Event logging and monitoring in cryptocurrency involves tracking and recording various activities and transactions on a blockchain. This process helps in ensuring transparency and accountability within the network.To begin with, event logging captures actions such as wallet transactions, smart contract interactions, and network changes. Each of these events is stored on the blockchain, creating an immutable record that can be reviewed later.Monitoring complements logging by actively observing these recorded events to detect unusual patterns or potential security threats. This is crucial for identifying fraudulent activities, ensuring compliance with regulations, and protecting against hacking attempts.Together, event logging and monitoring provide insights into the overall health of the network, assist in auditing, and contribute to enhancing user trust. As the cryptocurrency landscape evolves, the importance of robust logging and monitoring mechanisms continues to grow, enabling better governance and risk management.