#crypto #cryptocurrency #blockchain #defi #certik #tornadocash
What is Tornado Cash? #BiteSizeBlockchain A new CertiK series giving users bite-size tips and info to stay informed and safe in the #crypto space. Check it out to learn what Tornado Cash is. https://www.certik.com/resources
00:00 Introduction to Tornado Cash
00:36 How does Tornado Cash Work?
01:00 How does CertiK’s SkyTrace help with fraud & Outro
Transcript:
With cryptocurrencies designed to improve anonymity, it is still possible to track funds as it changes hands and de-anonymize users entirely.
Tornado Cash is a service that improves the anonymity of transactions by mixing different streams of identifiable cryptocurrency, making it harder to trace. It is a non-custodial privacy solution for the Ethereum network based on zkSNARKs technology.
The protocol ensures that users can break a link in on-chain activity to improve transaction privacy between the recipient and destination address.
Tornado Cash achieves privacy by employing smart contracts that take token deposits from one address and allow withdrawals from another. These smart contracts function as pools that combine all assets deposited. When funds are withdrawn from such pools by a new address, the on-chain link between the source and the destination is severed. The withdrawn crypto assets are anonymized on a public blockchain.
CertiK’s SkyTrace software allows users to track funds and see which amounts going out to various wallets match the amount that went into Tornado Cash.
SkyTrace tracks and analyzes Ethereum and BSC wallet activities, allowing you to spot unusual behavior and limit the risk of fraud.
This provides consumers with the same tool that CertiK’s security experts use to investigate suspicious activities.
To learn more about Tornado Cash and Skytrace visit CertiK.com/resources.
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