Regulatory sanctions against Tornado Cash 7927

Blockchain

Not long ago the cryptocurrency community received some very bad news. From the title of the article it can be guessed that it is about the Tornado Cash mixer and related sanctions. As you may know, the US Treasury Department has added Tornado Cash to the sanctions list. It would seem that for regulators this is not the first such measure in relation to some cryptocurrency project. However, there can be serious consequences for the crypto industry. Let’s go through it all in order.

About Tornado Cash

Tornado Cash is a protocol that runs on the Ethereum blockchain. The protocol appeared in the summer of 2019. The startup has attracted a lot of attention from the community. It has even attracted the interest of Vitalik Buterin, one of the creators of the Ethereum digital asset.

Tornado Cash has its own native token, TORN.

One may wonder what the new cryptocurrency project’s popularity is all about. The answer lies in the fact that Tornado Cash is a cryptocurrency mixer. In addition, many people prefer to remain anonymous when working with cryptocurrency, Tornado Cash just might give that anonymity.

In order to maintain confidentiality, holders of digital assets could use Tornado Cash. That is, if you have some amount of, for example, Bitcoin, and you find a buyer who wants to transact anonymously, the best way to do so is to use a cryptocurrency mixer. In this case, you can transfer Bitcoin to Tornado Cash. The protocol will conduct the transaction to the buyer, already using the new address.

In this way both parties of the transaction remain anonymous.

It begs the question: why is such a seemingly promising project, which was in demand among the cryptocurrency community, on the Ministry of Finance’s sanctions list?

The answer lies in the anonymity of the transactions. It is no secret that along with honest people in the industry, it is not uncommon to find scammers and fraudsters. There are such unscrupulous people in any industry, especially when it comes to finance.

Many cryptocurrency exchanges have had to introduce identity verification procedures to ensure that illicit funds are not laundered through them. Where there is anonymity, crime is likely to emerge.

As we remember from the example above, it was possible to remain anonymous using the Tornado Cash protocol. There is the answer: the regulator did not like it. The US Treasury Department suggested that fraudsters could easily launder money or engage in other financial scams using the cryptocurrency mixer.

How could sanctions threaten the cryptocurrency industry?

There is a great deal of expert opinion that sanctions against Tornado Cash will affect the entire cryptocurrency industry. Many believe that similar sanctions could affect DeFi in the future. All projects that do not have KYC and AML identity checks are also likely to fall under all sorts of sanctions and bans.

Such services have always attracted scammers who want to launder illegally obtained funds. But these are experts’ opinions, and only time will tell what will happen in practice. All we can do is wait and see.

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‘Moonrise’ Initiative Signals Next Phase in Evolution for New-Look Moonbeam Network in Polkadot Ecosytem 14093

Ambitious 2024 Roadmap Includes 8x Improved Throughput, zkAuth for Web2 ID, Major Grants

Moonbeam Network, a smart contract platform for building cross-chain connected applications, announced the ‘Moonrise’ initiative anchored by a 2024 Product Roadmap that includes the introduction of parallel processing to improve throughput by 8 times, upgrading ecosystem integration, improving the developer and user experience, and more. Moonrise signals the next phase in evolution for Moonbeam and canary network Moonriver, which is incorporating Axelar bridging technology.

More than two years since its mainnet launch in January 2022, Moonbeam is well-established as the leading solution for integrating networks such as Polkadot, Ethereum and the broader EVM ecosystems. The 2024 Roadmap demonstrates Moonbeam’s dedication to continually improving its cutting-edge performance and experience for developers and users.

The Moonrise initiative is reflected in a comprehensive rebrand of Moonbeam’s look, underscoring how Moonbeam is more than a chain. It’s a hub for developers, Web3 enthusiasts, interoperability supporters and more.

“We’re beyond excited to reveal Moonbeam’s new look in conjunction with our ambitious plans for 2024. This year we are implementing improvements, upgrades and announcements to all facets of the Moonbeam and Moonriver networks,” said Aaron Evans, Head of Operations at Moonbeam Foundation. “As our passionate community of supporters knows, Moonbeam is a modern blockchain with features for developers and users that are still just a dream for other networks that remain in testnet phase.”

A lynchpin of the 2024 Roadmap is enhancing the core protocol with the introduction of asynchronous backing, a form of parallel processing that will quadruple block space and halve block times to 6 seconds, resulting in an 8x increase in overall throughput for Moonbeam.

More improvements include ensuring compatibility and seamless interoperability with Ethereum’s gas-saving Dencun upgrade, substantial upgrades to the UX for Moonbeam Routed Liquidity, and improvements to governance mechanisms.

