The privacy token developers, Zcoin, have developed and launched a new testnet for Lelantus, a next-generation privacy protocol.
According to the company, the development of Lelantus is to further their goal of becoming anonymous as it would help make transactions untraceable. Even though most of the privacy coins follow this path, Zcoin wants to bring a whole new level of untraceable transaction capabilities to the mix.
The new Lelantus testnet will allow the users of Zcoin to test the untraceable transactions feature. If this is successful, the developers would move it to the mainnet and officially launch it next year.
Lelantus will allow users make transactions anonymously
Zcoin is one of the few coins that grants users full privacy from financial institutions, sanctions, and oppressive governments. The company looks at privacy as one luxury that everyone should have; that is why it is based on a simple burn and spend method.
This burn and spend method is why the coin is easily available and accessible to clients across the globe. The Zcoin blockchain verifies transactions in shot intervals because of its confidential transactions.
With the Lelantus, users would be able to destroy massive amounts of coins and partially redeem them with no related transaction history.
Giving his review of the Lelantus, the project steward Ruben Yap said, “Lelantus pushes the boundaries of privacy with technology that offers very high practical anonymity while requiring no trusted setup, and elegant cryptographic construction that uses only well-established cryptographic assumptions”.
“Private transactions have suffered from low privacy via small anonymity sets or required a degree of trust, something that is against the philosophy of public blockchains. Zcoin addresses both these issues. Our aim with Lelantus is to offer long-lasting privacy even in the face of increasingly advanced blockchain analysis techniques”, he said.
Privacy coins offer better anonymity than Bitcoin
While the media has always pursued the narrative that Bitcoin transactions are untraceable, that is not the case. Bitcoin transactions are available on the public blockchain, which means that everybody with crypto knowledge can see and read them.
Chainalysis is one of the companies that trace Bitcoin transactions, of which details are often used by the government or security outfits.
Coins like Zcoin enable the kind of anonymity that most people think Bitcoin possesses. Privacy coins keep the identity of the sender and the receiver anonymous. The coins are dubbed controversial because of the rate at which criminals will use it to fund illegal activities.
A privacy coin activist has said that the use of privacy coins is everybody’s right. “My interest in Monero is ideological. I have a belief in privacy as a basic human right. And I was interested in this technology that could advance that, that could enable people’s privacy, especially those who were in places and situations where their privacy was taken away from them,” he said.
The coins enjoyed a brief price surge after its major leading countries called in people to use highly encrypted coins. In response to the advocacy, Monero experienced a massive market movement to sell at $135. While Monero is still the most sought after coin, experts have said that regulators might begin to look to regulate the coins in the coming years.