Banning Tornado Cash Could Be a Disaster for Other Privacy Protocols - Manta Co-Founder
Tornado Cash ban in the US could impact Web3 protocols, especially those that offer blockchain privacy .
New
There are growing concerns that the recent US government sanctions against Tornado Cash could become a "slippery slope" for Web3 privacy, potentially rendering the entire space "meaningless".< /p>
Speaking to Cointelegraph, Shumo Chu, co-founder of privacy protocol Manta Network, expressed concern that the strict penalties against Tornado Cash could have a ripple effect on all Web3 protocols, including those that ensure confidentiality.
Chu is one of the co-founders of Manta Network based on Polkadot, a layer-1 privacy protocol that enables private transactions in decentralized finance (DeFi).
Tornado Cash (TORN) is an Ethereum (ETH) privacy protocol that anonymizes coin transactions. These protocols are similar to Monero (XMR) and Zcash (ZEC) which hide sender and receiver data from crypto transactions.
Earlier this month, the US Treasury Department effectively barred US residents from using the protocol and placed 44 ETH and USD Coin (USDC) addresses associated with it on the list of Specially Designated Nationals on August 5.
Chu expressed concern that other privacy protocols like his would find themselves in the same crosshairs, which would add more censorship to the point of "essentially rendering the entire Web3 space meaningless".
Chu acknowledged that the United States...
Tornado Cash ban in the US could impact Web3 protocols, especially those that offer blockchain privacy .
New
There are growing concerns that the recent US government sanctions against Tornado Cash could become a "slippery slope" for Web3 privacy, potentially rendering the entire space "meaningless".< /p>
Speaking to Cointelegraph, Shumo Chu, co-founder of privacy protocol Manta Network, expressed concern that the strict penalties against Tornado Cash could have a ripple effect on all Web3 protocols, including those that ensure confidentiality.
Chu is one of the co-founders of Manta Network based on Polkadot, a layer-1 privacy protocol that enables private transactions in decentralized finance (DeFi).
Tornado Cash (TORN) is an Ethereum (ETH) privacy protocol that anonymizes coin transactions. These protocols are similar to Monero (XMR) and Zcash (ZEC) which hide sender and receiver data from crypto transactions.
Earlier this month, the US Treasury Department effectively barred US residents from using the protocol and placed 44 ETH and USD Coin (USDC) addresses associated with it on the list of Specially Designated Nationals on August 5.
Chu expressed concern that other privacy protocols like his would find themselves in the same crosshairs, which would add more censorship to the point of "essentially rendering the entire Web3 space meaningless".
Chu acknowledged that the United States...
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