<h1>Hottest Privacy Projects 2021</h1>
<h2>The Secret Network Appears To Solve Some Problems In Developing Privacy Coins</h2>
Global Big Brother is working hard to try to make it difficult to use Privacy Cryptocurrency.

Guy at Coin Bureau does a good job of explaining the Secret Network, and we thank him for the use of this video.

https://youtu.be/9eOHeLSp7lg<a dir="auto" spellcheck="false" href="https://www.youtube.com/hashtag/crypto">#Crypto</a> <a dir="auto" spellcheck="false" href="https://www.youtube.com/hashtag/scrt">#SCRT</a> <a dir="auto" spellcheck="false" href="https://www.youtube.com/hashtag/torn">#TORN</a>
<h2 style="text-align: center;"><strong>Privacy Coins: The HOTTEST Projects for 2021!! 🔍</strong></h2>
170,608 viewsFeb 22, 2021 <a tabindex="-1" href="https://www.youtube.com/channel/UCqK_GSMbpiV8spgD3ZGloSw"><img id="img" src="https://yt3.ggpht.com/ytc/AKedOLSPOCRr3VKeBDGOc2BRjc4MrPK27BhadJtyswrc=s48-c-k-c0x00ffffff-no-rj" alt="" width="48" /></a><a dir="auto" spellcheck="false" href="https://www.youtube.com/channel/UCqK_GSMbpiV8spgD3ZGloSw">Coin Bureau</a> 1.23M subscribers  <a tabindex="-1">SUBSCRIBE</a>🔥 TOP Crypto TIPS In My Newsletter 👉 <a dir="auto" spellcheck="false" href="https://www.youtube.com/redirect?event=video_description&amp;redir_token=QUFFLUhqblhXd29JZHFDdzBBSzJxSEFyOUhFb1BNa3RxUXxBQ3Jtc0tuMDlkX1NhUnhwZGFESmZiQ2FTcmFlSlRQRTZ1OVlUSi1XQ1FsUFNjY2FjdUNPT2pDSEpoaXNIOVBmTjJvekh1SFVnUUlyb20tbkQ1RUlGMDVTX3lIa1VGUVA0WUZ6ajY2b3g3RzF4T0hoTV9xcFd1VQ&amp;q=https%3A%2F%2Fguy.coinbureau.com%2Fsignup%2F" target="_blank" rel="nofollow noopener">https://guy.coinbureau.com/signup/</a> 💳 20% Binance Discount 👉 <a dir="auto" spellcheck="false" 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href="https://www.youtube.com/watch?v=mNSuvYaJ2Vg&amp;t=0s">https://youtu.be/mNSuvYaJ2Vg</a> Best Privacy Cryptocurrencies 👉 <a dir="auto" spellcheck="false" href="https://www.youtube.com/watch?v=sgmvsB1omx0&amp;t=0s">https://youtu.be/sgmvsB1omx0</a> Cosmos Cryptocurrency Explained 👉 <a dir="auto" spellcheck="false" href="https://www.youtube.com/watch?v=x1gnWnyxLNE&amp;t=0s">https://youtu.be/x1gnWnyxLNE</a> ~~~ - TIMESTAMPS - <a dir="auto" spellcheck="false" href="https://www.youtube.com/watch?v=9eOHeLSp7lg&amp;t=0s">0:00</a> Intro <a dir="auto" spellcheck="false" href="https://www.youtube.com/watch?v=9eOHeLSp7lg&amp;t=142s">2:22</a> What's Secret Network? <a dir="auto" spellcheck="false" href="https://www.youtube.com/watch?v=9eOHeLSp7lg&amp;t=259s">4:19</a> How Does Secret Network Work? <a dir="auto" spellcheck="false" href="https://www.youtube.com/watch?v=9eOHeLSp7lg&amp;t=374s">6:14</a> SCRT Tokenomics <a dir="auto" spellcheck="false" href="https://www.youtube.com/watch?v=9eOHeLSp7lg&amp;t=543s">9:03</a> Secret Network Potential <a dir="auto" spellcheck="false" href="https://www.youtube.com/watch?v=9eOHeLSp7lg&amp;t=680s">11:20</a> What's Tornado Cash? <a dir="auto" spellcheck="false" href="https://www.youtube.com/watch?v=9eOHeLSp7lg&amp;t=796s">13:16</a> How Does Tornado Cash Work? <a dir="auto" spellcheck="false" href="https://www.youtube.com/watch?v=9eOHeLSp7lg&amp;t=907s">15:07</a> TORN Tokenomics <a dir="auto" spellcheck="false" href="https://www.youtube.com/watch?v=9eOHeLSp7lg&amp;t=1000s">16:40</a> Tornado Cash Potential <a dir="auto" spellcheck="false" href="https://www.youtube.com/watch?v=9eOHeLSp7lg&amp;t=1263s">21:03</a> Outro ~~~ ⛓️ 🔗 Useful Links 🔗 ⛓️ ► Enigma Cryptocurrency Explained: <a dir="auto" spellcheck="false" href="https://www.youtube.com/redirect?event=video_description&amp;redir_token=QUFFLUhqbWI4Sm83ZzBUbnpaOW1jZF9jSC1mRFFFT2N1QXxBQ3Jtc0traUVHUkhZTm10ZXhlWl9faFpFUlY2ZkJkYVVRVEVscmFDYWtBVVc5SXlEZVBTSWRxRGdnMTF6WWVQei1aNkVmXzRUOXZTMlhFTlVzOXJBc0JGYU9oU1Vscl9pMHpzZWdDTFhTN0tSRFBHT0Zpa2R1Zw&amp;q=https%3A%2F%2Fwww.coinbureau.com%2Freview%2Foverview-enigma-secret-contract-cryptocurrency%2F" target="_blank" rel="nofollow noopener">https://www.coinbureau.com/review/ove...</a> ► Secret Network Blockchain Explorer: <a dir="auto" spellcheck="false" href="https://www.youtube.com/redirect?event=video_description&amp;redir_token=QUFFLUhqbHZVYWt1TW9QX0JnUEN6a3ExTmk3cEV6QWt3d3xBQ3Jtc0ttU0I5bVFOQV9ZbHJESk95UTB1TmdONmJ0YU5QSnpaZ2RnY0gxSmRLTmhhbnBYdVBpTkxzWFBqR0xvT01DQ3I0REtXTU9va1R3X0ZjaGtvbGxUS2U4Q2hUSHhlcVgxMW1McUwxdFJUcEJvOUF2VTd4bw&amp;q=https%3A%2F%2Fsecretnodes.com%2Fsecret%2Fchains%2Fsecret-2" target="_blank" rel="nofollow noopener">https://secretnodes.com/secret/chains...