welcome back everybody to altcoin daily attention bitcoin ethereum or any cryptocurrency holders you
need to understand what i'm about to break down for you in this video there are sanctions that are
being imposed on americans that infringe on our free speech and privacy rights we've been covering
this on our channel this is why you subscribe and in this video i'm going to break it down and talk
about this so you fully understand what's going on if you appreciate that smash the like button
and let's really dive in i'm curious if you agree with me on this and and what you think
about this in general as many of you are aware the recent tornado cash sanctions pose an existential
threat not just to defy but to free speech and privacy rights so tornado cash is a privacy tool
for ethereum users so everybody doesn't know where you send your money on the blockchain tornado
cache was an open source privacy tool it was just code that helped americans and people in general
keep their privacy the sanctions have sparked an intense debate and had an immediate ripple
effect across crypto and d5 popular blue chip open source protocols like ave uniswap balancer have
actually started blocking wallets that have ever interacted with tornado smart contract
this opens up a whole new can of worms because malicious actors can now weaponize tornado
cache to get users or project wallets blocked from dapps blanket blocking wallets by uniswap
ave etc can lead to dangerous situations for legit crypto and nft projects because there's
no way to deny an incoming tornado cash transaction on effing believable
and we've actually started to see this ave and uniswap are now blocking wallets that receive
0.1 ethereum from unknown tornado cash protesters following the us sanctions so
random people are just sending small amounts of ethereum through tornado cash to public
ethereum addresses whether it's an ens domain or just your public ethereum address they're
sending it through tornado cache to public wallet addresses and these people are now getting blocked
from unit swap or ave the front ends on these projects even though you may have never agreed
to receiving tornado cash funds any interaction with tornado cash may get your wallet blocked
from these and future daps and let's be completely real about this this crackdown on tornado cash
might just be round one since monday's crackdown on tornado cash the d5 sector is faced with a
choice remain proudly non-compliant or bend the knee so that's the question do these projects try
and remain uncompliant do some bend the knee like we're seeing some projects doing bending the knee
do we really understand the nuances of these front ends of say uniswap balancer ave bending the knee
versus the decentralized protocol that they created the front end for let's talk about this we
always try to provide you with the full story here at altcoin daily this is why you subscribe and
i really liked this thread by by eric wall so there's a lot of anger at ave
for censoring their front end since i see people refusing to understand the obvious
here it is let them censor let them be compliant let them continue to operate in the open in a way
that the governments can't say they've done anything wrong it is our job to make sure that
there are alternative backups to access the back end the decentralized protocol that's something
that's easy to do requires little coordination and doesn't need cooperation from ave this way
defy can work unabated dev teams don't need to uproot their entire existence to keep shipping
code and no one is excluded from access complain when the back end is censored not the front end
stop being a dummy leverage this loophole so do you understand that just the front ends of uniswap
of balancer of ave have been censoring and the decentralized protocol in which any developer can
spin up a new front end for the decentralized protocol can still operate fully my point is
understand what to be worried about understand that these back end decentralized protocols
aren't really at fault are at harm it's these people who have spun up the most popular versions
of the front end protocols and overall this is an attack on free speech this is an attack on privacy
rights but you know this is always something that cryptocurrency has been preparing for and there's
dinos decentralized in name only and there's projects that are really gearing themselves
towards more decentralization and a shakeout like this is inevitable now despite there
being a silver lining that does not mean that harm hasn't been done you know governments and people
traditional finance like to talk about how there's so much manipulation in the cryptocurrency market
well the governments themselves manipulated to tornado cash ethereum token torn down 50
after sanctions the coin mixers governance token price has steadily declined since regulators took
action on monday tornado cash dao shuts down as it can't fight the us and keep contributors safe and
remember guys tornado cash is literally just open source code to help people stay more private it's
it's like free speech it's a human right now according to members of the tornado cash team
the dao has been shut down as it quote can't fight or not willing to fight or put themselves at risk
against the u.s and contributors are scared of being prosecuted because we've already been
seeing some arrests of people just writing open source code arrests of the alleged tornado cash
developer a watershed moment let me know what you think about this what's your opinion of all
this in the comments below we're going to keep you updated on this as new information comes
out and as this story develops it's just kind of a messed up situation right that some of these
code developers open source code developers have been arrested and then people like dokuan are
still living free spending the money it makes me mad hey i'm bullish on the future of this industry
still my friends nobody said it was going to be easy and projects continue to integrate
upgrade and i mean all this stuff let's focus on two right now monero privacy focused crypto
protocol just issued an upgrade it's now live the upgrade to monero is a collaborative effort
involving 71 developers and has been successfully implemented so what exactly is new with monero
well these one two three four five different things upgrade number one the number of signers
for a ring signature has been increased from 11 to 16 for every transaction ring signatures are
digital signatures that can be produced by any member in a group it should be computationally
infusible to determine which key from that group of keys was used to create the signature ring
signatures make it impossible to trace the origin of a monero transaction that's an upgrade upgrade
number two the previous bulletproofs algorithm was upgraded to bulletproofs plus bulletproofs are
zero knowledge proofs that enable confidential transactions bulletproofs plus reduces transaction
size and increases transaction speed overall performance is expected to improve by five to
seven percent next view tags are a way to speed up wallet syncing by thirty to forty percent so
wallet syncing has been sped up obviously a good thing fee changes will minimize fee
volatility and improve overall network security and finally multi-signature functionality has
been improved and critical security patches were added so you know what a huge upgrade for monero
it continues to be one of the top dogs in privacy protocols and it seems to me like we need privacy
protocols now more than ever now speaking of zero knowledge speaking of scalability this is actually
what i'm most excited about with ethereum obviously the merge is very exciting but i'm
most excited about what happens after the merge implementing all these layer twos which is going
to make ethereum a lot more usable for uh you know many different reasons the race to scale ethereum
with zk evm rollups starknet zk sync polygon zk evm and scroll are four key zk rolla projects
focused on scaling the ethereum ecosystem this is what you need to know zk sync starknet polygon zk
evm and scroll are some of the top zk roll up projects building with evm ethereum virtual
machine compatibility in mind each project is tackling the questions of throughput cryptographic
proofs and levels of evm compatibility in its own way zk roll ups are expected to become one of
ethereum's most important scaling weapons over the years ahead so understand the merge is coming up
next month and then after that all of these layer twos using zk roll ups which is obviously a very
desirable privacy and scaling solution will be implemented in ethereum so hugely bullish on this
too let me know what you think in the comments below this was our video for today join us for
our video tomorrow the start of the week i'm sure there'll be plenty of news to share with you