Tornado Cash, built on Ethereum, is a decentralized, unsupervised privacy solution that enhances transaction privacy by breaking the on-chain link between sender and recipient addresses.
Tornado Cash (TORN) Explained
Tornado Cash utilizes a smart contract to accept ETH and ERC-20 deposits, which can be withdrawn to any address on the chain. Once an asset is withdrawn by a new address, there is no way to link the withdrawal back to the deposit, ensuring asset privacy.
To secure privacy, Tornado Cash employs zero-knowledge proof (zk-SNARKs). When a user decides to withdraw, they must provide proof that they possess a secret corresponding to one of the deposits in the smart contract.
zk-SNARK technology allows this proof to be verified without revealing which deposit’s secret it corresponds to. The smart contract checks the proof and transfers the deposited funds to the address specified by the withdrawal transaction. External observers cannot determine which deposit transaction is linked to the withdrawal.
TORN is the native governance token of Tornado Cash. It is a fixed-supply ERC-20 token used to vote on protocol upgrades and fixes. It was launched in February 2021 following a governance proposal that unlocked TORN, and 5% of its total supply was distributed to early adopters who had used Tornado Cash.
The airdrop distributed a total of 500,000 tokens, and any unclaimed tokens will be burned after a year. There are 10 million TORN tokens in total, with the majority (55%) allocated to the DAO governance treasury.
Community members wishing to participate in the governance model must first lock their tokens in the relevant governance contract. Once a governance proposal is created or voted on, the locked TORN tokens cannot be unlocked until the proposal’s execution period ends. Those who do not wish to vote themselves can delegate their voting power to another address.
Meanwhile, creating a governance proposal requires at least 1,000 TORN. All proposals require a verified smart contract that can be executed by the governance contract.
How to Acquire Tornado Cash Coin
TORN Coin can be quickly and securely purchased via Binance, the world’s largest cryptocurrency trading platform by volume.
To buy TORN Coin, one must first register with Binance and then send fiat currency. Following the sending of a fiat currency like dollars, purchases can be made in the BUSD and Ethereum (ETH) TORN trading pairs.
In addition, users can place orders to buy at prices lower than the market value on Binance. This requires using the Limit tab and entering the amount and price you wish to pay.