</a> ► Keplr Browser Wallet: <a dir="auto" spellcheck="false" href="https://www.youtube.com/redirect?event=video_description&amp;redir_token=QUFFLUhqa2VmNU9WOTdIRUFHbmdxOVFoOHpFQXNJLWhYUXxBQ3Jtc0trcmpDV29zQXpfNGo3clpaMTZOQlo3UENqX1lienBUMjhPYW5lVDJLbGt0NGNDaWMxN2ptNW14ZUQ0QVVnWHBIRUdjQ2FEN3g0eGN6cktDaGxrZWVrSjZlLXhyMFRGUHp2QnJFUG9HV2N3R1EtcFR2bw&amp;q=https%3A%2F%2Fchrome.google.com%2Fwebstore%2Fdetail%2Fkeplr%2Fdmkamcknogkgcdfhhbddcghachkejeap%3Fhl%3Den" target="_blank" rel="nofollow noopener">https://chrome.google.com/webstore/de...</a> ► Secret Ethereum Bridge &amp; SecretSwap AMM: <a dir="auto" spellcheck="false" href="https://www.youtube.com/redirect?event=video_description&amp;redir_token=QUFFLUhqbTNhdXd5UEo5alRRQ3A2SWJjbkN1MnlXOG0zZ3xBQ3Jtc0ttU2hxRnBMclZDell4b01wbG9icjE3bHl3QmFBcXhSa0NUZVpCcnk0ZnpTb2tNZjlPcTF6RTI0UUs2SFZYLXVUNHRmUWNkVml0ak90UkJQbnUyNTF5OFRyeERBQVlRUHZCR0ZYWVR4djV5ekQ4b3l4UQ&amp;q=https%3A%2F%2Fbridge.scrt.network%2Fswap%23Swap" target="_blank" rel="nofollow noopener">https://bridge.scrt.network/swap#Swap</a> ► How Tornado Cash Works In Detail: <a dir="auto" spellcheck="false" href="https://www.youtube.com/redirect?event=video_description&amp;redir_token=QUFFLUhqbjBoWUFVUWlyQUJBQTRpS2FwMWFuVkh5QldJUXxBQ3Jtc0tsUUgtVmo3a0hla2lFWTRWd1c0SXFPY2c2ZmJDMDluUnhOMjdNck8zVHg1VmRPaWd4MWIzSGl2VTAzdGU4cGxwSUgwRWxBamNucEpobXJFUjZnQnllZkxhSUhmdGV6LU9yU09lWnBYTTBReTBEV1dNWQ&amp;q=https%3A%2F%2Ftornado-cash.medium.com%2Fintroducing-private-transactions-on-ethereum-now-42ee915babe0" target="_blank" rel="nofollow noopener">https://tornado-cash.medium.com/intro...</a> ► Tornado Cash App: <a dir="auto" spellcheck="false" href="https://www.youtube.com/redirect?event=video_description&amp;redir_token=QUFFLUhqbFpCbjFaOXU1ZHpqSG1UdXdhQVNVcjFqbTM2UXxBQ3Jtc0tsdnQ5MTBUcGpkd2xQWkZ4cm1lYVBzM25VcVEzbGVBZGdpeTczdzhmSFNUOUEyOEMxYmFsQk9TVnJqc2VXeXI5ck5YSWRpUmFmeTAyNzlwMzI3YXdfSDRDamZQUVc1MkZ1NGZORXgwVTY2c2JfQ245dw&amp;q=https%3A%2F%2Fapp.tornado.cash%2F" target="_blank" rel="nofollow noopener">https://app.tornado.cash/</a> ► Tornado Cash Privacy Tips: <a dir="auto" spellcheck="false" href="https://www.youtube.com/redirect?event=video_description&amp;redir_token=QUFFLUhqbkxmM0h6Z1BZUWs1YnlLU2tQM0Jfd09Tb25PZ3xBQ3Jtc0ttanQ0SU41cTFzN3gxbGdQRTNTejE3Z0oxa2xWZFl0YjJuVnpjSEJTX25nbDlDYXpyQXpmcHRrR2h5dndZTXEzQWNKMGw2LVEwZGdJWjhJWEtLdmZpTmpCWnAzbklJaEFQeF9sSkdSbHJzS0hmOXlScw&amp;q=https%3A%2F%2Ftornado-cash.medium.com%2Fhow-to-stay-anonymous-with-tornado-cash-and-similar-solutions-efdecdbd7d37" target="_blank" rel="nofollow noopener">https://tornado-cash.medium.com/how-t...</a> ► TORN Token Details: <a dir="auto" spellcheck="false" href="https://www.youtube.com/redirect?event=video_description&amp;redir_token=QUFFLUhqa0JGeEo2UkI4WnlqXzBxMUhtNHdITGJ3dDRsZ3xBQ3Jtc0tucUFsYVBMWmdaczdKSlBYSHU3TTdFR2R6NEtvbEZUb2ZYYzVlNFBpSGt2XzhsTE5SU0J6TlpfQVoyMGQyTnhteUt2ZnZTMVFMeWY5V0FLZTdOY0Y5Q0VUY0V6VU1EMFpua2FXb1NxQmVLVTBjT3VGVQ&amp;q=https%3A%2F%2Ftornado-cash.medium.com%2Ftornado-cash-governance-proposal-a55c5c7d0703" target="_blank" rel="nofollow noopener">https://tornado-cash.medium.com/torna...</a> ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 🤫What is Secret Network?🤫 Secret Network is the first cryptocurrency blockchain to offer privacy preserving smart contracts called ‘secret contracts’. However, Secret Network’s native SCRT coin is *not* a privacy coin. Only the Secret Tokens used in the smart contracts preserve user privacy. Viewing keys make it possible to be compliant with regulations. 🛠How Does Secret Network Work?🛠 Secret Network was built using the Cosmos SDK. It uses Tendermint, which is a byzantine fault tolerant delegated proof of stake consensus mechanism Secret Contracts on Secret Network achieve privacy by running inside trusted execution environments or TEEs. These function like a black box wherein computations can be performed on encrypted data 💰SCRT Tokenomics 💰 Enigma token holders were given the option to burn ENG on Ethereum to mint an equivalent amount of SCRT on Secret While only 115 million ENG were burned, Secret Network minted an additional 45 million SCRT to fund various elements of the network. 