Tornado Cash Users to Get Benefits for Proving Their Funds Are Not Stolen, Here’s How

5 days ago 30

Holders of the TORN token, which is autochthonal to the Tornado Cash privateness mixer, volition present beryllium eligible to gain rewards for proving that their holdings are not from stolen funds. Web3 builder Chainway has launched a caller diagnostic called the ‘Proof-of-Innocence', which volition reward ethical TORN holders. The Tornado Cash level is often misused by scammers and thieves to anonymously rewire stolen funds by depositing their holdings successful an anonymous excavation of tokens first.

TORN holders volition beryllium capable to trigger this protocol arsenic and erstwhile they privation to retreat their funds from the Tornado Cash protocol.

“Proof of Innocence is simply a instrumentality that allows users to beryllium that their withdrawals from Tornado Cash are not from a database of specified deposits, selected by the idiosyncratic themselves. This allows users to wide their sanction and show their innocence without revealing their identity,” Chainway wrote successful an authoritative post.

Currently, implicit 1.09 cardinal TORN coins are successful circulation. As per CoinMarketCap, the full marketplace valuation of TORN stands astatine implicit $7 cardinal (roughly Rs. 60 crore).

TORN holders, who privation to usage the proof-of-innocence to gain benefits, would beryllium capable to retreat by providing ‘zero knowledge' proof. Zero-knowledge proofs tin beryllium provided without disclosing the archetypal code of the users' funds.

People who wide the process volition not lone get further layers of anonymity and privacy, but volition besides beryllium that they are not notorious actors. “This allows users to wide their sanction and show their innocence without revealing their identity,” the Chainway blog added.

Called Proof of Innocence, the instrumentality is designed for those who privation to usage @TornadoCash but besides privation to amusement they're not a atrocious actor. It's designed for morganatic users who don't privation to beryllium associated with nefarious activities, yet inactive privation to support their ain privacy.#TORN

— Coinzone :o:️ (@Coinzonestats) January 23, 2023

For now, Chainway's proof-of-innocence mechanics lone works connected Tornado Cash. The protocol is disposable connected GitHub, a CryptoSlate report noted.

“By providing this proof, users tin amusement that they are not hackers oregon different atrocious actors, and tin marque withdrawals from Tornado Cash with confidence. This not lone improves the information and trustworthiness of the system, but besides helps to support morganatic users from being associated with amerciable activities, without sacrificing their privacy,” the station noted.

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