Altcoins

Shield addresses activated on TRON

Yesterday Justin Sun announced that shield addresses have arrived on the TRON blockchain, and a 100,000 USDT giveaway has been unveiled to celebrate the event: all those who share their address will receive 1 USDT.

(1/2) 🚀To celebrate the #JustWrapper launch, we’re giving away 100,000 $USDT! 💰
1 #USDT reward for 1 address!
1. Create a shielded address
2. Submit the address: https://t.co/5FXGVaUMHV
3. Follow @justinsuntron
4. RT with: ‘My address is XXX’
Good luck!https://t.co/VsM9AYHIDl

— Justin Sun🌞 (@justinsuntron) September 27, 2020

It should be remembered that the shield addresses behave in the same way as those found on the Zcash (ZEC) blockchain. They allow to exploit a new type of token, the shielded TRC-20, introduced with TIP-135, and that exploit the zk-SNARK (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge).

The functions of the shield addresses on TRON

These assets have the traditional characteristics of blockchain-based tokens with shields, namely:

  • Minting, with which it is possible to transform normal TRC-20 tokens into shielded tokens;
  • Transferring, to move tokens between shield addresses, concealing both the starting address and the recipient’s address, as well as the amount transferred;
  • Burning, which allows making the TRC-20 token public with a shielded input but a transparent output.

In order to create this type of address, it is necessary to use the official TRON wallet which is TronLink. In the appropriate section, it is possible to create a shielded account and manage it all from the wallet: in fact, once the account is created it can be managed through the JustWrapper dApp and thus send and receive the various shielded TRC-20 tokens.

Currently, it is not possible to access from desktop to perform these operations.

DeFi on TRON

In any case, this is an important step for both the TRON blockchain and decentralized finance (DeFi), because shields can be used on all tokens running on the TRON blockchain such as the USDJ stablecoin or tools such as JustSwap, which allows trading and listing any token running on this blockchain.

It’s also worth noting that wBTC and wETH will soon be coming to TRON, opening the door to interoperability between these blockchains and expanding the industry even further.

   

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