all of the data underlying each transaction.”
The rollout includes an improved dual-layer consensus mechanism and by combining delegated proof of stake with practical byzantine fault tolerance, block confirmation times are slashed from 57 seconds to 3 seconds:
“DPoS is designed as an implementation of technology-based democracy, using the voting and election process to protect the blockchain from centralization and malicious usage. Practical Byzantine Fault Tolerance is an excellent consensus algorithm for enterprise consortiums where members are partially trusted.”
In line with the greater focus towards enterprise customers, the TRON 4.0 launch will provide customizable blockchain solutions for business developers and financial institutions based on their own needs. The goal is to reduce time and cost for companies that want to develop on the TRON ecosystem. The release will also see improved interoperability from the inclusion of a new TICP cross-chain protocol. We can wait and see whether the market will respond well to the upgrade while the run-up to the launch saw a positive price action since June ended.
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