With the upgrade to Proof-of-Stake rapidly approaching, the Ethereum community is debating whether the recent sanctions against Tornado Cash may end up endangering the blockchain itself.
Merge Hype Overshadowed by Tornado Cash
The Ethereum community is concerned about censorship.
Only a month remains before Ethereum switches away from its Proof-of-Work consensus mechanism to Proof-of-Stake. The transition, colloquially known in the crypto space as the “Merge,” is expected to reduce the network’s energy consumption by 99% and slash token emission rates by 90%. Delayed multiple times in the past, the highly-anticipated upgrade looks set to take place next month on September 15.
Dampening the community’s excitement, however, came the recent decision from the U.S. Treasury’s Office of Foreign Assets Control (OFAC) to add the popular privacy protocol Tornado Cash to its sanctions list, asserting that the app was primarily a money-laundering vehicle for cyber criminals. The move is...
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