In Brief:
- Tornado Cash introduced an upgraded pool called Tornado Cash Nova.
- The upgrade will help for a better user experience and also for expanding the protocol functionalities.
- The modern upgrade would also allow having private transfers for only 0.000003 ETH relayer fee ($0.01) along with many other unique features.
On Wednesday, Tornado Cash, an Ethereum based mixing transaction protocol introduced an upgraded pool called ‘Tornado Cash Nova’.
Nova will present unique features which will help improve user experience and also for expanding the protocol functionalities. After deposit this modern upgrade would allow having private transfers for only 0.000003 ETH relayer fee ($0.01).
With the new upgrade, it would be possible to make shielded transfers of deposited tokens while staying within the pool itself. Uptil now, tokens were required to be withdrawn first so as to transfer the custody of deposited funds.
But with the advent of this upgrade, users will be able to transfer a chosen amount of their deposited tokens (not necessarily all of them) to another address without having to withdraw them from the pool.
Another benefit of this pool is that it will allow users to deposit & withdraw arbitrary amounts of ETH.
Tornado Cash Nova will be using the Gnosis chain or formerly called xDAI chain as a Layer-2 (thanks to the ETH) so that all related transactions are cheaper and also faster.
Once the contracts are deployed, these contracts can be upgraded by the Tornado Cash governance.
As per the announcement, a compliance tool will soon be available for all transactions made within this pool. It is interesting to note that Nova is currently in beta, with a limit of 1 ETH per transaction that can always be changed through a governance proposal.
Moreover, calling the Tornado Cash Nova as a primary step towards this new and an improved version of Tornado Cash, it is also informed that a version 3 (v3) is also being worked upon. As the statement read, “Future plans for the protocol include the possibility of making atomic swaps within a shielded pool, as well as a pool that will be able to support ERC20 tokens & NFT.”
Just recently, Tornado Cash had received a boost in terms of scaling, as the privacy protocol was preparing to launch on Ethereum’s layer two network Arbitrum.
