Introducing Private Transactions On Binance Smart Chain
By default, your entire Binance Smart Chain transaction history and wallet balance is public. Anybody who knows your address can easily view your address on block explorers like BscScan and analyze your transaction history and holdings.
Many individuals would prefer this not to be the case. Privacy and anonymity should be a choice that each user makes for themselves, but previously there was no ability to do so on Binance Smart Chain. As of Friday, March 5, this is no longer the case. Binance Cash, a fork of Tornado Cash, has launched on Binance Smart Chain and is open to deposits and withdrawals in increments of 0.1 BNB, 1 BNB, 10 BNB, 100 BNB, and 1000 BNB.
Tornado Cash (tornado.cash) is a decentralized coin mixing service for Ethereum that uses zk-SNARKs to break the link between deposits and withdrawals. Binance Cash is a fork of Tornado Cash for Binance Smart Chain. Like Tornado Cash, Binance Cash is a set of smart contracts on BSC that use zk-SNARKs to break the link between deposits and withdrawals.
Fees
The only difference between Tornado Cash and Binance Cash on the smart contract level is the addition of a 1% fee on withdrawals. Every withdrawal pays a 1% fee to fund protocol development and maintenance. This fee can be increased up to a maximum of 5% (smart contract-enforced). In addition, there is a 0.05% relayer fee, but anybody is free to run a relayer that is cheaper. Luckily, gas costs on Binance Smart Chain are incredibly cheap — each Binance Cash deposit costs only $2-$3 and each withdrawal costs only $1. Compare that to Tornado Cash on Ethereum, where deposits and withdrawals cost $100-$200 each!
Token
There is currently no Binance Cash token. Don’t fall for scams! There has been no presale yet and we do not currently have a date set. If you are interested, please join our telegram group: https://t.me/binancecashofficial
In the future, if we decide to launch a token, we may opt to use the 1% protocol fee to buy and burn tokens from a DEX like Pancakeswap. There is functionality built-in to our smart contracts to do this automatically, but it is currently disabled. We may additionally decide to disburse fee revenue to token stakers instead of a buy and burn model — this is to be decided. In either scenario, we will always reserve the right to take a portion of fees for protocol development and maintenance, if needed.
Future Work
Our smart contracts and frontend are live on Binance Smart Chain mainnet and function well, but the work is not completed. We would like to finish anonymity farming and liquidity farming programs before launching a token, and we’d also like to have BUSD mixer contracts up and running as well (BNB is great, but many people use BUSD as well). In addition, there are still some bugs on the website that pop up from time to time, and we will have them fixed in the short term. In the future, we intend to deploy Binance Cash on multiple other chains and build the cryptocurrency infrastructure necessary to scale Binance Cash to millions of users.
Connect with Binance Cash
Website: https://binancecash.io
Telegram: https://t.me/binancecashofficial
Twitter: https://twitter.com/binancecashio
Github: https://github.com/BinanceCash
