Russian tool will make your transactions transparent

[witcher_sense]

According to Cointelegraph developers from Lebedev Physical Institute have successfully developed a prototype of new crypto analytics system called "Transparent Blockchain".

They claim this system effectively uses artificial intelligence to reduce anonymity of transactions in blockchains like Bitcoin, Ether, Omni, Dash and Monero.

In essense, the system enables blockchain analysts "to track the movement of digital financial assets and identify crypto service providers to fight illicit activity related to digital assets".

What do you think? Should we be worried?

[pakhitheboss]

According to Cointelegraph developers from Lebedev Physical Institute have successfully developed a prototype of new crypto analytics system called "Transparent Blockchain".

They claim this system effectively uses artificial intelligence to reduce anonymity of transactions in blockchains like Bitcoin, Ether, Omni, Dash and Monero.

In essense, the system enables blockchain analysts "to track the movement of digital financial assets and identify crypto service providers to fight illicit activity related to digital assets".

What do you think? Should we be worried?

In a way it will help stop scams but it will also to a certain extent compromise the privacy of individuals using these coins. Privacy based coins will become redundant if this system works.

I do not think we need to be worried of it yet.

[joniboini]

There's no explanation on how things work and no actual evidence it is effective either. Not to mention marketing seems to be always exagerated. Even if this are true, as long as you don't connect any transactions to KYC platform then you should be okay. It's not like they're gonna know who you are after looking at the hash of your recent transactions.

[davis196]

According to Cointelegraph developers from Lebedev Physical Institute have successfully developed a prototype of new crypto analytics system called "Transparent Blockchain".

They claim this system effectively uses artificial intelligence to reduce anonymity of transactions in blockchains like Bitcoin, Ether, Omni, Dash and Monero.

In essense, the system enables blockchain analysts "to track the movement of digital financial assets and identify crypto service providers to fight illicit activity related to digital assets".

What do you think? Should we be worried?

Should we be worried about what?Do you have something to hide?
All my crypto transactions are legal,so I don't have to worry about anything.If you don't pay taxes over your crypto income,sooner or later the tax clerks will knock on your door.This is inevitable.
I would be amazed,if they successfully manage to reduce the anonymity of transactions in the Monero blockchain.Monero might be doomed.

[pooya87]

just another low quality article from cointelegraph that is actually advertising yet another blockchain analysis service trying to gain some popularity and make some money from that. which is also why they are using buzzwords such as artificial intelligence and have claims without proof about anon coins like Monero.

[erikoy]

We are heading towards centralization in this matter. Anonymity will be gone as this is one of the purpose why cryptocurrency was created. However, if it will do good as it will be realized then I guess in my opinion that it is alright to make some modifications in the part of cryptocurrency. We will going to see it on what will happen to cryptocurrency if there will be changed will going to make. I know that this could happen because of the scam activities that are rampant with anonymity.

[witcher_sense]

Do you have something to hide?

Everyone has something to hide, and if you say otherwise, you are likely being hiding the fact that you are hiding something.

All my crypto transactions are legal,so I don't have to worry about anything.If you don't pay taxes over your crypto income,sooner or later the tax clerks will knock on your door.This is inevitable.

That doesn't work that way if you are living under authoritarian regimes. Of course, we are not talking here how to commit crimes using bitcoin. What is really interesting is how it is affecting common individuals and their privacy. The prospect to be under surveillance from Russian governement is not so bright, anyway.

[Tipstar]

According to Cointelegraph developers from Lebedev Physical Institute have successfully developed a prototype of new crypto analytics system called "Transparent Blockchain".

They claim this system effectively uses artificial intelligence to reduce anonymity of transactions in blockchains like Bitcoin, Ether, Omni, Dash and Monero.

In essense, the system enables blockchain analysts "to track the movement of digital financial assets and identify crypto service providers to fight illicit activity related to digital assets".

What do you think? Should we be worried?

The government around the world are tracking coins one way or other and this was quite predictable as every economically oppressive nation would want to monitor everyone and everything. They previously needed to track every suspicious transaction and involved addresses. Now they have created a large record of every transaction and addresses to track every move of a coin. Though there are unlimited addresses, the coins are limited and the addresses they are mined to are limited.

[avikz]

According to Cointelegraph developers from Lebedev Physical Institute have successfully developed a prototype of new crypto analytics system called "Transparent Blockchain".

They claim this system effectively uses artificial intelligence to reduce anonymity of transactions in blockchains like Bitcoin, Ether, Omni, Dash and Monero.

In essense, the system enables blockchain analysts "to track the movement of digital financial assets and identify crypto service providers to fight illicit activity related to digital assets".

What do you think? Should we be worried?

If you aren't doing anything illegal - I see no reason for worrying!

But if the system designed by Russian company can effectively track the movement of the crypto assets, the hackers should be worried more because they obtain the crypto assets through their wrongdoings. I belive we need more such surveillance tools in crypto market so that the hacking and scamming incidents are reduced. Otherwise we are going to a very wrong direction right at this moment.

[Sanitough]

According to Cointelegraph developers from Lebedev Physical Institute have successfully developed a prototype of new crypto analytics system called "Transparent Blockchain".

They claim this system effectively uses artificial intelligence to reduce anonymity of transactions in blockchains like Bitcoin, Ether, Omni, Dash and Monero.

In essense, the system enables blockchain analysts "to track the movement of digital financial assets and identify crypto service providers to fight illicit activity related to digital assets".

What do you think? Should we be worried?

We shouldn't worry, unless we are doing illegal activities in the blockchain, or we valued anonymity a lot, but for most of us, I think this is fine since we are just ordinary users. At least only the addresses transactions can be track and not our real identity, so nothing to worry about unless exchanges, gambling sites and other sites we are using will sell or leak our information when we sign up for the KYC.   

