Roman Storm, co-founder of the famous Tornado Cash, the most famous solution for anonymizing payments on the Ethereum blockchain, came to visit us. On the stream, we discussed:
- Privacy that the platform can provide
- What you need to know about security
- Basic Protocol Functions
Tornado Cash is a popular mixer that has recently hit the epicenter of all major hacker attacks. It allows you to cover your digital footprints in the blockchain: mix stolen funds and safely withdraw them to other accounts. But this is not the only use case, the solution can be used for elementary payment privacy.
Since this is a decentralized and autonomous protocol (like other DeFi projects), the responsibility is shared by all its members – DAO. Tornado Cash does not have a headquarters, CEO or team.
“The protocol is designed to be don’t stop. The project would be meaningless if someone else controlled it. It’s like taking power over bitcoin or ether “ – Roman explained earlier to CoinDesk.
What is TornadoCash?
TornadoCash is a non-custodial solution for EVM compatible networks. It allows users to break the connection between the deposit address and the withdrawal address while maintaining anonymity, but at the same time it is possible to prove your involvement in it in future cases.
What is the difference between the mixer and TornadoCash?
The mixer is most often custodial. And when using such a service, most often, you are unlikely to be able to prove that your money was “clean” and you used a privacy tool.
How does TornadoCash work?
Imagine that there is a bag containing identical coins. The client comes and puts 1 ETH into this bag conditionally, receiving a secret password in return. After that, he can come with a new address, enter a password and get his coins in a new wallet.
How does the deposit work if the platform is not custodial?
The smart contract does all the work. He keeps and uses the deposit.
Do you have any questions from regulators?
If the regulator has conducted at least some research, then he should understand that we can not ask questions. We do not store or manage user data. We have no control and access to it.
Why would an ordinary person use your service?
Everyone needs privacy. If you are a business, you are unlikely to want to know how much someone’s salary is, how much you owe to whom.
What are your competitors?
ZCash, Monero.
Is the project profitable? If not, what are the plans for monetization?
The project is not commercial, income from this we have no activity. One of the sources of income is our second project – MultiSender. With it, users or projects can send funds to a huge number of wallets in one click.
You have a token that you airdropped. Why did you create it?
All this is done for the DAO. Collective protocol management.
More information about this can be obtained by watching our stream.
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