Zcoin, the privacy-focused cryptocurrency, announced the testnet launch of its next-generation privacy protocol, Lelantus, on October 20. According to Ruben Yap, Project Steward of Zcoin, Lelantus pushes the boundaries of privacy. It employs technology that supports very high practical anonymity and helps make transactions untraceable with a single click.
At the core, Zcoin Lelantus allows users to destroy any amount of coins and partially redeem them any time in the future. Once the burn process is complete, these coins are added to the pool of coins destroyed by other users. To redeem the coins, a user is required to submit cryptographic proof that he burnt those many coins. Furthermore, those burnt coins retain no related transaction history and promise long-lasting privacy. Along with the burn-and-redeem model, Lelantus now brings short verification times to blockchain transactions.
What is new with Lelantus?
Lelantus has improved significantly since our last interaction with it. Previously, Zcoin was capable of burning coins only in fixed denominations. At a time, a user could only burn 1, 10, 25, 50, or 100 coins and this led to a wastage problem. That means if a user wanted to burn 15 coins, he would have to conduct 2 burn cycles, and he would end up burning a total of 20 coins instead of 15.
Along with this, the users had to redeem all the burnt coins in one go. If a user burnt 20 coins, he would have to redeem all 20 coins.
The Lelantus testnet has fixed both problems in its burn-and-redeem model. The users can now burn any amount of coins and can choose to partially redeem the burnt coins. Additionally, the transaction verification speeds have also improved. The proof time has improved from 2-10s to 1.5s-5s.
No trusted setup
Unlike zkSNARKS-based privacy protocols, Lelatnus requires no trusted setup. According to Yap, a trusted setup is a point of failure for a privacy protocol. If a trusted setup is compromised, anyone can forge the proofs and coins can be created out of thin air. Without the need for a trusted setup, Lelantus avoids hyperinflation in every possible manner.
With privacy front and center, Zcoin users can access the features of Lelantus at their fingertips. Along with that, it supports easy integration with exchanges, wallets, and cross-chain bridges.
According to the official announcement, the testphase will go on for 4-6 weeks. During this time, the team will fix the bugs and work on community feedback. After the completion of the test phase, the team will release mainnet binaries. According to Yap, the team is already working on Lelantus 2.0 and this would offer the capability to transfer redemption rights to someone else in a highly private manner.
Zcoin price (XZC)
As the Bitcoin price continues to rally, most of the altcoins are struggling hard to pump. In the last 24 hours, Zcoin (XZC) is down by 1.6%. The XZC price has not reacted to this major announcement yet.
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