Tron CEO Justin Sun took to Twitter for name suggestions for an upcoming TRX-based privacy coin. No further details have been released, and many in the crypto community remain skeptical of his latest announcement.
Justin Sun and his style of self-promotion have often drawn criticism. In particular, regarding the Warren Buffett charity luncheon that never went. And also, the Liverpool FC -Tron association that did not exist.
Still, while some accuse him of excessive hype, others say his marketing skills are second to none. Either way, there is no denying that Sun remains an influential figure in the cryptocurrency world.
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Just before Christmas, Justin Sun was active on Twitter, updating the community on a number of privacy features in development on the Tron network.
These include the use of zk-SNARKS and shielded transactions to hide transaction data, as well as multi-party computing (MPC) to secure the system. All of these were pioneered by the developers of Zcash.
The CEO of Tron then stated that these features will not be integrated with existing tokens. In other words, only new tokens launched on the Tron network will be able to utilize these features.
“Existing tokens such as $TRX, $BTT, and $WIN will not be able to incorporate this feature, and their transaction ledgers will remain public.”
At present, it is unclear how these privacy features work in practice. But the reaction from the authorities, regarding the privacy coins, means that Sun and his team would have to tread carefully.
Tendency towards privacy
Last year, authorities cracked down on privacy coins, resulting in some exchanges delisting privacy tokens . Despite this, the trend of existing projects adding privacy features continues unabated.
For example, Tezos introduced zk-SNARKS late last year, not forgetting Ethereum and Litecoin, both of which are keen to get into the privacy side of things.
In the case of Litecoin, Charlie Lee has mentioned that the MimbleWimble features will be enabled. Therefore, senders can choose to enable it or not.
While nothing is set in stone, preliminary conversations with regulators show that they apparently agree with this. But since there are no details on how Sun is proposing to integrate privacy features into the Tron network, regulators may well say no.
