Privacy-Centric Crypto Mixing Protocol Tornado.cash plans to provide the L2 platform Arbitrum-data protection
Privacy-Centric Crypto Mixing Protocol Tornado.cash plans to provide the L2 platform Arbitrum-data protection
One of the largest mixed protocols for cryptocurrencies, tornado.cash, has announced that the project is provided on the L2 (Layer 2) Ethereum platform Arbitrum One. The developers of the mixing application based on Ethereum explain that the decision about arbitrum it will enable Tornado.cash users to benefit from cheaper transactions.
tornado.cash is used at arbitrum - "cheaper transactions are the biggest comparative advantage"
on November 29th the team behind the Ethereum Mixing application tornado.cash revealed the project Plant the use on the arbitrum one Network. The news follows the recent joint efforts of the project, in which network connections to polygon, avalanche, Binance Smart. Chain, and Xdai. This week overall deposits for tornado.cash on the Xdai chain exceeded $ 1 million . With regard to the ether stored since the start of the project, the protocol has received 2,222.007 $ 4.3 billion.
Essentially, Tornado.cash improves the privacy of the ether transfers by interrupting onchain links between the source and destination addresses. The protocol depends on zero-knowledge-proofs (ZKP) to ensure that there are no connections to deposits and withdrawals. Tornado.cash is a little more than two years old introduced in August 2019 . The project even made the former Bitcoin-Core developer Gavin Andresen, remark the Ether mixture protocol Mid -January 2020.
on May 13th Tornado.cash developer destroyed your private key with a process called Multim party calculation (mpc) . The scheme made it possible for the developers of Tornado.cash to pass on the Smart Contract to the community without the developer's private key. "With a record number of 1114 contributions, this was the largest Trusted Setup Ceremony so far. In comparison, all other trustworthy setup ceremonies had fewer than 200 participants," explains the Tornado.Cash team in the blog post.
arbitrum is an L2 solution that uses optimistic rollups and who benefit from the use of Ethereum ( eth ),), His token derivatives and smart contracts at a fraction of the costs. Statistics of l2fees.info show that the average Ethereum transaction can cost $ 7.08, while the same transfer with Arbitrum would cost $ 2.81. While the transfer of ERC20 token with L1 (layer 1) could cost $ 16.19, L2 fees with Arbitrum cost $ 3.09.
The exchange of tokens is the most expensive Onchain transaction (L1) and costs around 35.41 USD per transaction. However, Arbitrum users who exchange tokens pay only about $ 4.85 per transfer according to today's L2FEES.info metrics. The tornado.cash blog entry says that" The Smart Contracts of the protocol are all set up and are ready to turn on arbitrum. " The biggest advantage in the use of tornado.cash with arbitrum is the data transmission costs.
"The decision for arbitrum will enable Tornado.cash users to use all advantages of Layer 2, with cheaper transactions being the biggest comparative advantage," emphasizes the team's blog post. "This proposal is part of the effort of the protocol to constantly improve and enable more users to reclaim their right to privacy. In addition, Tornado.cash becomes part of a flourishing ecosystem that consists of several other defect applications."
What do you think of the crypto-mixing application Tornado.cash, which is provided for arbitrum? Let us know your opinion on this topic in the comments below.
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