Tornado Cash update: TORN Live price, price chart, news and markets

The TORN price update as of now is $10.08. In the previous 24 hours, its trading volume was $1,609,308, and its value has increased by 1.27%. As of now, TORN's live market cap is $52,974,445, and it is ranked as the #551 on the Coincu. TORN has a circulating supply of 9,999,998 and a maximum supply of 9,999,998.

Introducing Tornado Cash: Exploring a Decentralized Protocol for Private Transactions

In the world of cryptocurrencies, Tornado Cash stands out as a remarkable decentralized protocol that enables private transactions. By leveraging the power of smart contracts on the Ethereum blockchain, Tornado Cash ensures the immutability of transactions while preventing any unauthorized modifications.

Discovering the Key Features of Tornado Cash

The Objective of the Project: Facilitating Private Transactions

At its core, Tornado Cash aims to enable private transactions in the cryptocurrency space. By leveraging its smart contract infrastructure, Tornado Cash allows users to conduct transactions with an added layer of privacy and anonymity.

Understanding How Tornado Cash Works: A Step-by-Step Guide

Depositing Funds into Tornado Cash

To start using Tornado Cash, individuals need to generate a random key (note). They must then send the hash of that key along with a deposit (Ether or ERC20) to the Tornado Cash smart contract. The following steps outline the deposit process for Tornado Cash:

1. Connect your wallet to Tornado Cash
2. Select the token you wish to deposit
3. Click on the deposit button (currently available tokens: ETH, DAI, cDAI, USDC, USDT)

The Waiting Period: Enhancing Privacy

After making a deposit, users are required to wait for a specific period of time before initiating a withdrawal. This waiting period serves as an additional layer of privacy protection, further securing the user's identity.

Withdrawing Funds from Tornado Cash

To withdraw funds from Tornado Cash, users must provide proof of possessing a valid key for one of their deposited notes. The following steps outline the withdrawal process for Tornado Cash:

1. Fill in the note obtained during the deposit step
2. Enter the receiving address in the Withdraw section
3. Click on the Withdraw button to complete the process

Prioritizing Privacy: How Tornado Cash Ensures Confidentiality

Tornado Cash utilizes a smart contract mechanism to break the on-chain link between the source and destination addresses, enhancing transaction privacy. This groundbreaking feature enables users to withdraw their deposited ETH to another address, thus making it nearly impossible to trace the initial deposit and ensuring a high level of privacy.

Unique Selling Points: What Sets Tornado Cash Apart

Decentralized Governance: Empowering the Community

Tornado Cash stands firmly on the principles of decentralization, allowing the community to govern the protocol. Holders of the TORN token have the privilege of participating in the voting process for governance proposals and contributing to the development of the protocol.

Anonymity Mining: A Rewarding Experience

As an added incentive, Tornado Cash offers users the opportunity to mine TORN, the governance token of the protocol. By actively utilizing Tornado Cash, users can increase their influence over the development of the protocol and contribute to its ongoing success.

Compliance with Privacy: Safeguarding Individual Liberties

Tornado Cash deeply understands the importance of financial privacy in protecting individual liberties. With this in mind, the protocol incorporates tools that allow users to prove transaction history and selectively reveal Tornado deposits, ensuring compliance while preserving privacy.

Trusted Setup Ceremony: Establishing Strong Security

Tornado Cash's zkSNARKs trusted setup ceremony involved the collective contribution of 1114 individuals. As long as at least one contributor is honest, the zkSNARK keys used by Tornado Cash remain secure, guaranteeing an incredibly high level of security for users.

Implementing Decentralized Governance: A Community Effort

The Tornado Cash governance protocol is implemented in a fully decentralized manner, with the community playing a crucial role. The protocol utilizes the CREATE2 opcode and the EIP-2470 implementation to ensure a robust and resilient governance structure.