Tornado Cash (TORN) is one of the top gainers of the day. The cryptocurrency has managed to move upwards by more than 25%. TORN token has been on a steady uptrend during the running week. The bullish momentum experienced a brief break but the token resumed its upward trajectory during the current day. At the time of writing, the cryptocurrency stands at a price level of $47.44. The daily trading volume of the token has surged upwards by 100% indicating a growing interest in TORN. The unique value proposition of the token may be responsible for the rising hype around it.
What is Tornado Cash?
Blockchain technology is celebrated because of the transparency it provides. Every transaction on any public chain can be viewed by anyone in the world and with just a wallet address of a user, their whole history can be revealed. Although the technology still provides some safety as personal information of a user is not revealed but in a world that is focusing more on digital privacy, it is not enough.
This is where Tornado Cash steps in. The platform is geared towards the second largest network in the blockchain market, Ethereum, and it acts as a non-custodial and fully decentralized privacy solution. TORN enables transactions in Ethereum-based tokens to be done in a way that is untraceable to the original wallet address. The asset privacy that the network enables makes it a value proposition in the market.
Should you invest in TORN?
Since Tornado Cash is designed for Ethereum, this plays as an advantage to the network because its value is – to a certain extent – linked with the second-largest cryptocurrency. Given the scope of Ethereum, TORN has a large userbase to work with.
The token currently has a governance proposal in the voting stage that will enable higher utility for the TORN token. The relayer registry proposal #10 has not been passed yet but the support of the community indicates successful passage. The proposal has been considered to be one of the reasons behind the current bullish outlook which means its passage can result in furthering of the surge.
Moreover, the future outlook for Tornado Cash is also bullish. According to the estimates of Digital Coin Price, the token is expected to end the year with a price level of $65 and reach $127 in five years’ time.
