Understanding Web3 Events

initialSetup.js

const Web3 = require("web3")
const tokenABI=[{"constant":true,"inputs":[],"name":"name","outputs":[{"name":"","type":"string"}],"payable":false,"stateMutability":"view","type":"function"},{"constant":false,"inputs":[{"name":"_upgradedAddress","type":"address"}],"name":"deprecate","outputs":[],"payable":false,"stateMutability":"nonpayable","type":"function"},{"constant":false,"inputs":[{"name":"_spender","type":"address"},{"name":"_value","type":"uint256"}],"name":"approve","outputs":[],"payable":false,"stateMutability":"nonpayable","type":"function"},{"constant":true,"inputs":[],"name":"deprecated","outputs":[{"name":"","type":"bool"}],"payable":false,"stateMutability":"view","type":"function"},{"constant":false,"inputs":[{"name":"_evilUser","type":"address"}],"name":"addBlackList","outputs":[],"payable":false,"stateMutability":"nonpayable","type":"function"},{"constant":true,"inputs":[],"name":"totalSupply","outputs":[{"name":"","type":"uint256"}],"payable":false,"stateMutability":"view","type":"function"},{"constant":false,"inputs":[{"name":"_from","type":"address"},{"name":"_to","type":"address"},{"name":"_value","type":"uint256"}],"name":"transferFrom","outputs":[],"payable":false,"stateMutability":"nonpayable","type":"function"},{"constant":true,"inputs":[],"name":"upgradedAddress","outputs":[{"name":"","type":"address"}],"payable":false,"stateMutability":"view","type":"function"},{"constant":true,"inputs":[{"name":"","type":"address"}],"name":"balances","outputs":[{"name":"","type":"uint256"}],"payable":false,"stateMutability":"view","type":"function"},{"constant":true,"inputs":[],"name":"decimals","outputs":[{"name":"","type":"uint256"}],"payable":false,"stateMutability":"view","type":"function"},{"constant":true,"inputs":[],"name":"maximumFee","outputs":[{"name":"","type":"uint256"}],"payable":false,"stateMutability":"view","type":"function"},{"constant":true,"inputs":[],"name":"_totalSupply","outputs":[{"name":"","type":"uint256"}],"payable":false,"stateMutability":"view","type":"function"},{"constant":false,"inputs":[],"name":"unpause","outputs":[],"payable":false,"stateMutability":"nonpayable","type":"function"},{"constant":true,"inputs":[{"name":"_maker","type":"address"}],"name":"getBlackListStatus","outputs":[{"name":"","type":"bool"}],"payable":false,"stateMutability":"view","type":"function"},{"constant":true,"inputs":[{"name":"","type":"address"},{"name":"","type":"address"}],"name":"allowed","outputs":[{"name":"","type":"uint256"}],"payable":false,"stateMutability":"view","type":"function"},{"constant":true,"inputs":[],"name":"paused","outputs":[{"name":"","type":"bool"}],"payable":false,"stateMutability":"view","type":"function"},{"constant":true,"inputs":[{"name":"who","type":"address"}],"name":"balanceOf","outputs":[{"name":"","type":"uint256"}],"payable":false,"stateMutability":"view","type":"function"},{"constant":false,"inputs":[],"name":"pause","outputs":[],"payable":false,"stateMutability":"nonpayable","type":"function"},{"constant":true,"inputs":[],"name":"getOwner","outputs":[{"name":"","type":"address"}],"payable":false,"stateMutability":"view","type":"function"},{"constant":true,"inputs":[],"name":"owner","outputs":[{"name":"","type":"address"}],"payable":false,"stateMutability":"view","type":"function"},{"constant":true,"inputs":[],"name":"symbol","outputs":[{"name":"","type":"string"}],"payable":false,"stateMutability":"view","type":"function"},{"constant":false,"inputs":[{"name":"_to","type":"address"},{"name":"_value","type":"uint256"}],"name":"transfer","outputs":[],"payable":false,"stateMutability":"nonpayable","type":"function"},{"constant":false,"inputs":[{"name":"newBasisPoints","type":"uint256"},{"name":"newMaxFee","type":"uint256"}],"name":"setParams","outputs":[],"payable":false,"stateMutability":"nonpayable","type":"function"},{"constant":false,"inputs":[{"name":"amount","type":"uint256"}],"name":"issue","outputs":[],"payable":false,"stateMutability":"nonpayable","type":"function"},{"constant":false,"inputs":[{"name":"amount","type":"uint256"}],"name":"redeem","outputs":[],"payable":false,"stateMutability":"nonpayable","type":"function"},{"constant":true,"inputs":[{"name":"_owner","type":"address"},{"name":"_spender","type":"address"}],"name":"allowance","outputs":[{"name":"remaining","type":"uint256"}],"payable":false,"stateMutability":"view","type":"function"},{"constant":true,"inputs":[],"name":"basisPointsRate","outputs":[{"name":"","type":"uint256"}],"payable":false,"stateMutability":"view","type":"function"},{"constant":true,"inputs":[{"name":"","type":"address"}],"name":"isBlackListed","outputs":[{"name":"","type":"bool"}],"payable":false,"stateMutability":"view","type":"function"},{"constant":false,"inputs":[{"name":"_clearedUser","type":"address"}],"name":"removeBlackList","outputs":[],"payable":false,"stateMutability":"nonpayable","type":"function"},{"constant":true,"inputs":[],"name":"MAX_UINT","outputs":[{"name":"","type":"uint256"}],"payable":false,"stateMutability":"view","type":"funct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const tokenAddress="0xdAC17F958D2ee523a2206206994597C13D831ec7"
const infuraWss = "wss://mainnet.infura.io/ws/v3/ee15dd7f737c4e82b6b443d9ec9e342c"; //don't use mine, create your own :)

const web3 = new Web3(infuraWss);
const contractInstance = new web3.eth.Contract(tokenABI, tokenAddress)

// Let us listen for Transfer events