Russian tool will make your transactions transparent

[Bitcoin_bullish]

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?

Online privacy is a difficult subject but I'm always pro anonymity. It is not needed to have something to hide. Perhaps at some point, we will all have to. I will give you this example:

There are political dissidents in countries run by totalitarian regimes that hold authority higher than individuality. These dissidents can be identified if they falsely thought that the donations they received were totally anonymous and no one could ever trace the money to his name. Where do we draw the line that online privacy and anonymity are not needed because we are law-abiding citizens?
Belarus? China? North Korea perhaps?

A crackdown of certain parts of the dark markets that are disturbing requires tracing addresses? There are easier ways and more efficient.

All my crypto transactions are legal

What is legal in your country does not mean it is the same everywhere or that it will continue to be legal.

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[Pffrt]

If you use centralized mixing service, I think there will be not much way to trace a tx since the tx will be in no way connected with one another. So, there's nothing much of worry. Also, there are privacy coins like Monero, DeepOnion, Dash which can be used to be untraceable. It's not that easy to detect such tx source link by tool.

[Velkro]

What do you think? Should we be worried?

No, nothing new i would bet its an ad of services.
Privacy in Bitcoin is non-existent tho, needs improvement to be mainstream. There are plans for it but how long it will take?
Probably couple years.

[Ozero]

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".

This is similar to how Russia recently announced the creation of the first vaccine against coronavirus. They trumpeted this to the whole world that they were ahead of the entire planet, and now doctors do not want to take this vaccine, because it has a lot of side effects, and it is not known whether it is effective against coronavirus. Therefore, it is not worth worrying about the fact that the cryptocurrency will somehow decrease its anonymity. Let them first show it in practice.

[bitbunnny]

For me Russia and transparency don't go into same sentence. I'm more likely to beleive that they will produce some tool for hiding. However, anonimity of Bitcoin is past tense and actually doesn't exist anymore. Even without such tool transactions are much easier to trace then before and it's hard to fully hide anonimity.

[DoublerHunter]

For me Russia and transparency don't go into same sentence. I'm more likely to beleive that they will produce some tool for hiding. However, anonimity of Bitcoin is past tense and actually doesn't exist anymore. Even without such tool transactions are much easier to trace then before and it's hard to fully hide anonimity.

^ Russia invented it so it will only stay in Russia  , can that prototype trace the illegal transactions before it is used? It would be helpful then, I think they should do a dry run and what about for example they have traced an illegal activity and a huge amount of cryptocurrency is involved, where could that be going? I mean the busted Crypto amount?

[Yamifoud]

I'd somehow get worried that anytime soon we already lost the anonymity feature that crypto may have. I'm not going in favor of this new tool as we can't protect our privacy anymore but just being bold enough to the community which might get abuse by scammers or even for hackers. I'm not sure how the community responded this as a good venture but most likely, they are also against it.

If their purpose is to track illegalities maybe it was acceptable but how about those who run it legally? I don't think it was a good idea, in fact, we have the blockchain record that might be enough to become traceable. I haven't thought this a fair idea but just leading this into destroying the anonymity we have.

[alani123]

Sounds a bit fishy if you ask me. To make such claims they'd need to provide better proof other than just claims. They're not the first to make a tracing tool for bitcoins but that doesn't imply any de-anonymization. Maybe at best they could see which coins have been associated with "tainted" websites/wallets etc. but to find the people behind the transactions for "full transparency" would depend on many more factors. Anyway, big claims require extraordinary evidence. Something to keep an eye on of course but if it's something new or not will only show once they release it.

[posi]

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.

The Transparent Blockchain crypto analysis will stop scam in the cryptocurrency system but the chance of it to effectively work as OP said is 25% because theres no proper justification and  after doing my own proper research about the article I find out the AI analytics system was created according to the data of Bitcoin payment system which mean even if the analytics very well privacy coins can be tracked and is bitcoin tumblers.

[Kelvinid]

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.

