Bitfury Group, one of the largest industrial miners, recently developed the Crystal service, which can help to calculate the criminal activity in the Bitcoin network. It was difficult to understand from the press release that this service represents itself, so the Forklog website contacted the creators of the service for detailed explanations of the principles of its operation.
The service was developed in order to increase the trust of state bodies, financial structures and business to block. The essence of Crystal is that with its help you can clearly see what is happening in the chain and trace some regularities.
Data of all transactions in the block system is available to all network members, but the service constantly analyzes them, downloads and updates data, open source information about the owners of bitcoin-purses. Algorithms used by the service allow you to effectively analyze the information, clearly demonstrating it to the user. The service does not collect any personal data, but retains the results of its work in its own database.
Investigating data about all transactions, the service takes into account confirmed information about illegal transactions, simultaneously scanning transactions of other recipients and senders. If participant A has dealt with participant B, to whom the service has assigned the status of “risky”, having caught him in questionable activity, then participant A of Crystal will be marked as “caught under suspicion”, giving him a status with an increased level of risk.
Suspicious users service “Branding” with the help of red marks, and “clean” marks with green marks, clearly demonstrating the presence or absence of risk in the application interface. In this case, the service does not note the transaction in this way, because determining their validity is not at all its task, because Crystal is primarily an analytical tool, warning the user about possible problems or their absence.
Heuristic algorithms used by the service do not give a 100% result , so only the user in the final analysis can decide if it is worth it to deal with this or that person.
The developers noted that they probably will not completely destroy crime in the crypto-currency world, but in one they are certain: Crystal will certainly complicate the lives of dishonest users involved in “dark” deeds.
“We see an increased interest in our instrument from the financial sector. Crystal will be useful to banks, consulting companies, financial regulators, as well as cyber-units of power structures. Crystal can be useful to those who conduct their business using crypto currency. In addition, with its help, it is possible to organize a visual demonstration to state regulators, pointing to the sources of origin and the purpose of using crypto currency in their operational or investment activities, “Forklog quotes the creators of the service.
The creators of Crystal reported that it is possible to integrate their services with other analytical products, which in the future should give an even more noticeable result in the fight against unscrupulous members of the Bitcoin network.
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