Vtornado plans to launch its Tornado fund in July and may issue scrip

Mobile BlockBeats - On July 2, Tornado announced the launch of Tornado Fund, an Eether privacy trading platform that will help it develop the first fully decentralized Eether privacy protection technology through Tornado Cash. Ethereum co-founder God V has repeatedly expressed his interest in the project. V God tweeted in 2020,Listed inWhat Taofang does not have in 2017 but does have in 2020: Uniswap, Tornado. Cash, Status, MakerDAO, ZK Rollups (e.g. Loopring), throughput over 2000 TPS; PoS test network, etc. & have spent

For years, people have tried to create privacy transactions on Ethereum. For example, users try to protect their financial privacy by blurring the flow of value over a centralized trading platform. Other companies have returned to using hosted hybrid services, raising regulatory concerns and risks. However, due to security concerns, these technologies have never achieved full privacy or revealed personally identifiable information in the case of centralized trading platforms.

Tornado Cash has begun to tackle these problems. Tornado Cash is a privacy protection technology that USES zero-knowledge proof to completely disconnect sender and receiver. Unlike other privacy technologies, Tornado Cash places user money in a smart contract, in a black box environment that is not visible on the chain. In addition, Tornado Cash is a decentralized service - run through smart contracts, in which no centralized third party holds or controls the money. In addition, Tornado Cash implements compliance tools that enable Tornado Cash users to demonstrate the source of their funds, if required. This means that individuals can prove they are legally using Tornado Cash if required by regulators.

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Foundation introduction

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While many protocols have been successfully decentralized (including the user experience), privacy technologies still have a lot of work to do. To advance this vision, the Tornado Cash team is working with OpenLaw(the project behind the Lao project) to create the Tornado Fund, which will be launched in mid-July.

The Tornado Fund is only the first phase of Tornado Cash's development towards a fully decentralized protocol. Tornado Funds will be dedicated to funding software developers behind PepperSec, Inc., to develop a third version of the Tornado Cash protocol. The money will be used to pay for software development and other operating costs. Tornado Cash does not currently launch tokens at Tornado CashThe third version of the protocol may introduce (not yet finalized) protocol-level tokens to manage various aspects of Tornado Cash network.

If a token mechanism is included in the Tornado Cash Third edition agreement then a community-owned and operated Tornado odao will be created then for Tornado Cash to be dealt with. In this case, Tornado Fund (a prototype DAO) will evolve into a fully decentralized DAO.

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The Tornado Fund will be organized as a Delaware Limited liability entity (Tornado DAO, LLC) using the Moloch V2 Smart contract to manage the Tornado Cash team's centralized and deployed investment mechanisms. All relevant legal documents from the entity incorporation document to the Subscription Agreement of the Member will be generated automatically at the time of contribution. To comply with U.S. law, Tornado's membership benefits will be limited and available only to those parties that meet the qFII definition. OpenLaw will act as a service provider for THE DAO, performing authentication reviews, legal documents, service DApp, and so on.

Associate members can participate in the purchase of Tornado shares (1% interest), 30 ETH shares. The Tornado Foundation will have up to 100 members, so it will be able to raise 3000 ETH (about $700,000). All proceeds proposed by the Tornado Fund will be used to fund the team and investments will be exchanged for Cash. If members of the Tornado Cash Team determine that these tokens are not securities, they will be entitled to receive a proportional amount of any tokens retained by the Tornado Cash Team.

How to become a Member

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If you are interested in becoming a member of the Tornado Foundation, please do so herepre-registration.

(注:OpenLaw 在龙卷风基金的创建和维护中扮演的角色是管理人。OpenLaw 将不行使对Tornado基金  的控制权，除非受到成员的指示。对于这些服务，OpenLaw 将根据其创建和维护必要软件的角色收取费用。这笔费用将用于支付正在进行的软件开发以及建立和维护 OpenLaw 协议所需的其他费用。 Tornado 基金不会有普通合伙人。)

The original address: https://medium.com/@Tornado_Fund/decentralizing-tornadocash-the-launch-of-tornado-fund-and-the-path-towards-tornadodao-a6d4ffc6c800

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