TRON 4.0 smart contract confidentiality protocol will bring a ton of new features, including shielded transactions, effective smart contracts, verifiable transactions, etc.
In a major announcement last Saturday, June 6, TRON Foundation CEO Justin Sun talked about a major update to the TRON network next month. TRON co-founder said the launch of the TRON 4.0 network is scheduled for July 7 next month.
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 launch of TRON 4.0 will introduce a new smart contract privacy protocol using zK-SNARKS technology. In addition, zk-SNARKS is a crypto fork that facilitates transactions without exposing any sensitive information.
In a detailed blog post, the TRON Foundation explained all the key features that the 4.0 update will bring to the TRON network. More specifically, it clarifies the main updates that the smart contract protocol will bring to the platform. This includes a variety of and shielded transactions, effective smart contracts, verifiable transactions, etc.
In addition, the key four updates that come with the TRON 4.0 network include:
- The TRONZ smart contract privacy protocol is the first smart contract privacy protocol supported by the virtual machine.
- TPOS two-layer negotiation mechanism – combines the advantages of PBFT and DPoS, thereby significantly reducing block confirmation time from 57 seconds to 3 seconds. As such, this would arguably make TRON an ideal use case for online transactions and merchants (PoS).
- The new TICP cross-chain protocol - this will create the basis for cross-chain communication with the Tron ecosystem.
- Solution for financial institution and corporate blockchain. The recently updated TRON network will help host customized enterprise-level solutions for enterprises. Thus, this is an important step towards increasing the number of enterprises on the blockchain platform.
First TRON 4.0 blockchain to host smart contract privacy protocol
TRON 4.0 will be the first blockchain to host the smart contract confidentiality protocol. The TRON Foundation has assured that it will be an open source protocol available to any developer at any time in the TRON ecosystem. The protocol will support all TRC20 tokens in the TRON network.
The company claims that privacy is a stand-alone feature to comply with global regulations. This will in no way make TRX transactions private or anonymous. In another official blog post, the TRON Foundation explained:
“TRON is constantly working to create a secure public network in accordance with global rules and policies. Therefore, updating TRON 4.0 will not make TRX anonymous and will not add privacy features. The TRONZ privacy protocol fully supports all TRC20 tokens in the TRON network, regardless of whether they are issued or not. Developers can use the shielded transaction function by simply implementing a smart contract. These protocols are groundbreaking in the development of smart contracts. ”