{"id":14804,"date":"2021-11-29T17:54:02","date_gmt":"2021-11-29T17:54:02","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/privacy-centric-crypto-mixing-protocol-tornado-cash-plans-to-deploy-on-l2-platform-arbitrum\/"},"modified":"2021-11-29T17:54:02","modified_gmt":"2021-11-29T17:54:02","slug":"privacy-centric-crypto-mixing-protocol-tornado-cash-plans-to-deploy-on-l2-platform-arbitrum","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/privacy-centric-crypto-mixing-protocol-tornado-cash-plans-to-deploy-on-l2-platform-arbitrum\/","title":{"rendered":"Privacy-Centric Crypto Mixing Protocol Tornado.cash Plans to Deploy on L2 Platform Arbitrum"},"content":{"rendered":"

One of the largest cryptocurrency mixing protocols, Tornado.cash, has announced the project will deploy on the L2 (layer 2) Ethereum platform Arbitrum One. The creators of the Ethereum-based mixing application explain that settling on Arbitrum will allow Tornado.cash users to benefit from cheaper transactions. <\/strong><\/p>\n

Tornado.cash to Deploy on Arbitrum \u2013 \u2018Cheaper Transactions Being the Biggest Comparative Advantage\u2019<\/h2>\n

On November 29, the team behind the ethereum mixing application Tornado.cash<\/a> revealed the project plans to deploy<\/a> on the Arbitrum One<\/a> network. The news follows the project\u2019s recent collaborative efforts that applied network connections to Polygon, Avalanche, Binance Smart Chain, and Xdai. This week, total deposits for Tornado.cash on the Xdai chain crossed $1 million<\/a>. In terms of ether deposited since the project\u2019s inception, the protocol has taken in 2,222,007 ether, or $4.3 billion.<\/p>\n

Essentially, Tornado.cash improves ether transfer privacy by breaking onchain links between the source and destination addresses. The protocol depends on zero-knowledge proofs (ZKP) in order to ensure links to deposits and withdrawals are non-existent. Tornado.cash is just over two years old as it was introduced in August 2019<\/a>. The project even got the former Bitcoin Core developer, Gavin Andresen, to notice<\/a> the ether mixing protocol in mid-January 2020.<\/p>\n

On May 13, Tornado.cash developers destroyed their private keys<\/a> using a process called multi-party computation (MPC)<\/a>. The scheme allowed the Tornado.cash developers to give the smart contract to the community without the developer\u2019s private key. \u201cWith a record 1114 contributions this was by far the largest Trusted Setup Ceremony to date. By comparison, all other trusted setup ceremonies had less than 200 participants,\u201d the Tornado.cash team explained in the blog post.<\/p>\n

Arbitrum is an L2 solution that leverages optimistic rollups and Arbitrum users benefit by using ethereum (ETH<\/a>), its token derivatives, and smart contracts for a fraction of the cost. Statistics from l2fees.info<\/a> show that the average ethereum transaction can cost $7.08 while using Arbitrum the same transfer would cost $2.81. While transferring ERC20 tokens could cost $16.19 using L1 (layer 1), L2 fees using Arbitrum to transfer a token will cost $3.09.<\/p>\n

Swapping tokens is the most expensive onchain (L1) transaction costing around $35.41 per transaction. However, Arbitrum users swapping tokens only pay around $4.85 per transfer according to today\u2019s l2fees.info metrics. The Tornado.cash blog post<\/a> says that \u201cthe protocol\u2019s smart contracts are all set and ready to spin on Arbitrum.\u201d The biggest advantage to using Tornado.cash with Arbitrum is data transfer costs.<\/p>\n

\u201cSettling on Arbitrum will allow Tornado.cash users to take advantage of all the benefits a Layer 2 can offer, with cheaper transactions being the biggest comparative advantage,\u201d the team\u2019s blog post highlights. \u201cThis proposal is part of the protocol\u2019s desire to constantly improve itself and allow more users to claim back their right to privacy. Moreover, with this deployment, Tornado.cash will join a thriving ecosystem composed of multiple other defi applications.\u201d<\/p>\n

What do you think about the crypto mixing application Tornado.cash deploying on Arbitrum? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nPrivacy, Arbitrum, Arbitrum One, Crypto Mixing, ETH fees, ether, Ether swaps, Ethereum, Ethereum (ETH), Fees, Gavin Andresen, L1, L2, l2fees.info, Layer 1, layer 2, Mixing Crypto, Onchain, onchain fees, optimistic rollups, privacy crypto, private, Tornado cash, Transfer Fees<\/p>\n","protected":false},"excerpt":{"rendered":"

One of the largest cryptocurrency mixing protocols, Tornado.cash, has announced the project will deploy on the L2 (layer 2) Ethereum platform Arbitrum One. The creators of the Ethereum-based mixing application explain that settling on Arbitrum will allow Tornado.cash users to benefit from cheaper transactions. Tornado.cash to Deploy on Arbitrum \u2013 \u2018Cheaper Transactions Being the Biggest…<\/p>\n","protected":false},"author":0,"featured_media":14805,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-14804","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14804"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=14804"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14804\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/14805"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=14804"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=14804"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=14804"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}