Privacy Smart Contracts to Take Center Stage as TRON 4.0 Readies For Launch

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TRON CEO, Justin Sun took to Twitter to pitch the release of TRON 4.0, dubbed the era of the Great Voyage. It will take place at the Global Release Online Conference on July 7th, 2020.

Not so long ago, TRX was sitting pretty as a top 10 cryptocurrency. But in recent times, the project has lost ground to its rivals.

Today, it ranks 17th by marketcap on CoinMarketCap. It’s hoped that the additional features offered in this latest iteration will be enough to woo investors back.

TRON 4.0’s Key Features

TRON’s vision is to build the infrastructure for a decentralized internet. The TRON Protocol offers scalability, reliable network structure, and high-throughput computing (HTC) to support decentralized applications with a growing focus on DeFi.

In a recent post, the team laid out what to expect from the coming rollout, and taking center stage is the first smart contract privacy protocol supported by a virtual machine.

This protocol will support ZK-SNARKS within a smart contract, allowing for zero-knowledge proof between the provider and verifier. Zero-knowledge proofs are quick to verify, leading to scalability, and usually use much less data than a typical Bitcoin 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 will also include an improved dual-layer consensus mechanism. By combining the advantages of Delegated Proof of Stake (DPoS) with Practical Byzantine Fault Tolerance (PBFT), block confirmation times are reduced 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 a greater focus towards enterprise customers, under TRON 4.0, financial institutions and business developers will be able to build customizable blockchain solutions based on individual needs. The idea is to reduce time and cost for companies wishing to develop on the TRON ecosystem.

And finally, this release will see improved interoperability from the inclusion of a new TICP cross-chain protocol.

TRX is Still Down 93% From ATHs

It remains to be seen whether the market will respond favorably to these upgrades. The run-up to the launch has seen positive price action since the end of last month.

Currently, TRX is priced at $0.0168, up 28% since the start of the year. However, this is still some way from its all-time high of $0.23 in January 2018.

Tron daily chart

Tron daily chart with 200-day moving average. (Source: tradingview.com)

Taking into account the quality of the opposition, as well as Sun’s divisive standing within the crypto community, TRON 4.0 may well be its last shot at regaining glory.

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