📊Secret Network Potential📊 Secret Network already has a long laundry list of desired DeFi protocols including synthetic assets, lending, borrowing, and automated yield protocols like yearn finance The Secret Ethereum bridge already has over 50 million dollars of Ethereum assets locked, which is more than a fourth of the market cap of the SCRT coin 🌪What is Tornado Cash?🌪 Tornado Cash is a protocol that makes it possible to send private transactions on Ethereum 🛠How Does Tornado Cash Work?🛠 Ethereum assets are deposited into a smart contract. When this is done, a cryptographic proof (“receipt”) is given to the depositor, which allows them to claim whatever amount of crypto they deposited. A privacy technology used in Zcash called Zksnarks makes it possible to claim these coins using the proof without revealing which coins were initially deposited to get that proof, thus breaking the connection between sender and recipient 💰TORN Tokenomics💰 TORN is an ERC-20 token that is used to govern the Tornado Cash protocol. There was no ICO for the token Instead, vouchers to claim the tokens were airdropped to all Ethereum wallet addresses that deposited assets into the protocol prior to December 6th, 2020 This airdrop was designed to ensure an equitable distribution of tokens. The average user received over 23 000$USD in TORN. Only 500 thousand TORN were airdropped and TORN has a max supply of 10 million. 📊Tornado Cash Potential📊 TORN has a very small market cap, and the TVL locked on Tornado Cash suggests it could grow significantly However, it is unclear whether that TVL is just people farming TORN tokens. From a supply-demand perspective, there is a lot more supply of TORN that has yet to come on to the market and there is likely not enough demand to meet it ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 📜 Disclaimer 📜 The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
<h3 style="text-align: center;"><strong>Hottest Privacy Projects 2021</strong></h3>
<img src="https://cryptogrizz.com/wp-content/uploads/2021/01/cropped-resized-image-Promo-300x300.jpeg" alt="Hottest Privacy Projects 2021" width="300" height="300" />
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<p style="text-align: center;"><strong>COMPLETE TRANSCRIPT</strong></p>
0:00once upon a time cryptocurrencies00:03preserved your privacy00:05this was because even though blockchains00:06like bitcoin and ethereum are public00:09it was hard if not impossible to link00:11transactions to individual identities00:15today anyone can pop open a blockchain00:17explorer and see00:18which wallets have what there are even00:21specialized blockchain analysis firms00:23like chainalysis00:24which are constantly on the lookout for00:26malicious behavior00:28as a result it's getting harder to00:30preserve your privacy in the crypto00:32space00:32and it doesn't help that regulators are00:34pressuring exchanges to de-list privacy00:37coins00:37like monero however i believe that00:40privacy is a human right and i know00:43there must be some way to preserve it on00:45the blockchain in a way that doesn't00:47beckon the ban hammer00:49and it so happens there are two00:51cryptocurrency projects that have00:53managed to achieve00:54just that secret network and tornado00:57cash00:58have found a way to provide total01:00privacy in a compliant manner01:03both of their respective tokens have01:04seen impressive growth so far01:06and today i'm going to tell you why the01:08best is yet to come01:14[Music]01:17before we get high tech i need to make01:19sure i don't get wrecked01:21i went to the school of non-financial01:23advisors01:24and all i got was this lousy t-shirt so01:27because i am not a financial advisor01:29nothing in this video can be considered01:31financial or investment advice01:33sorry folks not my mo if this01:36is your first time stopping by the coin01:38bureau then a few introductions are in01:40order01:41my name is guy and i create quality01:43cutting edge crypto content on a daily01:45basis01:46cryptocurrency news