Beaconcash
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 | |
| Developer(s) | Alexey Pertsev |
|---|---|
| Initial release | 14 June 2022 |
| Development status | Active |
| Project goal(s) | Non-Custodial Anonymous Staking Solution |
| Written in | Solidity |
| Platform | Ethereum Virtual Machine |
| Type | Cryptocurrency tumbler |
| License | Open-source licenses |
| Website | Beacon.cash |
Beacon Cash is a fully decentralized and non-custodial protocol for anonymous staking that operates on the Ethereum network. The protocol has been designed to break the link between your original deposit and the withdrawal address by placing your deposit into Tornado Cash anonymity sets and leaving a commitment. Withdrawals can be made to a different address by providing a cryptographic proof, thus severing the link between the source and withdrawal address. The protocol uses zero-knowledge proofs, specifically zk-SNARKs,[1] to ensure privacy, and deposits and withdrawals are untraceable, ensuring asset confidentiality.
The Beacon protocol has implemented a fork of Tornado Cash, which utilizes Tornado Cash's smart contracts and zk-SNARKs technology. The user interface of the protocol is based on Tornado Cash's classic ui. The $TORN token is utilized as a governance system for voting on protocol updates.
On June 14, 2022, Beacon Cash reportedly began operating on the Ethereum network. According to public blockchain data, over $760 million worth of Ethereum has flowed through the mixer to Beacon Cash's deposit contract. Following the Shanghai/Capella upgrade[2] on April 12, 2023, users were able to withdraw staked funds from the platform, resulting in over $240 million worth of ETH being withdrawn from Beacon Cash.
Functionality[edit]
Beacon Cash utilizes the Uniswap v3 router to facilitate deposits of varying quantities of ETH, which are subsequently split into Tornado Cash anonymity sets (0.1 ETH, 1 ETH, 10 ETH, and 100 ETH). These anonymity sets are then deposited into the Beacon deposit contract in increments of 32 ETH by Tornado Cash relayers or directly from Tornado Cash pools. Upon withdrawal, users can provide a zero-knowledge proof to break the link between the deposit address and the withdrawal address, ensuring anonymity and privacy.
History[edit]
The Beacon Cash protocol was released prior to the sanctioning of Tornado Cash by the Office of Foreign Assets Control of the U.S. Department of the Treasury on August 8, 2022. The original whitepaper was written by Alexey Pertsev, co-founder of Tornado Cash, and was published on June 14, 2022, prior to his arrest in Amsterdam[3] on suspicion of involvement in concealing criminal financial flows and facilitating money laundering. Following the arrest, the Tornado Cash community took over governance of the protocol.
References[edit]
- ↑ "An approximate introduction to how zk-SNARKs are possible". vitalik.ca. Retrieved 2023-04-23.
- ↑ "Staking withdrawals". ethereum.org. Retrieved 2023-04-23.
- ↑ Vincent, James (2022-08-12). "Alleged Tornado Cash developer arrested in Amsterdam". The Verge. Retrieved 2023-04-23.
External links[edit]
- Official website of Beacon Cash
- Official whitepaper for Beacon Cash : by Alexey Pertsev, June 14, 2022
- Non-interactive zero-knowledge proof
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