PGO 3.0 zkSNARKS and Sapling Privacy for Shielded Tx
PengolinCoin 3.0 will now not only provide secure, inexpensive, and fast transactions, but it will also offer users the option to make their transactions and balances completely private or shielded. Private or shielded transactions are accomplished through PengolinCoin’s zk-SNARKs and Sapling Privacy Protocols. The acronym zk-SNARK stands for “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge.” A user can prove possession of certain information, for example, a secret key, without revealing that information and without any interaction between the prover and verifier. The Sapling Protocol uses zk-SNARKs proofs to allow both shielded and unshielded transactions on the blockchain. This is accomplished by utilizing a Spending Key and a Viewing Key. The spending key is synonymous with a private or secret key. The Viewing Key is what is called a user’s public key. The holder of this key can view sent and received transactions. A single Viewing Key enables a user to create new addresses that aren’t related to the ones before it, thereby maintaining privacy of the user. A user can choose to make a transaction public to public (transparent to transparent), public to private (transparent to shielded), private to public (shielded to transparent), or private to private (shielded to shielded). Transparent transactions (addresses and amounts) are completely public on the blockchain. Private transactions can’t be viewed by the public eye, but the transaction can still be verified on the PengolinCoin blockchain.
The PengolinCoin block rewards will also change. The new block rewards will be 60% for masternode holders and 40% for hot stakers. The developer fee of 5% has been removed. Masternodes are very important for blockchain validation, and transaction speed. Also, masternodes enhance the functionality and security of the PengolinCoin blockchain. We hope this will incentivize users to accumulate and, in the end, increase the number of PengolinCoin masternodes.
The cold staking feature will undergo further testing and will not be activated right away.
PengolinCoin already offers Proof of Stake, fast, inexpensive, and secure transactions. But now, PengolinCoin will offer private/shielded transactions. Privacy is a right and these are all important features for PengolinCoin users to have in today’s intrusive world.
If you have any questions or would like to join our community and become a Pengolonian, we would love to hear from you! We have a great Discord community and daily airdrops, here is the link: https://discord.gg/245qeN5. Please join!
To learn more, please refer to PengolinCoin’s Whitepaper https://www.pengolincoin.xyz/pgo/downloads/PengolinCoin-Whitepaper-v3.pdf and website https://www.pengolincoin.xyz/pgo/.