Other highlights include:

  • Ecosystem Integration: Glacis integration for reliable cross-chain transactions, Tanssi integration for appchain deployments, revitalized Moonriver with Axelar’s Amplifier program for bridging and a v3 AMM liquidity program.
  • Developer Tools: Governance tracks for dApps, support for EIP-4337 Account Abstraction, expanded tooling integration for ease of development, deployment, and debugging/monitoring.
  • User Experience: Zero Knowledge Initiative (zkAuth) for Web2 authentication, tokenomics incentive updates, and streamlined stablecoin flows.

The series of initiatives will begin rolling out immediately and will continue to be deployed through Q3 and Q4 of 2024, and into 2025.

To check out Moonbeam’s new website and follow the network’s upcoming developments, see: https://moonbeam.network.

About Moonbeam Network

Moonbeam is a smart contract platform for building cross-chain connected applications that can access users, assets, and services on any chain. By uniting functionality from Ethereum, Cosmos, Polkadot and more into a single platform, Moonbeam solves today’s fragmented user experience — unlocking true interoperability and paving the way for the next generation of applications. The Moonbeam platform uses integrated cross-chain messaging to allow developers to create smart contracts that access services across many remote blockchains. This approach, plus Moonbeam’s developer-friendly EVM platform, vast tool support, and modern Substrate architecture, creates the ideal development environment for building connected applications.

Taiko Launches First Based Rollup on Ethereum with Vitalik Proposing Inaugural Block 14369

  • Taiko Labs has launched its mainnet this morning.
  • Ethereum’s co-founder Vitalik Buterin proposed the very first block in an Ethereum transaction.
  • Vitalik expressed his excitement and anticipation for Taiko’s mainnet launch, praising it as the first based rollup and emphasizing its innovative approach that benefits Ethereum by exploring new possibilities for scaling and decentralization.
  • Taiko is introducing the Trailblazer incentive program with 10% TKO total supply as participation incentives over the coming years.
  • Since its inception in 2022, Taiko has secured $37M in funding and developed the Based Contestable Rollup (BCR), which minimizes costs, strengthens decentralization and enhances security through a multi-proof system.
  • Taiko now has the largest Discord community in the blockchain space.

Taiko, a based rollup protocol designed to scale Ethereum natively, is now live on mainnet. This milestone was marked by Ethereum co-founder Vitalik Buterin proposing the first block, embedded with the names of all Taiko core contributors.

Quote from Ethereum’s co-founder Vitalik Buterin:

Vitalik expressed his excitement and anticipation for Taiko’s mainnet launch with this quote:

“I’m excited to see that Taiko is launching as a based rollup. Ethereum benefits from L2s taking a plurality of different approaches, and I appreciate them being among the first to go in this direction.”

Taiko’s launch on the Ethereum mainnet signifies a significant advancement in blockchain scalability. By leveraging the based rollup design, Ethereum block validators sequence transactions and blocks for Taiko, ensuring robust security and liveness guarantees from the base layer.

Quote from Ethereum Foundation’s researcher Justin Drake:

Justin also praised Taiko’s mainnet launch, highlighting its innovative solution to the centralized sequencing problem. He said:

“Taiko is based. It is making a leap forward in the decentralization, credible neutrality, and composability of rollups. The L2 is trailblazing based sequencing, a form of decentralized sequencing where L1 proposers are enrolled for L2 transaction ordering.

Based sequencing is IMO the ultimate form of decentralized sequencing. By reusing the Ethereum base layer, based sequencing is the simplest to deploy and the simplest to reason about.

Based sequencing also means credibly neutral shared sequencing. This is key to synchronous composability across rollups and ultimately key to fixing Ethereum fragmentation.”

Quote from Taiko Labs’ co-founder Daniel Wang:

After years of development, Daniel Wang shares what the launch of the network means to him, saying:

“We’re thrilled to bring Taiko to the Ethereum mainnet. After more than two years of extensive development and testing, we are confident that Taiko offers a different rollup design, a securer and more efficient [Ethereum] scaling solution.”

Trailblazers

To celebrate this momentous launch, and to thank the growing community of over 1 million users, participants will be rewarded for their engagement within the Taiko network and ecosystem. This campaign is aptly named Trailblazers and will distribute 100M TKO tokens (10% of the total supply). The campaign will be divided into seasons continually allowing newcomers and long-term supporters alike to get a slice of the large token allocation. More details on the campaign will be released in the coming days.

Path to Decentralization

Since its inception in 2022, Taiko has secured $37M in funding and developed the Based Contestable Rollup (BCR), which minimizes costs, strengthens decentralization and enhances security through a multi-proof system.

