(Disclaimer: we are working on the assumption that Chainalysis shares information on what coins it can track.) Since Monero’s release back in 2014, privacy coins have exploded in number, with well over 60 different projects each implementing their own methods to protect users’ identities.Īt present, companies such as Chainalysis are stumped as to how they can implement monitoring tools into these blockchains. These ‘privacy coins’, including cryptos such as Monero, Zcash and Dash, use features like ring signatures and stealth wallet addresses that makes it very difficult for third parties to trace activity and transactions across the blockchain.
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In early April, the company, which had previously only monitored Bitcoin, announced that it was expanding its services to include other cryptocurrencies such as Ethereum, Bitcoin Cash and Litecoin, something Crypto Briefing reported on at the time.Īlthough ever-more sophisticated tools have managed to crack the anonymity surrounding conventional cryptocurrencies, a whole new breed of coins has been developed, the central appeal of which is to make it impossible for third parties to track activity and determine identity across the blockchain.
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The New York-based company has developed software tools that enable it to collect blockchain data and statistics ,which it can then analyse and use to draw inferences as to the goods or services being bought, volumes and evidence of trading networks as well as identities of those involved. Like Napster, the 1968 Paris Riots, and Arrested Development, all good things must come to an end: companies quickly developed solutions that would make cryptocurrency, like fiat money, traceable and accountable to users.Ĭhief among them is Chainalysis, which works with law enforcement agencies to track transactions and activity across the blockchain. In the early days, this made it very easy for users (not exclusively criminals) to use cryptocurrencies, such as Bitcoin, without having to divulge any private information, either to other parties involved in the transaction or third parties. Although transactions between two wallet addresses are recorded on a blockchain and publically accessible, no identifying information – such as a name, address or date of birth – is linked to the public key. Privacy coins are an important part of the cryptocurrency world.
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