Ethereum Privacy Protocol Reignite Move for Immutable Contracts
Fledging Etereum anonymization protocol Tornado.cash has rendered the protocol “unstoppable” from Cloud 21 by launching a fully immutable goods contract. As a result, it has opted for full immutability.
The company noted that “there are benefits and shortfalls of its resolve for dedicated immutability. It also declared the increased inability and decentralization of smart contracts to be changed as positive virtues of the protocol.
Nonetheless, Tornado.Cash reiterated that the users are not given complete protection from bugs like before. From the statement announcing the transfer to complete immutability, the company also advised users to get insurance protection on their funds.
Although the developers of the platform have resigned their faith against the previous Tornado.cash version, they are now concentrating fully on the next major version of the project with the hope of replicating “Zcash feature onto the ETH mainnet”.
Experts find fault the new protocol
According to David Gerrad, a crypto analyst, the Tornado.cash’s plan on immutability is largely flawed. He described the practice as having a lot of security flaws where it literally cannot be fixed.
He added that the Ethereum developers are not following plans to rectify The DAO, which is probably the main big disaster for the platform. He cautioned them to work on the problem first, because, according to him, that is where they should be putting their energy.
Several comments on Reddit have also expressed concerns about the project, citing that the new project could be catastrophic is not properly handled.
While responding to these comments, the homepage of the project has warned users that the project is still on its experimental phase and users will be utilizing the services “at their own risk”. Meanwhile, many Ethereum enthusiasts are advising against depositing funds in the new project.
The developers have increasingly drawn controversy after launching the platform, receiving serious criticisms from the Ethereum group 9 months after launch.
Tornado Cash relies on mathematical evidence or zero-knowledge proofs (ZKP) that a transaction happened without providing details about the transaction within the payment itself.
Tornado cash is not the first ZKP-based Ethereum system, as EY’s Nightfall and Aztec had previously been rolled out. The platform can be easily compared with previous coin mixers on Bitcoin due to its retail focus. Some other cryptocurrencies concentrated on privacy solutions, such as the solutions led by Monero (XRM) and Zcash (ZEC).
Issues on privacy
There are two questions experts say the developers of Tornado Cash still need to answer. One is how regulators will monitor the platform. Second is how private it will be. Many crypto analysts are opining that the privacy situation on the platform is more worrisome and there are serious risks ahead for its users if the developers don’t work more on the platform.