Taiko’s development journey included seven testnets, each offering permissionless interaction. Initially, Taiko will act as the sole block proposer and prover for the first two weeks post-launch to ensure network stability. This phased approach prioritizes security and a smooth user experience.

After the network stabilizes, both proposing and proving blocks will become permissionless. Node running, an activity as important as proposing and proving, is already accessible to everyone.

“At this point, security and a smooth rollout is our top priority,” Daniel Wang emphasized. “By stabilizing the network first, we ensure a reliable foundation before opening it up to broader participation.”

The Taiko token (TKO) is needed for block proving as bonds, which means the token contract was deployed with the mainnet launch, however, the token will not begin to circulate outside the core nodes until the network has been deemed stable, which is estimated within a couple of weeks.

Taiko will be in the “training wheel mode” for a couple of years. Over this period, transferring ownership to a DAO and revoking all privileges from Taiko Labs and the core developers will be our primary goal.

SolanaVM, The First EVM Compatible L2 for Solana, Raising Over $400,000 in Presale, as SEC Approves First Ethereum ETF 13946

In a major development for the cryptocurrency industry, the SEC approved the first-ever Ethereum ETF today. This decision is seen by many as a potential turning point, ushering in a new bull cycle for crypto. With Ethereum paving the way for regulatory acceptance, all eyes are now on other leading projects like Solana.

SolanaVM created L2’s innovative solution that allows Ethereum dApps to leverage Solana’s lightning-fast speed and minimal fees. This can play a huge role in the coming bull run, as it might significantly boost the whole Solana ecosystem and the activity of developers in Web3.

SolanaVM recently commenced the presale of its native token, $SVM, raising over $400,000 within the first day. The presale is structured in multiple rounds with progressively increasing prices. The token launch is scheduled for Q3, with 15% of the total token supply allocated for the presale.

Kelly, who is also the founder and CEO of the BKCM Digital Asset Fund in CNBC episode said: “You’ve got to think about Solana as probably the next one. Bitcoin, Ethereum and Solana are probably the big three for this cycle.”

Solana VM focuses specifically on bridging the gap between Ethereum, the current leader in DeFi, and Solana, a high-speed blockchain network. The total Value Locked on EVM is currently over 68,000,000,000, and the SVM L2 building the possibility for them to get to Solana Ecosystem.

SolanaVM acts as a bridge, allowing developers to seamlessly move their existing Ethereum applications to Solana. This unlocks the immense potential of Solana’s architecture, which boasts:

  • Speed: Solana Virtual Machine can handle thousands of transactions per second, compared to Ethereum’s current limit, which allow instant transactions for DeFi users.
  • Significantly Lower Fees: Solana’s efficient design keeps transaction fees to a minimum, making DeFi applications more affordable for everyone.

SolanaVM isn’t just about speed and cost savings. It’s a win-win situation for both developers and users:

  • Effortless Migration: Developers can migrate their Ethereum applications to Solana with minimal code changes, thanks to Solana VM’s compatibility features.
  • Familiar interface: Users can continue using the tools and interfaces they’re already comfortable with, while enjoying the benefits of Solana’s high-speed network.
  • A More Inclusive DeFi Ecosystem: By removing the barriers of slow speeds and high fees, SVM opens the door for wider adoption and innovation within DeFi.

SolanaVM is more than just a bridge – it’s a leap forward in DeFi technology. By leveraging the power of Solana, it has the potential to revolutionize interactions with decentralized applications. Further updates can be tracked on SolanaVM official Twitter: https://twitter.com/solanaVM

To join the DeFi revolution, SolanaVM’s team invites users to visit SolanaVM’s website at solanavm.xyz to become part of the future.

About SolanaVM

SolanaVM is a groundbreaking project founded by a team of dedicated developers passionate about the future of DeFi. Their vision is to bridge the gap between the established ecosystem of Ethereum and the power of Solana. By achieving this, Solana VM aims to create a more efficient, accessible, and innovative landscape for DeFi.

Common AMM launches on Aleph Zero: The First Step Towards Releasing the Ultimate ZK DeFi Suite 15721

Cardinal Cryptography, core developer of the zero-knowledge, privacy-focused blockchain Aleph Zero, announced today the launch of Common Automated Market Maker (AMM), the first mainnet release of a novel DeFi platform, Common. Positioned as a decentralized exchange (DEX), Common’s Automated Market Maker (AMM) delivers a user-friendly trading experience, complete with the built-in bridge between Aleph Zero and Ethereum, MOST, and the initial rollout of the platform’s broader capabilities.