reviews tutorials01:49and market analyses are just01:51a few menu items in my financial flavor01:53town01:55so if this is what you've been hungry01:57for then make sure you always get your01:59fill by subscribing to the channel and02:01pinging that notification bell02:02i've left some timestamps in the video02:04timeline that you can use to enhance02:06your viewing experience02:08feel free to skip around if you think02:10it's necessary but it's always nice to02:12have you from start to finish02:14on that note it's about time we got02:16going let's see02:17what secret network and tornado cache02:20are all about02:22the story of secret network begins with02:24another cryptocurrency project called02:26enigma launched in 2014 enigma was a02:30layer 2 scaling solution for ethereum02:32that featured privacy preserving smart02:34contracts02:35in february 2020 enigma launched its02:38main net and rebranded to secret network02:40after a community vote a few months02:42later to call secret network a02:44continuation of enigma isn't entirely02:47accurate however02:48this is because enigma mpc which02:51developed enigma is now just one of the02:53many companies working on02:54secret network moreover secret network02:58has its own founder tor bear03:00enigma's former head of growth and03:02marketing secret network is the first03:04cryptocurrency blockchain to offer03:06privacy preserving smart contracts03:08called03:08secret contracts any transactions made03:11within secret contracts are completely03:13hidden03:14from everyone even the validator nodes03:16on the secret network blockchain03:18that said secret network's native scrt03:21coin03:22is not a privacy coin in fact all scrt03:25transactions03:26are publicly viewable like btc and eth03:29so where does the privacy come from well03:32the answer is03:33secret tokens secret tokens are the03:35assets used in secret network's secret03:38contracts03:39these tokens preserve privacy by default03:41like monero and grin03:43to ensure regulatory compliance secret03:46token holders have access to a viewing03:48key which they can use to prove their03:49ownership of any assets they have03:51in secret contracts this blend of03:54privacy and transparency allows secret03:56network to address03:57multiple use cases that other03:58cryptocurrency blockchains cannot04:00such as defy applications that are04:02resistant to front-running04:04rather than competing directly with04:06other smart contract blockchains04:08secret network hopes to become the04:10privacy hub04:11for the entire cryptocurrency ecosystem04:14so how exactly does secret network04:18work secret network was built using the04:21cosmos sdk04:22it uses tendermint which is a byzantine04:24fault tolerant delegated proof-of-stake04:27consensus mechanism04:29this means that secret network can04:31theoretically process between 10 to 1404:33000 transactions per second though no04:36official figure exists yet04:38it also means that secret network is04:40relatively less decentralized as a04:42result04:43having a maximum of 50 validator nodes04:46at any given time04:47unlike many other tendermint chains04:49validators on the secret network can04:51have their stakes slashed for downtime04:54and can even be banned if they attempt04:56to manipulate transactions04:58as you may have guessed these secret05:00validators05:01also handle the secret contracts secret05:04contracts on secret network05:05achieve privacy by running inside05:08trusted execution environments or tees05:12tees are used in everything from video05:14games to smartphones05:16they function like a black box wherein05:18computations can be performed on05:20encrypted data05:21the secret tokens used within secret05:23contracts are made using the snip 2005:26standard which is of course05:27analogous to ethereum's erc20 standard05:30to mint secret tokens you deposit05:33regular assets such as the scrt token05:35into a smart contract to mint secret05:38scrt05:39all account balances transactions and05:41transaction amounts are05:42private when using secret tokens and05:45secret scrt05:46is just one of the many secret tokens05:48you can mint as of mid-december 202005:51you can mint over 20 ethereum tokens on05:54secret network