First privacy focused compliance friendly wallet on Tron

TRON Discussion
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The problem

Privacy options for stablecoins are currently limited on the Tron Network. USDT is the preferred stablecoin for daily usage however, the details of every USDT transaction are completely public on the network. This can compromise competitive advantages for businesses and create safety risks for individuals who hold a significant amount of assets.
Privacy is often preferred for stablecoin payment use cases such as salaries, donations, and contractor and vendor payments. The zkBob zkSNARKs-based application can be deployed to Tron to facilitate responsible, open-source, and compliant USDT privacy.

The solution

zkBob is an open-source non-custodial smart contract wallet with an integrated private payment feature. The protocol operates as a public utility and DOESN’T impose any fees. However, users need to pay network fees, which vary based on the specific network. These network fees are applicable to users for actions such as deposits, withdrawals, and transfers within the zkBob app.

The wallet is already live and working in production on Polygon and Optimism for over a year. It has steady usage and transactional volume and currently holds over $500k in assets.

Detailed analytics for all three currently live zkBob pools can be found below:

Our compliance-friendly approach

To offer a safe environment for users, zkBob has followed a compliance-friendly proactive approach, incorporating several compliance features:

  1. AML Screening for Wallets during Deposits and Withdrawals
    All Tron wallets will undergo screening by TRM Labs to identify any wallets listed in sanctioned lists, sponsors of terrorism lists, etc.

  2. Multiple Layers of Limits
    zkBob implements multiple layers of limits including limits for individual wallets and limits for the overall pool size. These limits are applicable to both deposits and withdrawals.

zkBob use cases

zkBob can help with many different use cases and can be seamlessly integrated into different workflows. The most interesting and used use cases right now are:

  • Private Donations
    The zkBob account owner has the ability to generate a unique payment link, facilitating the collection of donations in a private and direct manner to their zkBob account. This process ensures that the recipient of the payment remains undisclosed.

  • Private Payrolls
    Both employers and contractors/employees express concerns about privacy when sending or receiving paychecks. With zkBob, they can send and receive payments confidentially, alleviating worries about the disclosure of personal data.

Our mission is to make privacy apps a common and accepted component of public blockchains. That’s why zkBob has focused on the Tron network - to fill the gap in privacy dApps on the chain.

After the deployment of zkBob on Tron, all users will have the option to send USDT privately to anyone. Information will be stored on the chain, but the amount, recipient, and sender won’t be disclosed. The protocol could be used for a wide variety of use cases, not limited to those already listed. It can help with proof of solvency, fundraising, vendor purchasing, rewards to contributors, private auctions, or private order placements. The options are really endless.

Let’s bring privacy to Tron together

zkBob has its own SDK, so anyone can upgrade the protocol, launch its own version, and come up with new use cases.
zkBob also has a Direct Deposit functionality that can help different Tron dApps and services easily integrate with the zkBob wallet.

In addition, the deployment of zkBob on Tron will enable other zkSNARK-based applications to deploy on the chain. We propose several optimizations that will help bring more ZK-based applications to Tron.

Final word

We’ve already made PRs for the Tron network and are already actively working with the Tron core team on the needed changes: https://github.com/tronprotocol/java-tron/pull/5507 and https://github.com/tronprotocol/zksnark-java-sdk/pull/9

The remaining progress can be tracked in the following issue: https://github.com/tronprotocol/java-tron/issues/5529

The approximate deployment on testnet will be next month right after the Tron team finishes the required changes.

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Or blacklisting your address, like my case. I sent all info about my wallet and my kyc, where my funds come from and it is blacklisted for more 6 months, i can not believe it when i work in PRCY Coin and have same privacy vision. Awesome.

We are very interested in use a wrapped PRCY in Tron. We have tPRCY but we prefer use a shield Trc20 and add it into zkBob if it is possible too.

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Are you referring to zkBob or some other protocol here?

We are very interested in use a wrapped PRCY in Tron. We have tPRCY but we prefer use a shield Trc20 and add it into zkBob if it is possible too.

For the initial deployment, we were definitely thinking of deploying the USDT zkBob pool on Tron but privacy pools for other tokens can be deployed later if there is demand for it.

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I mean about USDT TRC20, Tether added my address to blacklist with his multisign contract.

Nice and congrats for your project.

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