Introducing Common AMM and Bridging on Aleph Zero

With the Common AMM rollout, Common takes the first step on a journey to becoming a multi-chain DeFi suite designed to optimize the trading experience by addressing trading efficiency, enhancing on-chain confidentiality, and boosting liquidity–all while ensuring users retain full custody over their assets. Rooted in research developed by Cardinal Cryptography and Nethermind, Common will transcend traditional trading platforms by integrating a comprehensive all-in-one app experience. This will include a built-in wallet, seamless on- and off-ramps, and IBAN account integrations, setting a new standard in user convenience and financial integration.

Launched on Aleph Zero, Common AMM embodies the network’s commitment to on-chain privacy, robust security, and high performance within a user-friendly framework.

Key Features of Common AMM Now Live:

  • Liquidity Pools and Farming: Allows users to provide liquidity and to potentially earn through farming, starting May 21st.
  • Bridging: Common AMM includes a built-in bridge between Aleph Zero and Ethereum called MOST, which allows users to seamlessly move assets between the different networks.
  • Swapping Mechanism: Enables straightforward token exchanges, to be enabled on May 23rd, after a liquidity building period.

Looking forward, Common is set to expand into a full-scale DeFi suite, as detailed in the Common Whitepaper. Future upgrades will include a privacy-enhanced order book, comprehensive solutions for institutional trading, as well as support for EVM-based blockchains. These features are built on Aleph Zero’s commitment to data confidentiality and regulatory compliance, addressing the needs of an evolving DeFi environment.

Common Drops: A New Reward Initiative

Concurrent with the launch, the Common Drops campaign will reward the community’s engagement. These tokens, initially non-transferable, will later be redeemed for CMN, the platform’s native token, after it goes live. Users can participate in Drops by staking AZERO and providing liquidity in Common AMM.

Navigating Regulatory Challenges with Privacy-Focused Solutions

As regulatory landscapes evolve, Common offers a robust platform that aims to seamlessly blend stringent compliance with financial privacy.

Uses can experience seamless trading on Common AMM today and follow the development of the Common platform as it evolves to become the ultimate privacy DeFi suite.

For more information about Common, users can visit https://common.fi/ and read the Common Whitepaper. Users can already try the app on the Aleph Zero Mainnet.

About Aleph Zero

Aleph Zero is a layer 1 blockchain engineered for speed, data confidentiality, and ease of development. It achieves efficiencies akin to conventional web2 systems, upholds rigorous standards for data protection via Zero Knowledge Proofs. Aleph Zero’s versatility is highlighted by over 40 use cases being actively developed, showcasing its adaptability across various sectors and applications. These use cases are part of an engaged community and growing ecosystem of web3 applications that are supported by Aleph Zero programs.

For more information, users can visit https://alephzero.org/

Serenity Shield Launches Global DePIN Network To Transform Data Storage 15665

Serenity Shield, a fully decentralized multi-chain data storage solution, today announces the launch of its inaugural decentralized storage facility in Muscat, Oman. It will be the first facility of many to go live for testing across a global network of interconnected points at pivotal locations in India, Portugal, Netherlands, USA and Australia. As further access points activate over the coming months, the operation promises to liberate individuals and corporations from their current dependence on centralised cloud services for data storage.

The emergence of blockchain technology promised mass decentralization – granting individuals true ownership and control over not just their assets, but also their private information on things such as their social engagement, consumer behaviour and financial investments. But individuals currently have no autonomy over the privacy, security and monetization of their data – which is instead stored, managed, harvested and sold by multinational corporations.

With this robust infrastructure, Serenity Shield will allow individuals, businesses and government institutions to access a completely new form of data storage that gives redundancy, security and decentralisation by design. The vast array of global data centers will help to mitigate the centralised risks that currently threaten the widespread adoption of blockchain technology.

Venket Naga, CEO of Serenity Shield, explained: “The self-custodial narrative of decentralization hasn’t been able to stand up amidst the continued dependence on centralised cloud services to store data. We’ve been focused on addressing this for a long time and are finally able to deploy a remarkable solution in getting our DePIN facilities off the ground. In building and launching these state-of-the-art physical facilities, we’re able to fully support a Web3 ecosystem beyond the outlining of conceptual plans in a whitepaper.”

Individuals who participate as node operators within the globally distributed network are set to benefit from incentive mechanisms such as token rewards and utility cost settlements. As the operations evolve, tokenised energy rewards will be distributed to users based on their specific locations and requirements, bringing an unparalleled aspect to a project of this kind with the convergence of DePIN and RWA.

The operation is also set to be funded through Green Hydrogen initiatives for renewable energy by governments across the selected locations, with the DePIN architecture already aligning with several sustainability initiatives.

