Chainalysis Reveals Huge Growth In Government Bitcoin, Crypto And Blockchain Interest—Makes Dire Monero Warning
Chainalysis reveals huge growth in government, private sector and corporate Bitcoin, Crypto and Blockchai wallets. Chainalysis is a company that provides a service to help identify the different entities that are holding, managing and using any given private key on any particular wallet. They also provide a way of identifying if the same keys are being used by a single entity or by a network of entities.
This is possible due to the way the Chainalysis database records transactions. Every transaction made by a user on any private key is recorded in a unique way. By cross referencing this record with the public keys on the Chainalysis database, they can accurately ascertain the identity of an entity. They can also tell if a private key is being used by a single entity or by a network of entities.
They are able to do this because of the way each transaction is recorded in their database. Instead of a transaction just being recorded once it is recorded twice for two different transactions, or even more. These two times of recording are recorded to their database by a process known as time-stamping.
What this means is, when a user types in a private key into a software program they can instantly know if it is being used by a single entity or by a network of entities. The software is then programmed to cross reference these times of recording with all the other times it records in its database. It will then be able to identify whether a certain entity is using this private key or not. Once this is done they will be able to confirm or deny that the private key in question is in fact being used by a single entity or a network of entities.
The way they use time-stamping and cross referencing is very useful because it allows them to be more accurate in their identification. If a software program is programmed incorrectly it will make a lot of errors. Because of the fact that they can quickly see which entities have been using the private key at any given time, they can be more likely to correct errors in their database and provide the most accurate identification possible.
Also, by cross referencing against the Chainalysis database with the public keys in their database, it becomes easier to see if a single entity is using multiple private keys. This is due to the way public key databases are linked to other public key databases and vice versa. By being able to verify if a certain entity has multiple private keys and linking this to the public keys in its database, it makes it a lot more difficult for the software to be programmed to incorrectly link. to incorrect public keys.