10-09-2019 icon

Chainalysis Adds Five Tokens to its Cryptocurrency Tracking Service

By Sagetwriter

Chainalysis – a blockchain investigation/cryptocurrency tracking firm has added support for five more coins.

The new service will have its software support five additional ERC-20 (Ethereum Request for Comment) tokens. The newly added tokens include: Dai (DAI), Maker (MKR), Basic Attention Token (BAT), OmiseGO (OMG) and Ox (ZRX).

ERC-20 refers to a common set of rules that guide tokens issued on the Ethereum (ETH) blockchain.

Speaking on the development, co-founder of Chainalysis Jonathan Levin says the newly incorporated tokens will assist regulators in tracking illicit tokens and cryptocurrency activities. He further emphasizes that the service us important for ERC-20 tokens considering their susceptibility to hacks and malicious activity.

Chainalysis currently serves global exchanges such as Binance and Bitterx for monitoring suspicious activity.

See article: Are Bitcoin/cryptocurrency transactions anonymous?

Did you know? Coin refers to cryptocurrency on its own/native blockchain. They are a digital equivalent to money and have characteristics of money; such as use for payments, acceptability, fungibility and limited supply. Examples are Bitcoin, Litecoin, Ripple (XRP), Monero (XMR).

Token refers to cryptocurrency hosted on another’s blockchain. Typically, most altcoins make use of the Ethereum blockchain. Tokens are mainly used for payments within the project’s ecosystem and could represent a share of a cryptocurrency company/project. Examples: Tron (TRX), EOS, OmiseGO (OMG).

However, most crypto enthusiasts use both terms interchangeably.