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Highlights:
- Tornado Cash (TORN) is a non-custodial, decentralized privacy protocol on Ethereum.
- Its circulating supply is 1.1 million TORN.
- Tornado announced making its Cash Classic UI fully open source on July 7.
Tornado Cash (TORN) token was trending on Friday after it recently announced to make Tornado Cash Classic UI fully open source.
After becoming an open-source UI, anyone can contribute to developing the Tornado Cash protocol. The UI was already decentralized but at a smaller scale.
Following the development, the token traded rose 0.97% to US$23.93 at 12:06 pm ET on Friday.
What Is Tornado Cash (TORN)?
Tornado Cash is a decentralized, non-custodial privacy protocol on Ethereum. It improves transaction privacy between source and destination addresses by breaking the on-chain link.
The protocol uses smart contracts that accept ERC-20 and ETH deposits, which any on-chain address can withdraw. Any new address making a withdrawal can, in no way, find the link with the deposit; thus, privacy is ensured.
These smart contracts are immutable, meaning no one, including the original developer, can change them. In a ‘decentralized’ manner, the community deploys all the governance and mining smart contracts on the protocol.
Its other feature is ‘non-custodial’, where users hold custody of their cryptocurrencies. They get the private key on each deposit to access their funds, giving them complete control over their assets.
The protocol uses zero-knowledge proofs (zk-SNARKs), a cryptographic proof, where one is allowed to prove possessing certain information without revealing that information for transaction privacy.
Thus, while withdrawing, one must provide proof of possessing the secret corresponding to the list of deposits on smart contracts.
Under this technology, the smart contract checks the proof, and then the deposited funds are transferred to the specified addresses.
Data Source: Coinmarketcap.com
TORN token:
TORN is the ERC-20 native token of the protocol used for governance.
Its current market capitalization is US$26.3 million. The token’s trading volume rose sharply by 150.29% to US$14.94 million on Friday.
Its circulating supply is 1.1 million TORN and has a total fixed supply of 10 million. The token is available for trading on Binance, OKX, Bitget, MEXC crypto exchange etc.
Bottom line:
The crypto market has now more than 20,000 projects. Although projects are introduced daily, crypto investments could be risky given the current adverse market situation. Thus, investors should exercise due diligence before entering the unregulated crypto space.
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