Recently, the company Bitfury Group, one of the largest industrial miners, has developed a service Crystal that can help to calculate criminal activity in the Bitcoin network. From the press release was pretty difficult to understand what this service is, therefore, the website Forklog addressed for explanations to the creators of the service, which in detail told about how it works.
The service was developed to increase the confidence of public authorities, financial institutions and business to the blockchain. The essence of Crystal is that it can help you visually see what is happening in the circuit and trace some patterns.
The data of all transactions in the blockchain is available to all members of the network, but the service is constantly analyzes downloads and updates the data collecting from open sources information about the owners of bitcoin wallets. The algorithms used by the service, allow to effectively analyze the information, showing it to the user. Personal data the service collects, but keeps the results of its work in its own base.
Investigating the data of all transactions, the service will consider the information submitted about the illegal operations, simultaneously scanning the transaction of other recipients and senders. If the participant And dealt with party B, which the service has assigned the status of “risky”, catch him in questionable activities, and participant And Crystal will mark as “under suspicion”, giving it the status of a higher-risk.
Suspicious users of the service “brand” with the red labels and “clean” labels with green lettering, clearly demonstrating the presence or absence of risk in the application interface. In this transaction the service in this way is not noted, because determining their legitimacy — not his problem, because Crystal is primarily an analytical tool, warning the user about possible problems or their absence.
Heuristic algorithms used by the service does not give a perfect result, so that only the user may ultimately decide it is worth it to deal with a particular person.
The developers noted that to completely destroy the crime in the cryptocurrency world, they, most likely, will not work, but one thing they sure exactly: Crystal certainly making life more difficult for dishonest users who are involved in “dark” deeds.
“We see increased interest in our tool from the financial sector. Crystal will be useful for banks, consulting companies, financial regulators and cyberpowersystem power structures. Crystal will be useful to those who conducts its business using cryptocurrency. In addition, it is possible to organize a demonstration for state regulators, pointing to the sources of origin and the purpose of using the cryptocurrency to their operating or investment activity”, — quotes Forklog the creators of the service.
The creators of Crystal reported that it is possible to integrate their service with other analytical products, which in the future should give more noticeable results in the fight against unfair participants of the Bitcoin network.
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Service Crystal will complicate the life of bitcoin criminals
Vyacheslav Larionov