Nansen is as an analytic tool for Blockchains combining on-chain data with an extensive and steadily evolving database carrying millions of wallet. Its utilization is via accessing data through user favourable dashboards, direct SQL queries and APIs.
Nansen supports Crypto investors and experts to differentiate signal from the noise concerning Blockchain data. The network aggregate data on unaccountable addresses, extend it on all the action that occurs on the Blockchain and present lucid analytics.
Named after one Fridtjof Nansen, an adventurer, scientist, statesman, and compassionate humanitarian, the foundation is a core value of transparency, courage, integrity, curiosity and speed. So far it has already labelled 50+ million addresses. According to the team, Nansen initially started as solely a wallet-labelling service. However, they immediately understood it should leverage the dynamism of Blockchain ETL, which is the most popular open-source project for ingesting Blockchain data.
This mission happened after years of toiling with Blockchain data and realizing that many of their clientele needed to grasp more further about the wallets with transactions that take place on-chain. They strive for high precision, with 100 per cent focus on Ethereum ETL and other open-source protocols like Metabase and DBT.
One essential principle with Nansen stems from the idea that there is a robust network outcome in labelling wallets. The result gained is that each wallet description added to the platform helps in understanding yet extra wallet labels. When it comes to on-chain data, the project depends profoundly on the Ethereum ETL, open-source. Most impressively, the principal builders of the ETH ETL are from the Nansen team.
Even though anyone in Cryptosphere can obtain some benefits from Nansen’s work, the team says their priority at the moment is investors in the sector being it institutional or retail. The decision was, in fact, influenced by the following two reasons:
“First, because members of this demographic all have the same overall goal, namely to maximize returns, which means we can optimize for this when building Nansen. Secondly, investors represent the largest segment in Crypto.”
How Wallets Are Labelled
The Nansen labels evolve from plenty of origins, consisting of the following:
- Smart-Contract parsing and analysis
- Investigations and research by the team
- User submissions
- Web scraping
- Machine learning.
Moreover, the interaction between all of these roots generates some of the labels.
According to the website of the project, higher than 99% of the labels comes from algorithmic indications. The intention is for remarkably high precision, that means they would preferably not designate an address than mark it inaccurately.
Essense of Tracking Addresses
There are labels on over 80 percent of the smart contracts ever deployed on Ethereum ecosystem. This development provides a totally distinct outlook on the application of the ETH Blockchain. The Nansen labelling of wallet addresses encompasses a wide variety of kinds of labels. They are entities and categories, where entities represent an exchange like Coinbase or a fund like Morgan Creek Digital, while categories stand-in for Decentralized Trader or an ETH ICO Participator,
Through labelling Ethereum addresses, it becomes seamless to discern the activities of funds over various platforms and the DeFi market. Hence, investors can make informed decisions before putting their money onto any project available. In the case of stolen funds, Nansen can track all of them and determine where they go. Even, Cryptocurrency exchanges, that accept such funds, can easily be tracked irrespective of how the thieves obscure the transactions.
The team strongly, believe that the transparent reality of the Ethereum Blockchain is what makes Nansen possible and thick. It is in such direction that the platform brings immense transparency to the ecosystem.
Join Nansen Community
For in-depth information, interaction with the team and the entire Nansen community, the best means is to join them. You can find them on the following social media outlets here: