Throughout the known history of currency as an intermediary, it has essentially been a private matter. Your monetary history and transactions were your business, and never subjected to analysis and/or scrutiny by others. An epic history of privacy with monies being the “norm”, the safe and cozy norm.
With the rise of technology over the last few decades, currencies and wealth has been endlessly monitored and tracked. Albeit not for everyone. Only for those who were unaware, unconcerned or just not connected enough to disconnect.
But now, with the coupling of blockchain and monetary transactions, it is possible for not only those with financial transactions to hide, but those of us with nothing to hide, to be on a level playing field as those who have know how to mask their financial transactions.
Privacy is the most intimate form of security. Knowing you will not be targeted while your monetary transactions are being broadcasted across the blockchain can not be understated enough. The foundations are being laid for the next several decades of monies, with our biased takes being that cryptocurrencies will be dominant. With decentralized finance (DeFi) in its early stages, privacy options are something to research and consider.
“By default, your entire Ethereum transaction history and balances are public. All transactions can be seen on block explorers like Etherscan, and anyone who knows that you own a particular address can easily view your payments, trace the source of your funds, calculate your holdings, and analyse your on-chain activity.” — Tornado Cash
With an emphasis on the Tor in https://www.torproject.org “Defend yourself against tracking and surveillance. Circumvent censorship.” and a name that projects it’s ability to whirlwind your Ethereum through several levels of privacy. Tornado Cash is one of these several financial instruments to incorporate a privacy feature, if you choose to utilize it.
Tornado Cash is an upgraded version of the classic privacy mixer, for Ethereum and some Ethereum assets.
Initially transactions are mixed by using zero-knowledge proofs, which conceal all transaction information. Tornado Cash scrambles cryptocurrencies within a smart contract in a black-box environment, which is obscured on the public ledger. This is quite superior from traditional mixers who insert additional transactions in between transactions, masking to a much lesser extent.
Tornado Cash is a decentralized mixing tool which runs via a smart contract. This represents the true spirit of blockchain… no centralized third party can see or take control of your funds during the mixing process. Trust in the code!
The clean, simple design of https://tornado.cash gives an early web, flashback feel that we simply adore. After all, we are here for the sweet promise of privacy within an emerging market. We understand what you’re offering Tornado Cash, and it’s an undervalued instrument that blockchain is in dire need of utilizing more often.
Deposit and withdraw in increments of 0.1 ETH, 1 ETH, 10 ETH and 100 ETH.
The relayer feature allows users to withdraw funds to brand new, empty wallets. Withdrawals now go to a brand new address, with gas covered by the mixer. This is essential in having no privacy damaging transaction history.
With future offerings of more ERC20, Tornado Cash opens the door for an enormous range of Ethereum tokens, no longer limiting mixing capability to ETH itself.
The Gitcoin grants project has been instrumental in helping Tornado Cash along its journey. Their grant page is open now. https://gitcoin.co/grants/198/tornadocash
Vitalik Buterin has taken notice by offering his admiration, support and advice as well. Integrating Tornado Cash as a default when creating ENS domains through Ethereum Name Service is a keen idea for safety and security.
As our Blockchain Ecosystem grows, we are collectively building this whole segment of our seemingly destined future together. Whilst developers are leading the way with ideas manifested through code into financial instruments and tools, those of us outside the developer community have an important responsibility. We must experiment with these instruments that are supporting the ideals we feel will grow the ecosystem for the betterment of future users, and ideally future generations. How important is the financial privacy aspect of our future to you?
“With great power comes great responsibility.” — Uncle Ben
Those employed at Defi.jobs invest in cryptocurrencies that may have been discussed in the article. This information does not take account of your particular investment objectives or financial situation. This information does not constitute, and should not be construed as, investment advice or a personal recommendation to buy, sell or otherwise transact in any investment including cryptocurrencies.
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