Trading anonymously is one of the critical factors that attracting crypto enthusiasts to certain crypto coins, and with Litecoin (LTC) and Tron (TRX) setting plans in motion to make transactions anonymous, an influx of traders are coming their way.
Through implementing Zero-Knowledge Succinct Non –Interactive Argument of Knowledge technology also known as Zk-SNARKs, Tron (TRX) will be joining the leagues Zcash (ZEC), Monero (XMR), and Verge (XVG) which have successfully integrated zk-SNARKS technology into their platforms. On the other hand, Litecoin (LTC) is working on getting Confidential Transactions (CT) technology implemented to upgrade its coin to be among the privacy coins available.
How the Technology behind Anonymity Work
To be able to achieve its primary goal of making transactions anonymous, Zk-SNARKs shield uses proof of construction algorithm to conceal the details of the deal. However, while it doesn’t reveal the details of the transaction, it enables the party involved to confirm the details.
On the other hand, when it comes to Litecoin (LTC), the MimbleWimble protocol will kick in and give Litecoin (LTC) its anonymity status by protecting confidential info and limiting concise of the transactions.
Through CT only the receiver and sender will have access to some details of the transactions such as amount. Besides elevating Litecoin (LTC) to the league of privacy coins, MimbleWimble protocol will help upgrade LTC to full fungible status and further propel it to be regarded as money.
Tron (TRX) was placed by two rating agencies in the number one place as the current digital currency. Apart from that, the platform was preparing for an update and now with the status of anonymity activated, the Tron platform is expected to remain a prominent position.
On the other hand, the above developments are working in favor of the traders by leveling the playing field which will bring in a lot of competition between LTC and TRX with other top privacy digital coins. The competition will help improve service delivery among other things from the platforms.
In addition, while the developments will help merchants, they could also help boost Litecoin (LTC) and Tron (TRX) volumes since making their transactions anonymous will also act as a good marketing scheme for both TRX and LTC .