Introduction
The cryptocurrency market is getting vibrant again as Bitcoin price exceeds $73,000. This is due to the impact of global conflicts and US interest rate cuts, helping money flow into other assets. We can say Tron Blockchain plays a key role in supporting capital sources to easily access blockchain investments because it was chosen by Tether, the creator of the USDT token Tether to issue this token. Thanks to USDT, investors can trade, convert, buy, and sell crypto assets on centralized exchanges (CEX) or decentralized exchanges (DEX) easily. To date, Tron Blockchain currently has more than 210 million accounts and 37 million of them are holding USDT tokens.
We've hit 200 MILLION accounts on #TRONNetwork! It feels like we started just yesterday, doesn't it, #TRONICS?
Let's keep this momentum going!
#TRON200M
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Although Tron’s influence is so great, USDT transactions on Tron all reveal major privacy problems. That’s why zkBob wallet, an open-source non-custodial wallet product with zero knowledge technology (zk) as the core, helps USDT transactions on Tron to be encrypted and protected, improving users’ privacy and safety.
So how can millions of users easily use zkBob to improve their USDT trading experience? Read on to know more!
The Importance of Privacy on Blockchain
I have written many articles about privacy on blockchain. In short: getting privacy on the blockchain is so important right now it’s extremely difficult.
At present, a series of onchain identity and reputation (reputation) projects are emerging very strongly. A user’s wallet address is tied to at least one type of domain name such as the Ethereum Name Service’s .eth domain or SpaceId’s Layer 2 Ethereum domains. When you talk about Vitalik Buterin, the father of Ethereum, everyone will immediately remember the domain name vitalik.eth of this legendary programmer. In the period 2023–2024, SocialFi social network protocols are also booming. Users can easily connect with friends, followers, and partners with usernames imported directly from the .eth domain name they already own, making creating another account inconvenient.
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Besides, with protocols or applications across ecosystems spending billions of dollars to airdrop to wallet addresses with good onchain activities and high reputation, many users tend to be tied to only one wallet address. This makes determining which wallet address belongs to someone very simple. For example, when you know a person’s habits through their trading history, such as whether they regularly trade NFTs on Magic Eden, trade on DEX Uniswap, trade perp on GMX, etc. the number of matching addresses will be lower. It is possible to identify wallets with similar behavior and find transactions between these wallets to easily identify the owner.
Owning an easily identifiable onchain identity, with high reputation is a very desirable thing to do in the Web3 world. It is very useful in connecting as well as bringing many opportunities but also brings many risks that every EVM blockchain does not focus on, such is privacy. By default, information related to transactions on the blockchain is viewable, from the sender to the recipient, and the amount of assets transacted. In the world of traditional finance, it is almost impossible for sensitive information to become public. Banks and authorized organizations can indeed do that, but in the blockchain world, 8 billion people all have the right to see the (possibly sensitive) transactions you’ve made.
This information directly affects those who are using blockchain.
Actors with bad intentions can use this information to extract personal information in real life as well as infer the habits of the target audience to sell information and spam advertising information or onchain scams.
Other people such as friends or anyone can make negative assessments about you through this information (even though it’s not true).
This public information can also strongly affect your financial situation as they can learn from your investment or trading habits and speculate on the assets you intend to buy at your expense. large when prices are unstable
Those are just some reasons why you should protect your onchain privacy. There are many more, and as blockchain develops further, and enters deeper into life, you will see more reasons why you respect it.
Why Do Tron Users Need Privacy?
Maybe this is the question of the majority of people because it seems that in the minds of the majority of people, Tron is an unpopular and rarely mentioned blockchain. However, that is completely contrary to reality. Every day on Tron, there are several million transactions, with a volume of hundreds of millions of USD. As of today, March 18, 2024, Tron’s 24-hour trading volume is 305 million USD and the total number of transactions performed is more than 5 million transactions. This number is not small and is certainly thanks to the fact that Tron is the main blockchain to issue USDT tokens.
Speaking of which, you might think that perhaps only large institutions use Tron to trade USDT. That makes sense. According to Tron’s founder Justin Sun, the blockchain is one of the most popular in Mainland China and Hong Kong. These are both major financial centers of the world and after many years of working with a series of business companies in this area, Tron has become an important layer to connect these companies with blockchain, as per Sun. The recent printing of billions of dollars in USDT shows that corporate/institutional customers play an essential role in the link between the Tron blockchain ecosystem and the Chinese economy. However, among these 35 million USDT token holders, we cannot say that all are institutional users, and in real life, we do not only need to transfer billions of dollars for commercial purposes but for also smaller needs, as well as smart contract interactions similar to those on the Ethereum ecosystem.
In the near future we will see this more clearly, because Justin Sun recently announced a Layer 2 Bitcoin capable of connecting to Tron. If this is true, a large number of Bitcoin users will flock to Tron if the right incentives are in place.
Once a blockchain network explodes, many users of other ecosystems will also come. For an experienced marketer like Justin Sun, this can be quite simple. Everyone knows that Sun is a person who knows how to attract attention, for example, recently, he shocked the world when he sent $480 million to the Ether.fi restaking protocol to receive an airdrop worth $20 million.
Besides, users on the Ethereum ecosystem can easily move assets to Tron through bridge applications such as Symbiosis.
With more and more users arriving, privacy awareness will increasingly flourish as history repeats itself, and a new ecosystem like Tron will emerge with high demands for identifiers (domain names) and onchain reputation. The problems mentioned above continue and privacy protection applications like zkBob are even more necessary.
Introducing zkBob Private Wallet For USDT on Tron Blockchain
zkBob is a private non-custodial smart contract wallet that leverages zero knowledge (zk) technology to hide users’ footprints on the blockchain, giving them the confidence to execute financial transactions and be safe from bad actors and legal troubles.
zkBob is different from regular wallets because of its distinct features:
Transfer funds privately between wallets without fear of being tracked. Sensitive information about a transaction is hidden
Transfer funds to multiple wallets in one transaction anonymously
Transaction history is shared with only authorized parties
The interface is easy to use and easy to get used to
Toolkits are available for easy integration into other applications
Read more about zkBob at: https://www.zkbob.com/ and learn all about the cool features of a wallet that gives you complete financial freedom.
Instructions for Using zkBob to Transfer USDT on Tron Blockchain Privately
Getting started with regaining your privacy takes just a few steps.
Visit the website: https://tron.zkbob.com/ and connect to TronLink wallet
Create a zkAccount account and deposit money
3. Start depositing money into your zkAccount account, or someone else’s. You can also withdraw money to another TronLink account.
Conclusion
In brief, in the context of the rapidly growing cryptocurrency market, Tron Blockchain plays an important role in supporting capital access to blockchain and creating convenience in USDT transactions. However, the privacy issue remains a major challenge. zkBob provides a safe, secure solution for users, along with protecting their personal information and financial freedom on the Tron Blockchain. Privacy on blockchain is not just a wish but also a necessity in the evolution of blockchain technology.