Ethereum
$209.44 -1.01%
ETH · 56w

BlockSci Traces Transactions Performed With Dash, ZCash, and Other Currencies

Blockchain analysis has become a booming industry over the past few years. Companies active in this industry scour public blockchains to identify suspicious or illegal transactions. While most of these efforts focus on the Bitcoin blockchain, BlockSci is doing things a bit differently. The company’s whitepaper details how it can thoroughly analyze transactions on other blockchains, including Dash. That is not good news for the privacy-oriented alternate cryptocurrency by any means. Other currencies include ZCash, Litecoin, and a handful of others.

BlockSci Paints a Somewhat Worrisome Future

Many cryptocurrency enthusiasts are not big fans of blockchain analysis firms. This additional scrutiny of cryptocurrency transactions could have major repercussions in the long run. It would not be a bad thing if the illegal activity associated with currencies such as Bitcoin were finally put to an end. Everyone knows Bitcoin provides no privacy or anonymity whatsoever, yet criminals still think they can get away with using this currency.

Blockchain analysis firms can easily track these suspicious transactions in real time. These efforts have been successful in aiding both law enforcement agencies and the IRS detect illicit activity involving Bitcoin. Whether we talk about crime proceeds or tax evasion, Bitcoin is not the tool for those things whatsoever. In fact, it only makes it easier for specialized firms to deanonymize users over time.

Criminals flocking to other cryptocurrencies may want to think twice about those as well. As BlockSci’s whitepaper explains, there are very few cryptocurrencies which have eluded their scrutiny. One of those currencies is Monero, as it provides a degree of anonymity and obfuscation the group has not been able to crack just yet. Monero is officially labeled an “unsupported blockchain due to it not following the one-input one-output paradigm.” That is an interesting point which shows how Mo...

Continue on themerkle.com
Recent news
ETH -1.01% · bitcoinchaser.com · 1h

AI ecosystem based on blockchain

AI Crypto are developing an AI ecosystem based on blockchain with the aim of making AI research easier and cheaper to conduct. Read about AI Crypto ICO, including key information about the initial coi...
ETH -1.01% · consensys.net · 12h

New ConsenSys Website Is Live

ConsenSys is solving real-world problems with Ethereum blockchain solutions for organizations of all sizes, from the local community to the global enterprise. We're building Web 3. Come explore w...
21
ETH -1.01% · trustnodes.com · 15h

Ethereum Testnet Bug Found and Fixed

A bug that chain-split ethereum’s Ropsten testnet has been identified and fixed within hours. As it was guessed, it had something to do with a new Ethereum Improvement Proposal (EIP)...
ETH -1.01% · medium.com · 17h

Post-Bitcoin-Maximalism – Ferdous Bhai

Scams and abuse of power will always be possible and will leave many victims in despair. Despite that, a free-market is the best tool we have for societal progress.
ETH -1.01% · twitter.com · 17h

Lane Rettig on Twitter: Consensus Bug Fixed.

Aaand the consensus bug has been identified and fixed. Kudos to @realLedgerwatch, @mhswende, and @sorpaas for their heroic work over the weekend. With any luck @ParityTech will release a patch first t...
ETH -1.01% · blockgeeks.com · 18h

How To Become A "High Valued" Ethereum Developer

So, you want to become an Ethereum developer? This guide is going to help you come closer to that goal. The idea of this guide is to teach you the basics of Ethereum. In this guide you will learn: Wha...
10