The lack of financial transfer confidentiality has long been a problem. When it comes to cryptocurrencies, this is even more clear. Passwords can be intercepted, and hacking is widespread. Numerous solutions have been developed to address this issue. Tornado Cash aspires to be one of the most effective of them all.
What is Tornado Cash
An anonymous cryptocurrency transfer service is called Tornado Cash. Roman Storm and Roman Semenov were the architects of it. We know how to build a name for these two developers, who have been working in the industry for almost ten years. Viking Studio and PepperSec were both co-founded by Roman Semenov. Roman Storm was working for the latter company’s crew.
🌪🤖🌪 @TornadoCash Nova update
— TornadoCash Bot 🌪🤖🌪 (@TornadoCashBot) July 11, 2022
⭐ Unique users (7 days): 220
✨ Total Unique users: 5691
✉ Nr of transfers (7 days): 586
📦 Total nr of transfers: 10876
🌬 ETH deposited (7 days): 1243.53
🌪 Total ETH deposited: 9540.76
🌪🌪🌪
Tornado Cash, like the majority of anonymous cryptocurrency transfer services, is based on the ERC-20 blockchain of Ethereum. The ZKP technique that Tornado Cash uses makes it unique.
The operation of Tornado Cash.
When transferring cryptocurrency, the ZKP (Zero-knowledge proof) technique is a method that leaves no paper trail. Lack of disclosure of any personal information during transfers constitutes zero-knowledge proof. This makes it impossible for a third party to track the transactions of your cryptocurrency wallet and link them to you.
Conveniently, when you start a cryptocurrency transfer, the sending and receiving wallets authenticate one another by transferring data such the wallet addresses. You could be the target of a data stream interception and hijacking. Zero-knowledge proof can be useful in this situation.
This procedure substitutes random codes for the wallet relationship between the sender and recipient. The random key is generated by Tornado Cash while transferring funds between two wallets. The recipient wallet will be able to identify this key.
As a result, transactions are done anonymously and without concern for the possibility of your personal information being harmed. There are many people who use Tornado Cash. The volume and number of transactions that have been completed using this method serve as proof.
Tornado Cash has tracked about 100,000 transfers since it was founded. More than 4 billion euros in total were transferred through this method. In terms of ETH tokens, this is greater than 2 million.
🌐 Today we are witnesses of a crucial event in @TornadoCash history.
— 🌪️ Tornado.cash 🌪️ (@TornadoCash) July 7, 2022
🌪 Tornado Cash Classic UI is now fully open-source
This is a huge step towards (even) more decentralization and transparency.
Fork, code & build with TC DAO anons 😎
⁰⁰https://t.co/O8fv322iKl
How Tornado Cash can be used?
Utilizing Tornado Cash is quite easy. It can be summed up in the following steps:
- Step 1: Connect your Metamask Wallet to Tornado Cash
- Step 2: Identify the transfer amount
- Step 3: Wait for the indicated time for the transfer to be finalized.
- Step 4: Make the withdrawal to the target wallet.
Although these four procedures appear straightforward, the background procedure is more laborious. To begin with, you should be aware that it is a stablecoin as opposed to the DAI. Therefore, since 1 DAI = 1 USD, every sum that must pass through Tornado Cash will first be converted to DAI.
A key will be generated once the amount has been confirmed. Note or private commitment are two names for it. The sum deposited has this message attached to it. You can save the note as a text file in the window that will open.
The withdrawal can be done safely when the waiting period has passed. The goal of the entire procedure is to increase the transaction’s anonymity.
What advantages does Tornado Cash offer?
The fact that Tornado Cash is registered on the Ethereum blockchain is its key feature. This not only makes it more dependable, but also enables it to have a unique token. Because of this, it can be more appealing on the market.
The Tornado Cash concept is simple and makes it available to everyone.
However, a number of participants in the cryptosphere are hesitant about its potential applications. The possibility that personal data preservation could be neglected is not insignificant.
Tornado Cash, on the other hand, is a system that seeks to protect private information during bitcoin transactions. This is demonstrated using a zero-knowledge disclosure approach.
