Following the Research series and hot coins and tokens, GocTienAo would like to introduce to you a project: Tornado Cash
In this article, we have 3 main parts:
- Tornado Cash (TORN) What is it and was born to solve what problem?
- TORN and token-related information
- Should you invest in? Tornado Cash are not?
What is Tornado Cash (TORN)?
Tornado Cash (TORN) is a completely decentralized protocol with the aim of providing privacy for transactions on the Ethereum blockchain.
Current problem and solution of Tornado Cash
Normally, your entire transaction history on Ethereum is public, as long as someone knows your public address, they can check your receipts and payments, source of money and analyze your activity. em.
Like what if you don’t want to make that information public?
Over the years, users have found ways to create private transactions on the Ethereum blockchain using centralized exchange wallets or other services like the custodial mixing service, but there is still a risk of surveillance. certain. The above methods do not really bring the privacy you want.
At that time, Zcash was born as an answer to a difficult problem, using different cryptographic methods including implementing Zero Knowledge proofs to achieve secure functionality.
However, Zcash only works on its own blockchain, so now what if you want to transact on Ethereum?
From there Tornado Cash was born to answer that question, allowing you to send coins on Ethereum 100% anonymously thanks to groundbreaking, non-custodial technology based on strong cryptography!
How Tornado Cash Works
You generate a random key (note) and send the hash of that key along with a deposit (Ether or ERC20) to the Tornado Cash smart contract.
First, connect your wallet with Tornado Cash
Then, select the token to deposit and press deposit (currently there are ETH, DAI, cDAI, USDC, USDT)
After making a deposit, you wait a while before withdrawing to improve privacy.
You send proof of having a valid key for one of the deposited notes and contract to transfer Ether or ERC20 to the specified recipient.
Please fill in the note in the deposit step and the receiving address in the Withdraw section and click Withdraw to complete
How Tornado Cash Achieves Privacy
Tornado Cash improves transaction privacy by breaking the on-chain link between source and destination addresses using a Smart Contract that accepts ETH deposits that can be withdrawn with another address. To protect privacy, a relayer can be used to withdraw to an address with no ETH balance. Whenever ETH is withdrawn using a new address, there is no way to link the Withdraw with the deposit, ensuring complete privacy.
What role does Relayer play?
Relayer is used to withdraw to an account with no ETH balance. Relayer sends a withdrawal transaction and takes part of the deposit as compensation (the protocol itself does not charge any fees). Relayer cannot change any withdrawal data including recipient address. The original developers of Tornado Cash do not control or play any role in forwarding the transactions, the relay network is independent and operated by the community.
Features of Tornado Cash
Tornado Cash is completely decentralized, controlled and managed by the community. By owning TORN, brethren can participate by voting on governance proposals and considering protocol development.
Using Tornado Cash, the brothers also mined TORN, the governance token of Tornado Cash. The more the brothers use Tornado Cash, the more say they have in the development of the protocol.
Maintaining financial privacy is essential to protecting people’s liberties. Tornado Cash has built-in tools to prove your transaction history and selectively reveal Tornado deposits.
Trusted Setup Ceremony
Trusted setup ceremony for zkSNARKs has 1114 contributors, as long as at least 1 contributor is honest then zkSNARK keys are secure.
The Tornado Cash governance protocol is community implemented in a decentralized manner. Only the CREATE2 opcode and the EIP-2470 implementation can be used.
Information about tokens
What is TORN?
TORN is the governance token of Tornado Cash
- Ticker: TORN
- Blockchain: Ethereum
- Token Standard: ERC-20
TORN Token Allocation
Token Unlock Schedule
- 5% (500,000 TORN): Airdrop for early users of Tornado Cash ETH pool
- 10% (1,000,000 TORN): Anonymity mining for Tornado.Cash ETH pools, distributed linearly over 1 year
- 55% (5,500,000 TORN): DAO treasury, will be unlocked linearly for 5 years with a 3-month cycle
- 30% (3,000,000 TORN): Founding developers and early supporters will be unlocked linearly within 3 years with a 1-year cycle
Currently the token is present on which exchange?
There is no information about this yet, I will update later
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Team, Partners and Investors & Advisors
No information found
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Media channel of the project
Should you invest in the project?
Through what GocTienAo shared with you, I hope that you have grasped a part of the project and can make your own investment decisions!
The above article has provided you with an overview to the details of the Tornado Cash project. Hope GocTienAo has given you useful information about the project. If you find it interesting, please share the article with your friends!
All investment statements above are personal. All investment decisions are made by you and you are responsible for your assets. Good luck!
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