Developers of the Ethereum-based transaction-mixing service Tornado Cash have unveiled a proposal aimed at handing governance over to the community. It envisions an airdrop of TORN tokens to early supporters of the project.
— 🌪️ Tornado.cash 🌪️ (@TornadoCash) December 18, 2020
Tornado.Cash is fully autonomous and decentralised, but static—there is no way for it to evolve, according to project representatives. The proposal is meant to change that.
“If it is approved, governance of Tornado.Cash will be entrusted to the users. In this way, Ethereum users will control their own privacy protocol,” — the project representatives explained.
To transfer governance to the users, developers proposed issuing a TORN token. Its holders will be able to submit proposals and vote on changes to the protocol.
“TORN will be distributed via an airdrop to addresses that funded the Ethereum pools of Tornado.Cash before block 11400000. The coins will be distributed in the form of non-transferable TORN vouchers (vTORN). They can be redeemed with TORN at a 1:1 ratio within one year,” the project site states.
Users who sent large deposits will receive substantially larger rewards. For example, those who deposited 100 ETH or more will receive twice as much TORN as those who deposited 1–10 ETH.
Multiplier in the distribution of TORN. Data: Tornado Cash blog.
If the Tornado Cash community backs the proposal, a total of 10 million TORN will be distributed.
TORN distribution structure. Data: Tornado Cash blog.
As reported in September, the leading non-custodial exchange Uniswap distributed 113 million UNI tokens. The recipients were 184,000 users of the DEX, including liquidity providers and SOCKS token holders.
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