TRON Is Getting Ready for Version 4.0 – Here’s All You Need to Know
TRON Founder and CEO, Justin Sun, recently set Twitter on fire with the TRON 4.0 launch announcement.
Founded in 2017, TRON is mainly designed to exploit blockchain technology and the Peer-to-Peer network so as to erase the need for middlemen in its ecosystem. Fuelled by the ambition to create a fully decentralized blockchain, the platform has partnered with various firms and attracted a huge number of developers and users.
Sun’s latest tweet about TRON 4.0 has triggered a whole new excitement in blockchain users and fans. But what exactly will the upgrade entail? Read on to learn all there is to know about the imminent TRON 4.0 and how this could reshape the decentralized applications (dApps) race in 2020.
Sun’s Big Plans to Update TRON 4.0
Shortly after Sun revealed the imminent upgrade to his platform, the company’s Tech Director Marcus Zhao explained via a tweet that TRON 4.0 would have new features such as a 2-level consensus mechanism, inter-chain collaboration, and an organizational version of the network.
The exact date and time of this upgrade has not yet been announced, but TRON 4.0 will have new and exciting features that will boost privacy on the blockchain.
With the delays of ETH 2.0, it is TRON 4.0 who is ahead of the dApps race, and there could provide more key features that will be added soon in the next following weeks and months to come.
TRON surely still needs to do a lot compared to other blockchains that already offer some solutions not permitted by TRON, such as the prominent Non Fungible Tokens (NFTs) used in games.
Many are hoping that Sun’s big plans to upgrade the blockchain to version 4.0 will bring in some much-needed improvements and features that will make the platform more attractive to developers and users.
TRON Now Focused on Privacy
Back in 2018, Justin Sun was considering the possibility of implementing privacy on the blockchain with the use of the ZK-snarks. The TRON founder stated that integrating zero-knowledge proof into the network was the best way to improve the privacy of the whole system.
The implementation of the privacy feature was initially slated for Q1 of last year, but delays have ensured that the upgrade will now be released in the forthcoming 4.0 version.
TRON plans to use zk-SNARK tech to bolster the blockchain’s privacy, and the platform announced in Dec. 2019 that they would launch their shielded transaction in a beta test.
Sun explained that these private transactions are designed in a way that the sender and receiver addresses, transaction input and output, and transaction amount are kept top-secret. That said, the TRON team hasn’t explicitly confirmed that the upcoming version would use the zk-Snakrs.
TRON is currently in version 3.0, a phase that introduced the TRON Virtual Machine (TVM) and allowed the creation of smart contracts and TRC20 tokens, hence marking a crucial stage in the blockchain’s roadmap.
Version 4.0 will introduce other new capabilities such as privacy features supported by TVM, a second level of consensus, the possibility of cross-chain, and a section dedicated to corporate use cases.
Will TRON 4.0 Rival Ethereum 2.0?
It is worth pointing out that the Ethereum community is also presently working hard to implement ETH 2.0. So Is TRON trying to surpass Ethereum 2.0 with its version 4.0 launch?
Well, it seems like TRON wants to outdo Ethereum, especially in the dApps category and other features, such as scalability and privacy.
The TRON blockchain has always compared itself to ETH, the world’s 2nd most prominent blockchain, and Justin Sun even considers his platform superior to Ethereum in terms of privacy, scalability, and dApps.
What’s more, the long-awaited switch to the proof-of-stake algorithm on ETH might be postponed once again as developers grapple with bugs. Meanwhile, competing blockchains such as Tezos, and Zilliqa have already successfully ventured into staking.
Nevertheless, Ethereum did manage to gain on EOS and TRON in the decentralized applications because of the explosive growth of the decentralized finance ecosystem, according to a recent DappReview report published in April 2020.
BitTorrent CEO has outlined the main features TRON 4.0 will own, and he mentions that the upgrade focuses mainly on privacy, followed by blockchain interoperability and scalability.
— Justin Sun (@justinsuntron) May 23, 2020
Interestingly, Ethereum 2.0 is also focused on improved interoperability and scalability, which has led some to accuse TRON of a feeble attempt to match its rival.
For instance, a blockchain enthusiast by the name Crypto Whale tweeted:
When you try competing with ETH 2.0, so you invent some bogus update for your shitcoin. 😂🤦♂️
— Whale 🐋 (@CryptoWhale) May 23, 2020
But still, with the imminent launch of version 4.0, TRON seems determined to herald the next generation of Internet entertainment and lead the dApps race with its upcoming 4.0 upgrade.
With Justin’s TRON 4.0 announcement and the projected launch of ETH 2.0 in Q3 of this year, it looks like we are about to witness a key blockchain evolution in 2020.
Ethereum 2.0 launch was supposed to take place in January this year, but the platform’s update to a proof-of-stake consensus faced delays in its launch due to unresolved technical issues.
Now, Sun and his TRON blockchain may have a golden opportunity to overtake their rival in the dApps race if they can roll out their 4.0 version with minimal delays.
With an operational product and a fast-growing user base, TRON may well rise to new heights with the imminent launch of its 4.0 version, maybe even surpassing ETH in the development of dApps.