With individuals set to be empowered with more personal autonomy over the way they manage their data, commercial blockchain projects will also be encouraged to contribute resources to the network and foster a collaborative ecosystem. Small and medium enterprises will experience advantages to supply chain management, data synchronization and content distribution; and governmental institutions will be able to better preserve public records and sensitive information.

Venket concluded: “By embracing the values of Web 3.0 and building upon the foundations laid by Web 2.0, we are forging a path towards a fine-tuned decentralised, resilient, and inclusive digital future. We are in the middle of an exciting digital transformation where the paradigm is shifting from centralised to decentralised systems, redistributing power and control in unprecedented ways. At the forefront of this revolution stands the opportunity for an innovative Decentralised Physical Infrastructure Network to redefine how we conceive, construct, and manage physical infrastructure. It makes sense to start with the data.”

About Venket

Venket Naga is the CEO and one of Serenity Shield’s strategic investors. With over 30 years of experience, Venket has played a key role in scaling companies to billions of dollars in revenues in India and the Middle East.

Venket’s expertise spans software development, banking, and more. From setting up efficient structures for business functions to managing distribution, logistics, marketing, and finance, Venket brings a wealth of knowledge to the table.

Driven by a passion for results and excellence, Venket thrives in fast-paced environments and approaches challenges with a positive mindset. Committed to making a meaningful impact and fostering transformative growth, Venket is here to lead the way toward a secure and prosperous future.

About Serenity Shield

Serenity Shield is a fully decentralized multi-chain solution dedicated to privacy and security. It empowers individuals and businesses to interact securely and confidently in the digital world by leveraging the power of blockchain to safeguard and protect user data. Serenity Shield offers a unique and innovative way to store sensitive data and document inheritance, ensuring that legacies and digital assets live on for generations. The company’s leading product – the StrongBox® DApp – enables individuals to reclaim control over their data, identity, and digital assets while protecting their loved ones, families, and businesses.

Fluid Tokens Launch First Dex for Runes 15054

FluidTokens is proud to pioneer the first decentralized exchange (DEX) tailored specifically for Runes.

FluidTokens, a Swiss-based company, is at the forefront of transforming traditional finance through permissionless DeFi solutions. With a focus on UTXO blockchains like Bitcoin and Cardano, FluidTokens offers a diverse range of innovative financial services that empower users to leverage their assets securely and transparently.

The Runes Protocol, conceived by Casey Rodarmor, the visionary behind Ordinals, represents a significant leap forward in the Bitcoin ecosystem. Runes made their market debut on April 20, coinciding with the Bitcoin halving. The launch sparked a frenzy among investors, leading to a surge in transaction fees and record-breaking earnings for Bitcoin miners, surpassing $107 million in costs within the first week alone.

The Runes Protocol allows users to create and trade meme coins on the Bitcoin blockchain, offering alternatives to both Ordinals and the BRC-20 protocol.

FluidTokens’ DEX for Runes opens up new avenues for liquidity and trading within the Runes ecosystem, fostering a dynamic environment for investors and enthusiasts alike. By bridging the gap between traditional finance and the burgeoning world of DeFi, FluidTokens continues to lead the charge towards a more inclusive and accessible financial future.

As the leading ecosystem on both the Bitcoin and Cardano blockchains, FluidTokens is dedicated to meeting the evolving needs of the crypto community. Our platform offers a trustless and secure environment for users to access a wide array of non-custodial DeFi services, driven by community feedback and commitment to innovation.

“We’re proud to announce that we have created the first 100% permissionless lending protocol that supports Runes and Ordinals along with all the major BTC wallets. The lending protocol doesn’t need any centralised entity or layer 2 to function, thanks to our innovative BitWeave technology. We are currently working on several additional DeFi services that will run directly on Bitcoin Layer. We pride ourselves on usability of what we create and this DEX is proof of that. We’re basically giving you the experience of a Web2 exchange but permissionless,” says Matteo Coppola, CEO and Co-Founder of Fluid Tokens.

About FluidTokens

FluidTokens is the current leading ecosystem on Bitcoin and Cardano blockchains that leverages your assets to offer a world of innovative financial services. This open, trustless and secure ecosystem offers different non-custodial DeFi services for any crypto user, created following the community needs and feedback. FluidTokens is community-centric, prioritising a great user experience – listening to the community suggestions – and allowing everyone to be an active member. As the protocols are non-custodial, any user can be both a liquidity provider and a borrower! The official FluidDAO has been legally established in Switzerland, and the $FLDT token is live on MEXC and Minswap.

For more visit: https://fluidtokens.com/