as05:55secret tokens using the secret ethereum05:58bridge05:58including eth wi-fi link and usdc06:02the secret ethereum bridge is also06:04bi-directional meaning you can use06:06scrt on ethereum as a wrapped erc2006:09token06:10now this is somewhat funny when you06:12consider the tokenomic history of the06:14coin06:15there was no ico for the scrt coin06:18instead enigma token holders were given06:21the option to burn06:22eng on ethereum to mint an equivalent06:25amount of scrt06:26on the secret network at the time eng06:30was still listed on binance which06:31announced in october that they would be06:33supporting the swap06:34of eng to scrt just short06:37of 115 million eng were burned before06:40the convertibility period concluded06:42on january the 1st this year this06:45process resulted in a remarkably06:47equitable06:48distribution for scrt which is what you06:50want given that the coin is also used to06:52table and vote on proposals06:54to the secret network however06:57in december 2020 secret network updated07:00its tokenomics and07:02revealed that it minted roughly 5007:04million additional coins07:05to fund various initiatives you can see07:08how07:09scrt was allocated in the image here07:12now i will note that these allocations07:14are a bit bizarre given that the secret07:16foundation earns 1507:18of all staking awards as part of a07:20foundation tax07:21that is meant to support the development07:23of the network07:24on the bright side a quick glance at the07:26scrt balances on one of secret network's07:29block explorers07:30reveals its coin distribution is still07:33quite equitable07:34wallets are also conveniently labeled on07:36this block explorer07:38which is admittedly rare for newer07:40cryptocurrencies07:41scrt has a current supply of roughly 17707:45million07:46and currently has an inflation rate of07:481507:49per year this inflation is used to07:51reward validators and delegators to the07:54tune of 2607:55and 28 percent per year respectively07:5844 of the supply is currently being08:01staked and most of this08:02seems to be from the current circulating08:04supply of 70 million08:06now this is significant because any08:08staked scrt08:10has an unlocking period of 21 days08:12meaning it won't be making it onto any08:14exchanges anytime08:15soon if the price starts to moon08:18speaking of price action08:20scrt has pulled a 5x since the start of08:22the year08:23and remains in a visible uptrend given08:26that secret network has a market cap of08:28under 200 million dollars and08:30no previous resistance there is still08:32lots of room to grow08:35unfortunately it does not have much08:37trading volume and the only08:38reputable exchange which supports it is08:41binance08:42this is not all that surprising when you08:44consider the large amount of scrt08:46currently being staked08:48if you're interested in staking or08:50earning liquidity mining rewards for the08:52secret ethereum bridge you can easily do08:54so08:55using the kepler wallet browser08:57extension you'll also need the kepler08:59wallet to interact09:00with secret network's upcoming dapps09:04besides the secret ethereum bridge09:06secret network09:07just launched the first ever privacy09:09preserving dex09:11secret swap is modeled after amms like09:14uni swap and sushi swap and09:15like these too secret swap will also09:18feature its own09:19governance token at the time of this09:22video they have only referred to it as09:24gov tokens but we should have more09:26information on it in the coming weeks09:29whereas scrt is used to vote for changes09:31to the secret network itself09:33this defy gov token will give holders09:35the ability to not just change09:37secret swaps parameters but actually09:39decide the direction of secret network's09:42entire d5 ecosystem while secret swap09:46and the secret ethereum bridge are09:47currently the only d5 protocols on09:49secret network09:50defy ecosystem grants were introduced by09:53secret network just a couple of weeks09:55ago09:56secret network already has a long09:58laundry list of desired d5 protocols10:01including synthetic assets lending10:04borrowing and10:05automated yield protocols like yearn10:07finance10:08if binance's funding of its