The Tornado Cash alternative has won support from the founders of Coinbase, Messari, MetaMask, and other key figures.
proposing a regulatory-friendly mixing protocol on Ethereum called Privacy Pools co-authored by Ethereum founder Vitalik Buterin has won support from major crypto industry figures such as the founders of Coinbase, Metamask, and Messari.
The Privacy Pools protocol would allow users to demonstrate that their funds do not come from unlawful sources without being forced to reveal the full transaction history of those funds. The protocol was designed as an alternative to the mixing protocol Tornado Cash, whose founders have been“Privacy Pools has the potential to be the most important tool we have to address regulatory challenges while maintaining privacy on public blockchains,” said. The message was reposted by Coinbase co-founder and CEO Brian Armstrong.to help the paper’s authors receive grant funding from the MetaMask Grants DAO, and said, “This is probably the shortest path to getting privacy pools wallet support available to the widest set of wallet users.”on X, Ryan Selkis called it the “News of the Year” and claimed the researchers “...may have just solved the transaction privacy vs. reg surveillance tension issue for crypto.”the notion that the ideal long-term goal of crypto should be “...a fully private money system that everyone uses, with no easy way to prove tx history. Then an oppressive gov has *a lot* more work to do to financially oppress people.” While Privacy Pools provides a near-term solution we can be “sorta-happy” about, McArdle argues, it’s important to keep the long-term ideal in mind.that Privacy Pools would be able to avoid the same problems with the justice system that Tornado Cash encountered, given that Tornado had also implemented its own compliance tools. © 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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