The cryptocurrency market is now at a critical juncture. The prices have dipped, and several people have started spreading rumors and FUD. It is at this time that Justin Sun has taken up the responsibility of uniting the members of the cryptocurrency community together.
Collaborations between cryptocurrency organizations have been considered as a hallmark for developments in the digital assets industry. Experts and proponents of the industry have reiterated the adage that the involvement of several minds to carry the crypto field forward is a significant key for mainstream adoption. This mantra seems to have hit home with Tron’s chief executive Justin Sun, who recently tweeted:
“I’d like to give a shout out to Zcash & all developers that contributed to zk-SNARK! We’d like to contribute our efforts to zk-SNARK & make it available in smart contracts to support TRC-10 & 20 tokens & DPOS mechanism. We’ll contribute more to privacy coin!”
ZCash is currently ranked 23rd on the cryptocurrency charts and was steadily climbing up before the bear market took over. Sun’s step of promoting a compatriot has been seen as a move to bring the cryptocurrency community together at a time of crisis. Zk-SNARK’s was created by ZCash to act as a stalwart for zero-knowledge cryptography.
The “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge” refers to a proof of construction where any single user can prove the hold on specific information. According to ZCash, that feature is “a secret key, without revealing that information, and without any interaction between the prover and verifier.”
Zk-SNARK’s blocks malicious actors from creating counterfeit coins by generating the public parameters through an elaborate multi-party ceremony. The feature can be added to any existing distributed ledger solution as zero-knowledge security later, especially for enterprise companies and their use cases.
Tron’s offer to make zk-SNARKS available in smart contracts can be considered as an attempt to build a smart contract application more viable and secure. The Foundation had made several strides in smart contract implementation over the past couple of weeks, and its tie-up with Samsung was the icing on the cake.
The Tron community or the Tronics has fully backed Justin’s decision, and some of the members have even gone as far as to claim that it might even trigger a bull run. The ongoing bear market hit a crescendo when Bitcoin, the world’s largest cryptocurrency, broke below the $7000 barrier while Tron fell by 5.41 percent during the 24-hour time frame.
Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.