Justin Sun’s blockchain platform Tron has announced the date of the highly anticipated upgrade. Tron 4.0 will be launched on July 7, complete with an advanced privacy feature known as zk-SNARKs, as per an announcement by TRONZ Foundation on Saturday.
“This will be the first time in history where zk-SNARKs will be deployed on a blockchain powered by smart contracts,” the announcement said.
zk-SNARKs are the main privacy technology of the ZCash blockchain. The privacy feature ensures that a transaction can be made without disclosing information such as the amount being sent. In fact, a January survey is due Cointelegraph found that the code used in Tron 4.0 seems to be complete copied from ZCash.
However, unlike ZCash, the version of Tron will not make trades using the TRX cryptocurrency anonymously. Instead, developers can use a foreclosed transaction function by implementing the smart contract, according to TRONZ’s announcement. It added that compliance with global regulations and policies are the main reasons why privacy is a standalone feature.
Other features of the upgrade – which have been in development for nearly a year – include faster confirmation times; cross-chain confirmation and enterprise-grade custom solutions for businesses – “an important step in getting more companies on the blockchain platform,” the announcement said.
Sun first spoke of his intention introduce zk-SNARKs in the Tron network in 2018. He announced the news on Twitter, saying that the launch marks an important moment in Tron’s evolution.
The price of Tron’s cryptocurrency TRX – the 16th largest market capitalization – rose more than six percent on the news.
The platform has been displayed steady growth in recent months, with a user base of 33% compared to January 2019.
Tron 4.0 comes at an exciting time for smart contract blockchain platforms. With rival, Ethereum is getting ready for phase one of the 2.0 launch later this year, and Cardano’s Shelley test net because of the launch tomorrow, it’s time to put them all to the test.