Deepika- Void cash is the decentralized payment protocol.
- Will Void Cash take the place of Tornado Cash?
In August 2022, the famous decentralized crypto mixer Tornado Cash took some heat from the US Treasury. In the end, Tornado Cash was punished and blacklisted. This left the market wide open for a reputable mixer that could ensure the privacy of user transactions.
In the same month, a group of developers started working on a Tornado Cash clone – Void Cash. Let’s dive into this privacy-focused crypto mixer and decide if it’s a good investment in 2023 and beyond.
What Does Void Cash Mean?
Void Cash is a decentralized payment protocol that removes the connection between the payee and the destination address. Such logs are also called mixers or drums. To learn more about mixers, read our article on what crypto mixers are.
The Working of Void Cash
Most mixers have a time limit on how long the cryptocurrency must remain in the system before it can be withdrawn. With VoidCash, it’s almost instant, and there are no additional gas fees.
Void Cash uses a computer program that accepts deposits that can be withdrawn to another specified address. This way, users remain anonymous. There are no scheduled withdrawals, and the user can make them whenever they are ready. Void Cash launched stealthily in August and has quietly continued to build.
The contribution made to the smart contract is automatically added to the contribution list and remains there until the user is ready to withdraw. After depositing, the user receives a secret seal, which he uses during the withdrawal to prove that he is the original depositor.
If the user chooses to cancel, he sends a secret hash (proof), and the smart contract verifies the proof. After the proof is extracted, the smart contract transfers the deposited money to the address provided by the user for withdrawal.
Staking Of Void Cash
The Void Cash Pallet Program allows owners to stake their VCASH tokens and earn some VRT tokens for driving. Contributors receive 0.4% out of 0.6% of the amount collected from Void Cash dApp deposits (since withdrawals are not charged).
As a donor, you will receive rewards proportional to the amount of your donation. The reward is VRT, another token redeemable for Ethereum. This is because there are no VCASH tokens set aside to pay contributors. Therefore, for this purpose, the team had to create a separate token.
Rewards will be given directly to contributors’ wallet addresses when the dApp receives payments (in ETH form) at the start of each week.
Concerning the Void Cash Team
The team chose to remain anonymous, which is now standard after the Tornado Cash sanctions. OFAC accused Tornado Cash of allowing billions of dollars to be laundered in cryptocurrencies on its platform, which was clearly not their primary business plan. The team has decided to remain anonymous for security reasons. Maybe when the laws loosen up a bit in the future, they’ll fix themselves, but that’s how it is for now.
Conclusion
In retrospect, it’s obvious that Tornado Cash reached a level of diversification that made OFAC uncomfortable because, in the current financial system, if your financial transactions aren’t bankable, you have to do something shady. Void Cash seeks to fill the void (pun intended) left by its predecessor. It will be thrilling to see how this young titan grows.
