Tornado Cash is a decentralized, unattended privacy solution built on Ethereum. In this article, “What is Tornado Cash?” We will answer the question. In addition, we will touch on other questions about the project.
What is Tornado Cash? What does it do?
Tornado is a Layer 2 protocol that aims to optimize transaction times and fees for Layer 1 blockchains like Ethereum. The protocol was developed by the team behind ZCash (ZEC), a privacy coin that is a hard fork or spin-off from Bitcoin (BTC), with support from the Ethereum community.
What is TORN coin?
TORN coin is the native token of Tornado Cash. The token is the local government token for the Tornado Cash protocol used to vote on decisions regarding the development of the project. Additionally, it is an ERC-20 token with a fixed supply of 10 million coins. There are currently 1.1 million TORN cryptocurrencies in circulation.
How does Tornado Cash work?
Tornado Cash uses smart contracts that work as pools, accepting token deposits from one recipient address and withdrawing funds to a different destination address. Pools anonymize transactions by shuffling assets, breaking the on-chain link between addresses.
Users retain custody of their tokens while in the pools. They have custody either by depositing tokens or registering to receive transfers. The strength of the protocol’s security and privacy depends on the volume of users in the pool. The more users mess up transactions, the easier it is to maintain anonymity and privacy.
Privacy coins are emerging as a trend in cryptocurrency, with protocols like Tornado Cash that uses Zero-Knowledge Succinct Interactive Non-Interactive Argument of Knowledge (zk-SNARK) to verify transactions. The Zk-SNARK technology allows users to prove that they are authorized to deposit and therefore withdraw funds without revealing their identity.
Tornado Cash released a new version of the protocol, Tornado Cash Nova, on December 15, 2021. It enabled protected transfers and withdrawal of arbitrary amounts of ether. Tornado Cash Nova runs on the Gnosis blockchain, formerly known as the xDai blockchain.
In the first version with fixed-volume pools, each deposit made into a pool created a special note that worked as a private key that gave users access to funds. With Tornado Cash Nova, funds are tied directly from the pool to a wallet address. Therefore, no private key is required.
What is Tornado Cash? How to buy TORN coins?
Tornado Cash is currently traded on numerous cryptocurrency exchanges. In addition, people who want to invest in the project should open an account in one of the exchanges where the project is traded. The exchanges where Tornado Cash is traded are listed as follows: BKEX, Binance, OKX, MEXC. Users who want to invest in the project should open an account on one of these exchanges.
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