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Tornado Cash —— A Decentralized, Non-custodial Privacy Solution Built on Ethereum
Tornado Cash is a decentralized, non-custodial privacy solution built on Ethereum. It improves transaction privacy by breaking the on-chain link between recipient and destination addresses. Tornado Cash uses a smart contract that accepts ETH and ERC-20 deposits. These deposits can be withdrawn by any on-chain address. Whenever an asset is withdrawn by the new address, there is no way to link the withdrawal to the deposit, ensuring asset privacy.
Tornado Cash uses zero knowledge proofs (zk-SNARKs) to achieve privacy. When a user decides to make a withdrawal, the user must provide proof that he or she possesses a secret corresponding to one of the smart contract’s list of deposits. zk-SNARK technology allows this proof to be verified without the user needing to reveal which exact deposit corresponds to their secret. The smart contract then checks the proof, and transfers deposited funds to the address specified by the withdrawal transaction. Any external observer is unable to determine which deposit this withdrawal is linked to. TORN is the native governance token. It’s a fixed-supply ERC-20 token that is used for voting on protocol upgrades and fixes.
The governance token is TORN, and TORN holders can make suggestions and vote to change the protocol through governance. The total amount of TORN is fixed, totaling 10 million, and will be fully circulated after 5 years, of which:
5% (500,000 TORN): Airdrop to Tornado Cash to early users of ETH liquidity pool.
10% (1,000,000 TORN): Tornado's anonymous mining is used in the Tornado Cash Ethereum liquidity pool, which is issued linearly within one year.
55% (5,500,000 TORN): The DAO treasury will be unlocked linearly within 5 years and has a lock-up period of 3 months.
30% (3,000,000 TORN): Founding developers and early supporters, linearly unlocked within 3 years, and there is a 1-year lock-up period.
The basic idea behind the project, one is that privacy is a human right, and the other is that the more privacy measures each person takes, the more secure it is for all of us (just like HTTPS becomes the default method of web browsers so that we Everyone is safer the same). For this reason, users who add the Tornado Cash anonymous set in the future should also receive TORN.
Traditional DeFi liquidity mining is a natural choice for token distribution. However, any naive liquid mining scheme will force users to disclose the time their deposits spend in the Tornado Cash pool. This is contrary to Tornado Cash's core value: protection of privacy.
This is the driving force behind the invention of anonymous mining. In anonymous mining, users will be able to receive TORN through a two-level shielded liquidity mining system, which can fully protect user privacy.
After depositing in Tornado Cash, users will accumulate private anonymous points (AP) in a protected account. This account will protect the user's wallet address and balance without revealing any information about the deposit. Once users have accumulated enough AP on their protected account, they can exchange AP for public TORN tokens at any time through our customized Tornado Cash AMM.
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