The Transparent Blockchain crypto analysis will stop scam in the cryptocurrency system but the chance of it to effectively work as OP said is 25% because theres no proper justification and  after doing my own proper research about the article I find out the AI analytics system was created according to the data of Bitcoin payment system which mean even if the analytics very well privacy coins can be tracked and is bitcoin tumblers.

And sad to say that anytime soon, we can no longer hide anything in here. Mixers haven't become effective nor we need to use it. Since it was started in order to stop any scamming issues, it possible we all coming that way and lost the anonymity that supposedly we have. Though I understand how this helps to prevent illegalities and this changing a lot for crypto, and I'm not sure how people being excited to see crypto having like this in the future as we all want privacy.

It is very unfortunate how scammers and hackers brought this kind of events that soon it ruins the anonymity feature. Only I hope this could be the best solution to fully stop scammers and to hunt hackers, then we might going back to its original market feature.

[dansus021]

All people in here aggred about capture of scammer.

but we shouldn't woory about it, else if u have something to hide 

but trust me if the russia belive can reduce trasnparent of transaction the community are trying to improve the privacy itself 

[witcher_sense]

If their purpose is to track illegalities maybe it was acceptable but how about those who run it legally?

In order to effectively track transactions that are illicit, they need to make the whole blockchain transparent. What that means? They should trace every transaction and identify every sender and reciever to make sure transactions remain completely legal on each step. It doesn't matter whether you a scammer, criminal, drug dealer or average Joe, in such system you are going to end up victim of russian surveillance machine. If you are law-abiding Russian, for example, surveillance machine still might be used against you. If they identify you, your cryptocurrency will be lost forever, it will be taken away by any available means: unreasonable taxes, violence, coercion, tortue.

[sergosh]

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?

To answer the question properly you should know how the Russian government grant system works.

 Companies like this do little bit of promotion and then claim billions from the budget. But nothing effective or real is/will be done.

[kryptqnick]

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?

Bitcoin transactions aren't anonymous, Blockchain is already public and thus transparent. As for Dash and Monero which are also mentioned in the article, that's another story. Whatever they're planning to do with Bitcoin blockchain, I'd be cautious about it. Russia is not the kind of country that I would trust with such a task. The level of corruption is high, the police is very militarised, human rights violations are not irregular. So there's a good chance the officials would use the system to track down someone's money for their personal reasons or to sell the data to someone. If there were a way to ensure the system is indeed only used to fight criminals, it's one thing. But since it's not the case, it's worrisome.

[posi]

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.

The Transparent Blockchain crypto analysis will stop scam in the cryptocurrency system but the chance of it to effectively work as OP said is 25% because theres no proper justification and  after doing my own proper research about the article I find out the AI analytics system was created according to the data of Bitcoin payment system which mean even if the analytics very well privacy coins can be tracked and is bitcoin tumblers.

And sad to say that anytime soon, we can no longer hide anything in here. Mixers haven't become effective nor we need to use it. Since it was started in order to stop any scamming issues, it possible we all coming that way and lost the anonymity that supposedly we have. Though I understand how this helps to prevent illegalities and this changing a lot for crypto, and I'm not sure how people being excited to see crypto having like this in the future as we all want privacy.

It is very unfortunate how scammers and hackers brought this kind of events that soon it ruins the anonymity feature. Only I hope this could be the best solution to fully stop scammers and to hunt hackers, then we might going back to its original market feature.

I have the feels that youre loosing hope too soon because the tools was created base on bitcoin protocols and if the tools is 100% good it will only break the coinjoin anonymity cause coinjoin operated through the mixture of multiple Bitcoin payments from alot spenders into single transaction but still unable to figure each transaction sender until and theres possible chance that the tools could break the coinjoin strategy.
Meanwhile, are the best option now.

[suzanne5223]

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?

Bitcoin transactions aren't anonymous, Blockchain is already public and thus transparent. As for Dash and Monero which are also mentioned in the article, that's another story. Whatever they're planning to do with Bitcoin blockchain, I'd be cautious about it. Russia is not the kind of country that I would trust with such a task. The level of corruption is high, the police is very militarised, human rights violations are not irregular. So there's a good chance the officials would use the system to track down someone's money for their personal reasons or to sell the data to someone. If there were a way to ensure the system is indeed only used to fight criminals, it's one thing. But since it's not the case, it's worrisome.