own d510:10protocols is anything to go by10:12secret network might be on track to see10:14some impressive tvl figures10:17the secret ethereum bridge already has10:19over 50 million dollars of ethereum10:21assets locked which is more than a10:22fourth of the market cap of the scrt10:25coin secret network also has one10:28important edge over10:29other aspiring d5 ecosystems and that's10:32the fact that it has gamified the growth10:34of its network through the use of10:35secret network committees now these10:38secret network committees consist of10:41quote secret agents that collectively10:43earn10:44two percent of all staking rewards as10:46compensation10:47for improving and expanding the reach of10:49secret network10:51this is similar to kusama's kappa sigma10:54mu society albeit with more10:56tangible and meaningful goals you can10:59learn more about kappa sigma mu by11:00watching my last11:02double crypto video which featured11:04kusama that's11:05in the top right despite the somewhat11:09questionable tokenomics related to11:11allocation secret network11:12seems to be poised for some serious11:15growth in 202111:16and tornado cache has the same forecast11:20tornado cache was founded by quantum11:22statistician11:23roman semionov and software seventh11:26roman11:26storm in august 2019 a suitable name to11:30say the least11:31anyways the two romans have been active11:34in the cryptocurrency space for years11:36specializing in layer 2 scaling11:37solutions for ethereum11:39and privacy technologies like zk snarks11:42they are regular attendees at11:44cryptocurrency hackathons and11:46roman semionov stated in an interview11:48that they try to attend as many11:50as humanly possible in 2018 they founded11:54pepesec a software company that develops11:56dapps and provides smart auditing11:58services11:59i'll just quickly point out the12:00pebbersec homepage features two roman12:03soldiers which is12:04a nice touch anyways tornado cache is a12:07protocol that makes it possible to send12:09private transactions on ethereum12:12as many of you will know ethereum is a12:14public blockchain12:15this means that you can see every12:17ethereum transaction taking place12:20you can see what the asset is who is12:22sending it who is receiving12:24it how much they paid for gas etc12:27while many privacy preserving protocols12:29existed for ethereum prior to tornado12:31cache12:32none had managed to break the connection12:33between the sender and the recipient in12:35an ethereum transaction can you guess12:38which protocol managed to do that12:41now best of all tornado cache has no vc12:44funding and only received a few small12:47community donations12:48via molok dao and other similar crypto12:50crowdfunding platforms12:53with tornado cache you can privately12:55send eth die12:56usdc and usdt to any ethereum address13:00you can even send these assets to a13:02brand new ethereum address13:03with a zero balance this is significant13:06because to claim assets from a protocol13:08on ethereum13:09you usually need to pay gas fees beneath13:12tornado cache works around that13:14requirement and here's how13:17tornado cache takes cryptocurrency13:20mixing to the next level13:22now if you don't know how cryptocurrency13:24mixing works then picture this13:26imagine there's a bag of coins anyone13:29can come by and drop their coins13:31into the bag let's say you drop five13:34coins into the bag13:35when you do that you're given a note13:37that says you can claim13:39five coins whenever you like now13:41assuming enough people13:43have tossed their coins into the bag the13:45five coins you pull out when you use13:47that receipt13:48aren't going to be the original coins13:49you tossed in13:51this breaks the connection between the13:52coins you deposited13:54and the coins you withdraw this is13:57basically13:57how tornado cash works except everything14:00takes place14:01on ethereum instead of depositing coins14:04into a bag14:04they're deposited into a smart contract14:06and instead of getting a receipt14:08you're given a cryptographic proof a14:10privacy technology14:12used in zcash called zk snarks makes it14:15possible to claim14:16your coins using the proof without14:17revealing which coins