Tornado Cash transitioned onto MegaETH: Experimenting with privacy and speed in a fresh test network
In a significant development for the Ethereum ecosystem, Tornado Cash, a popular privacy protocol, has integrated with MegaETH, a highly scalable Layer-2 solution developed by MegaLabs. This union opens new possibilities for decentralized finance and other sectors that require confidential transactions.
MegaETH, which processes transactions off the main Ethereum chain, aims to handle up to 100,000 transactions per second. It achieves this by using techniques such as rollups, state channels, and validium. The solution, backed by Ethereum co-founder Vitalik Buterin, also launched its own stablecoin, MegaUSD, to finance low transaction fees and support real-time applications on MegaETH.
The integration of Tornado Cash into MegaETH allows for transactions with greater privacy and higher speed than on the main Ethereum network. This deployment is significant as it opens new possibilities for financial privacy in the Ethereum ecosystem. ETHTornado, the successful deployment of Tornado Cash on MegaETH, was achieved without modifying the original Tornado Cash code.
Tornado Cash has faced regulatory challenges, including sanctions imposed by the U.S. Department of the Treasury. However, the federal agency recently made a decision to partially lift these sanctions, recognising the potential opportunities for innovation and value creation that digital assets offer to the American people. Tornado Cash is no longer on the OFAC's (Office of Foreign Assets Control) sanctioned list.
The Department of the Treasury remains committed to mitigating risks of cryptocurrency transactions that could benefit malicious actors or the Democratic People's Republic of Korea. Despite the regulatory challenges, the integration of Tornado Cash into MegaETH marks an important milestone in the Ethereum ecosystem.
Ethereum takes a firm step towards a more private, efficient, and scalable future with this integration. The regulatory situation for digital assets in the U.S. remains a challenge, but this development underscores the compatibility and flexibility of both MegaETH and Tornado Cash platforms. This union is set to bring about a new era of privacy and scalability in the world of decentralized applications.
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