Please try to read the original article source link because privacy coins are not mentioned by the Russian intelligence team and it the article writers that mention privacy coin in other to get our attention. How is it possible to track a transaction which it does not exist on blockchain and only disclose to the parties involved?
Speaking of Russia corruption level which is well know and I dont think people will trust them but I'm sure the device they created to target bitcoin transactions.

[witcher_sense]

Please try to read the original article source link because privacy coins are not mentioned by the Russian intelligence team and it the article writers that mention privacy coin in other to get our attention.

I read through the original article and found that they actually mentioned privacy coins along with others.

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чacтичнo cнимaть aнoнимнocть yчacтникoв тpaнзaкций c кpиптoвaлютaми в cиcтeмax Bitcoin, Ethereum, Omni, Dash и Monero (двe пocлeдниe cиcтeмы пoвышeннoй aнoнимнocти) пyтeм иx клaccификaции пo нaбopy нaибoлee pacпpocтpaнeнныx пpoфилeй пpoвeдeния кpиптoтpaнзaкций;

How is it possible to track a transaction which it does not exist on blockchain and only disclose to the parties involved?
Speaking of Russia corruption level which is well know and I dont think people will trust them but I'm sure the device they created to target bitcoin transactions.

I have no idea how they are going to trace those coins, but may be they need more money to fully explain that. As far as I know, they are asking for 10 millions $, which is a big amount of money.

[hulla]

Mixers haven't become effective nor we need to use it.

Mixing company transactions may not be fast but at least your anonymity is sure which is the most important thing and I dont know why you believe in the news hype posted by Cointelegraph which was knew for adding sugar to their articles.

Since it was started in order to stop any scamming issues, it possible we all coming that way and lost the anonymity that supposedly we have.

I don't see that happen mate. I'm sure a majority of the mixing company like Blender will examine the analytic equipment and if it does expose anonmymity, an advanced tumbler equipment will be established. Besides, it hard for any analytic equipment to expose anonymity created by genuine mixing companies.

[Agios]

As long as we don't violate government regulations, we don't need to worry about the Transparent Blockchain, and any systems that will be implemented in the future. Funding or using bitcoin for terrorism or money laundering will benefit law enforcement officials to take action. The fastest law enforcement officers can catch criminals within 1 day. The tracking process can be done by accessing a blockchain site that contains historical bitcoin information.

[suzanne5223]

How is it possible to track a transaction which it does not exist on blockchain and only disclose to the parties involved?

I have no idea how they are going to trace those coins, but may be they need more money to fully explain that. As far as I know, they are asking for 10 millions $, which is a big amount of money.

You're right they did mention ETH,Monero, and Dash since they are among the top crypto used in crypto realms along with BTC.

The article explained how they are planning to trace coins which i believe they wont be able to trace privacy coin (Grin/Monero) and mixing company users if they avoid human errors.

How artificial intelligence can help keep track of the cryptosphere

Rosfinmonitoring plans to create an AI that will monitor the entire Internet in search of illegal actions with cryptoassets, explains Nikita Kulikov, member of the State Duma expert council, founder of PravoRobotov ANO. Cryptocurrency transactions are carried out on blockchain systems. The main property of the blockchain is the immutability of information about transactions, each stage of which is linked into a chain, and therefore it cannot be changed. This data is available to all participants in the blockchain, but it will be possible to identify the participants in transactions only if at least some initial information is known, the expert explains.

For example, if there is information that an account has been created on a site on the darknet, you can trace the accounts that sent funds to its crypto wallet, adds Dmitry Goroshevsky, CTO of TON Labs: “Next, if you want to open an account on some legitimate crypto exchange , and then withdraw funds to an account associated with transactions with an account from the darknet, then this is a reason for the exchange security officer to pay attention to your account. "