Crypto Analysis Firm Launches Platform for Scrutinizing Bitcoin Transactions
Longhash, a platform for accelerating the development and understanding of blockchain technology, has recently announced the launch of its own Bitcoin tracker. In an effort to “offer more peace of mind to investors, regulators and the general public,” users can basically find the origin of BTC transactions to where they terminate.
Longhash, a crypto, blockchain media and analysis firm said: “compared to the traditional financial system, cryptocurrencies can seem murky. Bitcoin transactions are pseudonymous, which makes them attractive to criminals.”
While such statements coming from an expert on the industry can certainly be a source of outrage for very many Bitcoin fans, the site believes mainstreaming crypto adoption should come with the necessary transparency tools.
Philosophically, it’s also an interesting juxtaposition on where many in the ecosystem seem to be. Privacy-based coins, disregarding their actual efficacy, are all the rage as developers look to thwart minders, official and otherwise, to bring about a more cash-like experience.
As for Longhash, attracting institutional money seems to outweigh such a trend. The site asked “When you send money to a bitcoin address, who exactly are you dealing with?” With that in mind, they’ve created a BTC address search on their homepage.
“To be clear,” Longhash notes that “we are not revealing the identities of Bitcoin holders. We just hope to offer more peace of mind to investors, regulators and the general public. The mainstream perception that cryptocurrency is associated with crime is not good for the industry as a whole.”
For a sneak preview of the sites efforts to make Bitcoin transactions transparent, users on the Longhash website can search for addresses using either “Fuzzy” or “Precise” depending on the address being sought.
The fuzzy search on the Longhash page only requests for a “few characters of an address.” Users can examine “10,000 richest bitcoin addresses” from richest first on down using the “Fuzzy” option. As for the “Precise” searches, users can enter BTC addresses to see real balances linked to those addresses as well as their general transaction history.
In a statement, the firm said: “We rate addresses by analyzing their transactions as well as the addresses that it sends money to and receives money from. If we find, for example that an address is transacting with another address that is affiliated with crime, the first address will get a lower rating. The higher an address’s rating, the more trustworthy the address.”
