Last Updated on September 11, 2021 by cryptocreed
Tornado is in news for the last few months since hackers started using it for mixing their stolen Ethereum. Kucoin exchange hack or Liquid exchange hack money are used to mix through Tornado Cash.
Do you know why? Because it leaves no footprint to track for. $97 million Liquid exchange and Kucoin hack were of over $150 million. There are many more.
Tornado Cash can be used for good and personal causes and that’s why it is rocking with a 358 BTC market cap as per CMC.
Their tagline says A fully decentralized protocol for private transactions on Ethereum. We are going to check what is Tornado Cash and how to use Tornado Cash by beginners.
What Is Tornado Cash?
Tornado Cash is a decentralized and open-source noncustodial privacy solution for the Ethereum network. It helps users to hide their real identities by removing footprints from each transaction.
It breaks the on-chain link between the sender and receiver address. The platform is using zkSNARKs (zero-knowledge proofs) technology for privacy protection.
The website says that “Tornado Cash protocol is developed based on awesome open-source research by the Zcash team with the help of amazing Ethereum community.”
Tornado Cash Is Tracable?
In a simple way No.
But if you use your mind then you might track down someone.
If you got 50 ETH in your wallet and somehow a hacker hacked your wallet and stole your 50 ETH.
Definitely, a hacker used to send your 50 ETH to his empty wallet so no previous record left.
The hacker is not going to sit with that ETH for long right? So what he can do next? He can either withdraw or use them somewhere.
But he knows if he will use that ETH somewhere then he will get caught or even if he tries to sell on an exchange he will get caught then definitely he will not do that.
Here he gets the simple and easiest way to hide, it is Tornado Cash.
If the hacker deposited 50 ETH in the Tornado Cash pool and he withdraws 50 ETH to any new address at the same time, then you can check the withdrawal address and see what it does.
If he goes to the exchange site then simply you can contact that exchange to freeze the hacker’s account and talk for a refund.
But hackers are not noobs they do not mix the whole amount once and they do not withdraw same time. They do mix coins in laps.
How To Use TornadoCash?
As we know mixing is not a new idea but Tornado Cash makes it easy and simple with extra features that everyone can use even those who don’t have technical knowledge.
1. Launch APP & Connect
The first step is to open its website, make sure you are on the correct website, https://tornado.cash. After visiting the website click on Launch APP.
Next, you have to connect with the wallet simply we are going to choose Metamask. You can choose any given network from ETH, BSC, xDai, or PolyGon.
Also Read: What Is Cold Storage Wallet & List Of Best Cold Storage Wallet
Also Read: 10 Best Solana Wallets To Store SOL Coin
2. Set up Deposit
Now let’s choose the coin you want to deposit, as of now they support ETH, MATIC, USDT, DAI, USDC, and WBTC coins.
After choosing a coin, suppose Ethereum, now choose the amount you want to deposit, you can deposit the following amounts only 0.1, 1, 10, or 100 Ethereum.
3. Save The Note
The most important step.
While depositing you will find the screen notification saying Save Note, copy and save that note.
This note is the key to withdraw your fund from a smart contract. After saving check the box and click on Send Deposit button.
4. Confirm Transaction
Once you click on Send Deposit you will get a confirmation message on your wallet after confirming the transaction wait for some time and you can track the transaction using Etherscan if it is deposited or not.
Want to withdraw your funds now? Who doesn’t want to?
Go to https://app.tornado.cash and connect your wallet as you do. Click on Withdraw button.
Enter the Note texts that you got in step 3 and enter your Recipient Address.
Tornado Cash Token
Tornado.Cash has its own coin and it is called TORN. The current price of the Tornado cash token is $62 and the market cap is 1500 BTC.
Torn is ERC20 based token trading on different exchanges including Binance, Gate.io, and Uniswap.
Tornado cash coin can be used to participate in community voting where the community can vote for governance proposals. You must hold 1000 TORN to vote.