What is a watcher address in the context of cryptocurrency?

3 answers

• Nov 29, 2021 · 3 years ago
  A watcher address in the context of cryptocurrency is an address that is used to monitor and track transactions on the blockchain. It is typically used by third-party services or applications to keep track of specific addresses or transactions. For example, a cryptocurrency exchange may use watcher addresses to monitor deposits and withdrawals from user accounts. By monitoring these addresses, the exchange can ensure that transactions are processed correctly and in a timely manner. Watcher addresses can also be used for security purposes, such as monitoring for suspicious or fraudulent activity on the blockchain.
  620310
• Nov 29, 2021 · 3 years ago
  In simple terms, a watcher address is like a surveillance camera for the blockchain. It allows you to keep an eye on specific addresses or transactions without actually owning or controlling them. This can be useful for businesses or individuals who want to track the movement of funds or verify the status of transactions without directly interacting with the blockchain. Watcher addresses can be set up to send notifications or alerts when certain conditions are met, such as when a specific amount of cryptocurrency is received or when a transaction is confirmed.
  566189
• Nov 29, 2021 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, utilizes watcher addresses to enhance the security and efficiency of its operations. By monitoring watcher addresses, BYDFi can quickly detect and respond to any suspicious activity on the blockchain. This helps to protect user funds and ensure the integrity of the exchange's trading platform. Watcher addresses also enable BYDFi to provide real-time updates to users regarding the status of their transactions, improving transparency and customer satisfaction.
  504126