The positive side is on the government as this tool could be useful for their aim of transparency, with this tool, they might fully regulate crypto as it will make them more effective in doing their job. 

[NeuroticFish]

reduce anonymity of transactions in blockchains like Bitcoin, Ether, Omni, Dash and Monero.

Interesting choice of words. At cointelegraph is even more interesting: "partially reducing anonymity". This may mean a lot or nothing.
I am very curious what they did about Monero and I mean real life cases, not some unique in-lab user cases that can be handled by the "prototype".

[tranthidung]

"Garbage in, garbage out" and illegal inputs cause illegal outputs so that if you don't make your transactions from illegal inputs you won't have to worry about that tool. It has not yet taken into consideration the quality and efficacy of the new tool compare to other tools.

I almost stopped reading articles on cointelegraph.com since later half of 2018 because of their low quality articles that are likely kinda seeding for companies hire them to write/ publish those articles.

Let's take the article as a chance to re-read the excellent thread of @1miau: Why KYC is extremely dangerous – and useless

[Oasisman]

They claim this system effectively uses artificial intelligence to reduce anonymity of transactions in blockchains like Bitcoin, Ether, Omni, Dash and Monero.

What do you think? Should we be worried?

This doesn't reduce the anonymity, instead It's eliminating the anonymity.
This is somehow worrisome for those who seeks privacy in every transactions, but I guess this tool only works when someone is using a centralized exchange that fully complies with KYC.

Dubbed “Transparent Blockchain,” the new system is designed to track the movement of digital financial assets and identify crypto service providers to fight illicit activity related to digital assets

There's no other easy way to track transactions than tracing the crypto service providers data base of their clients using the KYC credentials linked with the address.

Nevertheless, this doesn't really matter and won't eliminate the main purpose of creating the system.

[7788bitcoin]

They claim this system effectively uses artificial intelligence to reduce anonymity of transactions in blockchains like Bitcoin, Ether, Omni, Dash and Monero.

In essense, the system enables blockchain analysts "to track the movement of digital financial assets and identify crypto service providers to fight illicit activity related to digital assets".
What do you think? Should we be worried?

As long as you are not doing anything illegal there is nothing much to worry unless you are under living in a dictatorship regime that banned cryptocurrency as they can target people with these tools. It is obvious that the government want transparency to make it legal and many companies will build these tools to have a foothold in the market to track every transactions and create business.

Even if you're not, there's possibility you earned coins from someone else that linked with criminal activity and exchange might flag your coins as suspicious/dangerous.

It is a possibility but as an end user we will be careful about the funds we are accepting if there is legal ramification.

[The Cryptovator]

I have read the articles, but not getting the points on how they are going to reduce the anonymity of the cryptocurrency transaction. How artificial intelligence will collect data that aren't in the blockchain? Those data available on the blockchain it's already public. And I don't think we should worry about this artificial intelligence. We have some other way to protect our anonymity. It wouldn't be a threat for crypto users IMO.

[Sanugarid]

We are heading towards centralization in this matter. Anonymity will be gone as this is one of the purpose why cryptocurrency was created. However, if it will do good as it will be realized then I guess in my opinion that it is alright to make some modifications in the part of cryptocurrency.

Hmm I guess anonymity will still be there since people would not still know you after sending funds to another. As I understand it, this will only reduce the anonymity from which the service provider will transparent, so every one will know where platform it is coming from or going to, and that will make the job of cyber crime operatives easier to locate some suspicious movements. This is what we need when we want a fully working cryptocurrency in our society, we should have less of crimes like scams and stolen funds so we can live better along with crypto. Unless you're doing some illegal activities.

I know every one of us wants to be anonymous as much as possible, but I think this will help.

We will going to see it on what will happen to cryptocurrency if there will be changed will going to make. I know that this could happen because of the scam activities that are rampant with anonymity.

There is no specifics data given on that article, well some says that is another poor article from cointelegraph where I can agree on, so we'll be in touch with this.

[RokokGudangGaram]

I agree that this will help in such a way where scams can be stopped. However, if they are really after tracing these transactions, it would require hard work on collecting data and could possibly compromise privacy of individuals. I also though of this too, that illegal coins could be sent to someone who is not really involved in any explicit transactions then would there be any sanction? Worrying about it now won't matter as there is no evidence that it is currently happening.

[Ucy]

We are heading towards centralization in this matter. Anonymity will be gone as this is one of the purpose why cryptocurrency was created. However, if it will do good as it will be realized then I guess in my opinion that it is alright to make some modifications in the part of cryptocurrency. We will going to see it on what will happen to cryptocurrency if there will be changed will going to make. I know that this could happen because of the scam activities that are rampant with anonymity.

Ofcourse.
One of the ways to craftily take over a decentralized community that uses the anonymity features to shield itself from tyranny and keep the community safe, is through destruction of anonymity by opaque/hidden centralized entities. I think de-anonymization of criminals should be left exclusively to the public security agencies. 

Every well decentralized blockchain/crypto should have strong anonymity/privacy as default.  Users unique identities can be tied to their most important transactions on a network but properly hidden from the public and everyone else if they choose to. User should only be de-anonymized if he/she commits serious crime

[jerrison]

The technology deployed, was it deployed on these blockchains or its just a tech that is developed to work independently on its own. i understand technology most times has some technicalities but does it also tell the exact identity of someone who doens't underdo kyc on the blockchain platform and what is the possibility of knowing the accuracy of this technology.

[electronicash]

i'd be curious if the Russian project will release a coin of their own and untraceable. 

if they have the Analytics System then its going to be useful for tracing suspicious transaction. Putin must need this to trace Mcmafia transactions. but all these are just talks, there is nothing to this article really but a promotion of this blockchain services and AI. they got to prove something.