Tornado Cash Relocated to MegaETH Test Network After Lifting of Sanctions
Frontline: Shrouded Transactions Revived on MegaETH
A developer has deployed the anonymity-centric cryptocurrency tool, Tornado Cash, onto the MegaETH blockchain's testnet, recognizing the potential for rapid, private transactions on the emerging network, as detailed by The Block.
Spurred by the recent move by the U.S. Department of the Treasury to withdraw sanctions on Tornado Cash's smart contract addresses, this advancement reintroduces privacy-focused capabilities to the rapidly increasing blockchain ecosystem. The decision came after a federal appeals court judged in January that smart contracts were not to be deemed property of a foreign nation and therefore were not subject to sanctions by existing laws.
Tornado Cash Raised from the Ashes on MegaETH
Under the codename Gunboats, the developer of the application announced the release of a tailor-made version named ETHTornado onto MegaETH's public testnet. The developer's motives behind this action stem from the removal by the Office of Foreign Assets Control (OFAC) from Tornado Cash addresses, a sanctions list.
Crypto enthusiasts remain divided on the topic of privacy protocols like Tornado Cash. Previously, the service faced sanctions for its alleged involvement in laundering funds stolen by North Korea's Lazarus Group. While the sanctions on smart contracts were lifted due to the court decision, anxieties persist among developers and users concerning the legal and reputational risks of associating with such technologies.
Some members of the crypto community have raised security concerns, such as "wallet dusting," where small quantities of crypto are sent to numerous wallets, potentially dragging innocent users into questionable situations. Gunboats, however, has dismissed these alarms, arguing that the process—regardless of whether it takes milliseconds or seconds—makes little difference if the consequence is a flagged wallet.
MegaETH: The Rapidly Ascending Blockchain Contender
Timed concurrently with MegaETH's emerging role in the blockchain landscape, this development presents a major milestone for the network. Developed by MegaLabs, MegaETH is a high-performance Layer 2 platform built utilizing Ethereum's Rollup architecture. It targets delivering quick transaction processing time comparable to contemporary Web2 applications.
As stated by the project team, MegaETH's testnet is capable of handling up to 20,000 transactions per second, processing 1.7 gigas/s of computing power across its network, and generating 10-millisecond block times.
Within weeks of its unveiling, MegaETH testnet initiated a massive airdrop, distributing testnet ETH to over 190,000 wallets in just 15 seconds. The network further plans to incorporate advanced features such as parallelization, just-in-time (JIT) compilation, and enhanced storage systems to strengthen the performance and efficiency of its on-chain operations.
Those interesting in giving the testnet a go can visit testnet.megaeth.com and interact with applications, claim their test ETH, and experiment with MetaMask integration.
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Hosted by Harold, the financial journalist with four years of experience under his belt, Coincu brings you clear and profound financial news, tackling matters from traditional stocks to cutting-edge venture capital.["The financial markets are a challenging puzzle," Harold often states, "and I love helping people understand them."] (https://coinci.news/author/warren-harold/)
- The deployment of Tornado Cash on MegaETH's testnet showcases a developer's recognition for rapid, private transactions on the emerging network, amidst the removed sanctions by the Office of Foreign Assets Control (OFAC) from Tornado Cash addresses.
- The tailor-made version of Tornado Cash named ETHTornado, released by the developer under the codename Gunboats, is a significant development for the MegaETH network as it introduces privacy-focused capabilities.
- Crypto enthusiasts hold divided opinions on privacy protocols like Tornado Cash, with concerns over legal and reputational risks associated with them. Some have also raised alarm over potential security issues like "wallet dusting."
- MegaETH, a high-performance Layer 2 platform built utilizing Ethereum's Rollup architecture, presents a major milestone with the development of Tornado Cash on its network, aiming to deliver quick transaction processing times comparable to contemporary Web2 applications.
- Stay tuned for updates on the latest crypto news, blockchain, and MegaETH testnet developments, as the financial journalist, Harold, provides clear and in-depth financial news on Coincu.