you initially14:19deposited14:20to get that proof thus breaking the14:23connection between14:24sender and recipient to send ethereum14:27assets to a brand new address with no14:29eth to cover withdrawal fees14:31you can use one of the dozen or so14:33relayers on tornado cache14:35these relayers essentially submit the14:37cryptographic proof on your behalf14:40all you have to do is provide it to them14:42along with the new ethereum14:44address some extra eth for the14:45withdrawal plus a small fee for their14:48service and14:49bang you have an ethereum wallet with14:52untraceable funds14:54what's more is that the relays never14:56actually take control14:57of your funds they are only able to send14:59those funds from the smart contract15:01to the ethereum address you specified15:04this15:04is guaranteed by the code of the15:07protocol15:08while this technology is powerful it15:10does have some limitations15:12since there needs to be a smart contract15:14for each asset and each denomination15:16the size and privacy of each transaction15:18is limited15:19by how many people are depositing into15:21that specific smart contract15:23for example here you can see that 10 00015:26people have deposited into the smart15:28contract15:28for 10 eth however there are less than15:31200 people who have deposited into the15:33smart contract15:34for 1 000 die and apparently no or not15:37enough participants15:38to run the 10k and 100k die smart15:41contracts15:42also there are some additional privacy15:44procedures15:45you should take to make sure you aren't15:47tracked in other ways when moving funds15:49around15:50these are conveniently noted in a medium15:52post from january of last year which15:54i'll leave in the description15:57before you call the fbi you should know15:59that tornado cash is fully compliant16:01with regulations16:02anyone can use their cryptographic proof16:05to show the connection between the funds16:07they deposited16:08and the funds they withdrew if needs be16:10this is important16:12because some exchanges will refuse to16:14deposit funds16:15that have been used in cryptocurrency16:17mixes such as16:18tornado cash although this compliance16:21tool makes it possible to deposit those16:23mixed funds onto an exchange16:25i don't imagine it will be a walk in the16:27park when it comes to explaining what's16:28going on16:29to an exchange's customer service rep i16:32also don't think tornado cash's torn16:34token16:34is going to be listing on any regulated16:36exchanges anytime16:38soon either torn is an erc20 token16:41that's used to govern the tornado cache16:44protocol16:45there was no ico for the token instead16:48vouchers to claim the tokens16:49were airdropped to all ethereum wallet16:51addresses that deposited assets into the16:54protocol16:54prior to december 6 2020. this was16:58actually one of the most lucrative17:00cryptocurrency airdrops of all time with17:02the average user17:03receiving 66 torn worth over twenty17:06three thousand dollars17:07in contrast to other airdrops how much17:10torn a wallet received was less17:11dependent on how much each the wallet17:13had actually deposited17:15this resulted in a very equitable17:17distribution of torn which is again17:19exactly what you want for a governance17:21token17:23torn has a maximum supply of 10 million17:25and about 500 00017:27torn were airdropped to users another 117:30million were allocated17:31to anonymity mining which rewards users17:33in torn for depositing assets into the17:35various smart contracts i mentioned17:37earlier17:385.5 million torn have been stored in the17:41dow treasury and the remaining 3 million17:43have been reserved for the founders and17:46early supporters17:47all of these tokens are subject to17:49various vesting schedules17:51which you can see here if you're17:53wondering why the price history of torn17:55begins at the start of february that's17:56because token transfers were locked17:58until that time and were only unlocked18:00via community vote18:02now this conveniently allowed the18:04founders to sidestep any regulatory18:06scrutiny that could have come from being18:08in control of the unlock18:10it also allowed them to make a pretty18:12penny a well-deserved