Elliptic adds Zcash to its monitoring platform as well as the horizon (ZEN) that will provide exchanges and institutional investors insight when a transaction trail ends so they will be able to take additional due-diligence measures as we are reading further in the Zcash news.
Privacy is one important element of crypto and companies aim to shine a light on shielded transactions. Rom Robinson, the chief scientist of Elliptic said:
“We are helping regulated businesses look at transactions on the blockchain and completely support people’s rights to financial privacy. If funds are seen to come from a shielded address, that might then trigger some additional compliance processes.”
Today, @elliptic Launches Support for Privacy Coins $Zcash & $ZEN@GenesisTrading will be using Elliptic’s transaction and wallet monitoring solutions to detect and prevent illicit activity in Zcash and ZEN
— elliptic (@elliptic) June 30, 2020
Elliptic adds Zcash to its monitoring platform following the footsteps of its arch-rival Chainalysis which also supported Zcash and Dash earlier this month. Robinson said that his company was not looking to defeat the privacy-enhancing functionality of the coins by adding a philosophical comment to his competitor:
“One of the core differences between us and Chainalysis is that they are really focused on law enforcement and so they will have customers who are asking them to de-anonymize the likes of Monero. We provide transaction screening tools for exchanges and don’t plan to offer our functionality on something like Monero where everything is private by default.
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Regarding the issues of shining a light on private transactions, the communications director of Chanalysis Madeleine Kennedy said:
“We believe there needs to be a balance between privacy and transparency and specifically blockchains like bitcoin achieve this balance. They provide pseudonymity so that personally identifiable information is not publicly available on the blockchain, but provide enough transparency to ensure safety and security.”
Privacy coins have multiple smart techniques that are built into them to avoid leaving transaction trails on the blockchain. With ZEC and ZEN, there is an opt-in privacy measure where the users can choose to make transactions visible on the blockchain. This is similar to how exchanges want to know if one bitcoin transactions came their way via a mixer to hide the origins of the transaction, which is why Elliptic offers a comparable service for privacy coins, according to Robinson:
“Regulated businesses want to know whether funds are coming from shielded addresses, just as they want to know whether bitcoin is coming from a mixer. That doesn’t necessarily mean those funds are bad or illicit in some way; firms just need to know in order that they can take the appropriate next steps.”
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