Tornado Cash users will get perks to prove their funds aren’t stolen, here’s how
Holders of the TORN token, which is native to the privacy mixer Tornado Cash, will now be able to earn rewards for proving their holdings did not come from stolen funds. Web3 builder Chainway has launched a new feature called “Proof of Innocence”, which will reward ethical TORN holders. The Tornado Cash platform is often misused by scammers and thieves to anonymously rewire stolen funds by first depositing their holdings into an anonymous pool of tokens.
TORN holders will be able to trigger this protocol as they wish to withdraw their funds from the Tornado Cash protocol.
“Proof of Innocence is a tool that allows users to prove that their Tornado Cash withdrawals did not come from a list of specified deposits, selected by the user themselves. This allows users to clear their name and prove their innocence without revealing their identity,” Chainway wrote in an official post.
Currently, over 1.09 million TORN coins are in circulation. According to CoinMarketCap, the total market valuation of TORN stands at over $7 million (roughly Rs. 60 crore).
TORN holders, who wish to use proof of innocence to gain benefits, could opt out by providing proof of “zero knowledge”. Zero-knowledge evidence can be provided without disclosing the source address of users’ funds.
People who clear the process will not only gain additional layers of anonymity and privacy, but also prove that they are not notorious actors. “This allows users to clear their name and prove their innocence without revealing their identity,” the Chainway blog added.
Called Proof of Innocence, the tool is designed for those who want to use @TornadoCash but also want to show that they are not a bad actor. It is designed for legitimate users who do not want to be associated with harmful activities, but still want to maintain their own privacy.#TORN
—Coinzone:o:️ (@Coinzonestats) January 23, 2023
For now, Chainway’s Proof of Innocence mechanism only works on Tornado Cash. The protocol is available on GitHub, a CryptoSlate report noted.
“By providing this proof, users can show that they are not hackers or other bad actors, and can withdraw Tornado Cash with confidence. This not only improves the security and reliability of the system, but also helps protect legitimate users from association with illegal activities, without sacrificing their privacy,” the post notes.
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