Chainalysis was one of the winners of the program that aims to monitor anonymous cryptocurrency networks initiated by the US Tax Administration (IRS). The program aims to make transactions in networks such as Monero (XMR) and Bitcoin Lightening Network transparent and to prevent illegal activities carried out there.
The U.S. Tax Office and Chainalysis shook hands to declassify networks such as Monero, BTC Lightning Network. The IRS launched the program last month, and thanks to the winning projects, it plans to be able to track cryptocurrencies such as Monero (XMR) that conduct transactions with an anonymity focus. The US Tax Office offered a prepayment of $ 500,000 for one or more winning individuals / institutions. The winners, who will be able to use this money to develop prototypes, will be able to earn an additional 125 thousand dollars, depending on the course of the work done.
According to official data, the leading cryptocurrency data analysis platform Chainalysis and forensic data analysis company Integra FEC LLC operating in the field of traditional finance won the program. No official statement has yet been received from either institution. The Monero facade is still silent.
What Will Be the Stages for Chainalysis and Integra FEC LLC?
IRS expects Chainalysis and Integra FEC LLC to complete two phases as per the agreement. The first phase, which is expected to be completed in a total of 8 months, will consist of proof of the concept and trials of the first working system. During this time, the pair will be asked to produce useful solutions for cryptocurrency investigations.
The second phase is expected to be completed in 4 months and include more detailed functional improvements. At this stage, projects must pass secondary tests and pilot implementation stages. According to the roadmap planned by the IRS, everything goes well, if the projects of Chainalysis and Integra FEC LLC allow the definition of certain transaction details and provide certain information about network activities; The end of 2021 could become a milestone for Monero and other anonymous networks.