pretty penny18:14i might add now when it comes to the18:16price potential of torn18:18it's hard to say normally you can18:20measure whether an ethereum protocol is18:22over or undervalued18:24based on the dollar value of assets18:26locked given that torn has a market cap18:29of around 100 million dollars the fact18:31that there is 300 million dollars worth18:33of assets on the protocol18:34means torn could see at least a 3x move18:38from its current price18:39the problem is that there's no way of18:41knowing whether this tvl18:42is organic or just yield farmers trying18:45to earn some of those anonymity mining18:47rewards18:48from a supply demand perspective there18:50is a lot more supply of torn that has18:52yet to come on the market18:53and i'm not so sure if there is enough18:55demand there to meet it18:57then again this sort of objective18:59thinking is null and void19:01during a bull run i imagine there would19:03be more than one person investing in19:05torn19:06just because of the cool name the19:08question is whether they'll be willing19:09to pay the ethereum gas fees to buy it19:12on uniswap19:12given that there are no other viable19:14alternatives at the moment19:16this fundamentally depends on what19:18tornado cash has in store19:20as far as development goes but that too19:23seems quite uncertain even though19:25tornado cash seems to have a lot of19:27engagement when it comes to governance19:29it's not entirely clear how much its19:31community can change19:32at the protocol level this is because19:35the romans destroyed their admin keys in19:37may of 202019:38making it impossible to change the19:40protocol some19:42criticize this action as reckless since19:44the romans won't be able to save the day19:46as they had done once before others19:49praised the move as being true to the19:51cryptocurrency ethos of19:52code is law after all tornado cash's19:56code has been audited19:57multiple times and the guys who built it19:59do smart contract audits for a living20:02from what i could tell when listening to20:03interviews around that time the reason20:05why they nuked their admin keys20:07was because of regulatory pressure the20:10romans are20:10most likely on the radar of more than20:13one three-letter agency20:15now that's a problem because they are20:17some of the only people who are capable20:19of building these elaborate privacy20:21protocols20:22i would be more concerned if they hadn't20:24destroyed those admin keys20:26they did a damn good job and even20:28managed to catch the attention of20:29vitalik buterin who has been an20:31outspoken fan of the project i suppose20:34all the hype in the world can't undo all20:36the headlines about how tornado cash was20:39used to launder stolen cryptocurrency20:42these aren't the best optics to have20:44especially when you're running a company20:46that specializes in smart contract20:48security20:49still tornado cash is a breakthrough for20:52the cryptocurrency space and it has once20:54again20:54raised the bar for both developers and20:57regulators20:58and to think it was just one of many21:00side projects21:01for these two romans well that just21:04about concludes my expose21:06on these two secret cryptocurrency21:08projects if you're a fan of privacy21:10be sure to smash that like button if you21:12enjoyed this video21:13i hope it's enough to warrant21:15subscribing to the channel and pinging21:16that notification bell21:18now i want to pick your brains which two21:22similar cryptocurrency projects do you21:24want to hear about21:25next i'm on the hunt for cryptogems so21:28drop a comment to let me know21:29where i need to go spelunking if you21:32want to get more from the coin bureau21:33then join the coin bureau insider21:36telegram channel21:37and follow me on instagram and twitter21:40it's the perfect blend of market updates21:42memes and behind the scenes if you want21:45the full enchilada21:46subscribe to my weekly newsletter to get21:48my in-depth analysis of the most21:50significant cryptocurrency news and21:52market moves21:54you can also support the channel with21:56some retail therapy on the coin bureau21:58merch store this is just one of 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