Decentralization has become an inevitable process, not just in the crypto industry but far beyond it as well. This is easy to understand since users prefer full ownership of assets and freedom of action, instead of widespread interventions by third parties. It appears that the FBI understands the current trend and is ready to take preventive action.
Recently, the FBI published a request for proposal (RFP) that requires state-of-the-art tracking and analytical software and software licenses to detect the illicit use of crypto by criminals. The official FBI’s request for proposal (RFP) says:
“...[the FB] needs state-of-the-art tracing and analytical tools that are capable of keeping up with rapidly changing technologies which are often exploited by illicit actors to avoid detection by law enforcement.”
In simple words, the bureau is looking for analytical software with advanced features. It needs a solution that can get to the bottom of any blockchain, a technology that is completely transparent and allows the user to place any transaction under microscopic examination. Trying to do this manually is absolute madness. Given the existence of crypto mixers that are so often used by scammers, it would take an eternity.
Being a Web 3.0 user implies the interaction and understanding of data on the web by computer systems. It opens up access to large layers of data. Yet again, users need a convenient and understandable solution that lets them work with large amounts of on-chain data and allows them to protect themselves from ‘dirty money’. And such solutions already exist - they can be called ‘crypto trackers’.
Trackers gonna track
Let’s explain what we are referring to as a ‘tracker’, what it meant and how the term has changed now. We’re not talking about ‘portfolio trackers’ here because those are very limited and only allow users to manage their investments and keep track of how the value of their coins are changing. In 2022, the term ‘trackers’ refers to analytical platforms with sophisticated capabilities.
Perhaps today, there are only 3 platforms that meet the FBI’s requirements - Nansen, Messari and Cheesus. Simple portfolio managers (e.g. DeBank, Zapper) are no longer enough since they cannot analyze the necessary amount of data. Let’s compare these platforms to find out which one offers the most complete on-chain data.
Nansen
Nansen was established in 2019 and has significantly expanded its services over the past 3 years. Perhaps this is one of the best crypto analytical platforms. The free version of the site offers very limited functionality though the basic paid subscription provides many tools. Nansen allows users to track and explore any wallet and transaction, discover DEX statistics and it recently added the capability to analyze NFTs. The platform works cross-chain with 9 popular blockchains. One of the Nansen flagman features is Smart Money - an easy way to watch the behaviour of smart wallets and draw conclusions. Its disadvantage is that it lacks functionality for tax calculations.
Messari
Unlike Nansen, Messari offers significantly fewer services but their analytics are much more detailed. The platform tracks data from most blockchains and provides hundreds of parameters for each coin. Screeners are only available in the paid version. This tool has integrated functionality for tracking important events and news. There are no features that cater to the NFT market and there is no way to explore wallet transactions. There is also no functionality for calculating taxes.
Cheesus
Cheesus is a relatively new player in the analytics software market. The free version gives access to almost all its features. Cheesus outperforms its competitors in terms of analyzing transactions, wallets, coins and has the ability to analyze NFT projects. You can view the general statistics of each address, how profitable its trades are and what transactions were made. Its developers are moving towards deepening the tool’s on-chain analytics. At the moment, it is possible to analyze more than 80 parameters. The platform is in the beta stage, so some of the declared functionality is not yet available or does not work correctly.
Afterword
The market offers several fully-fledged crypto-analyzing platforms (or trackers) that can satisfy the needs of users. Whether they meet the FBI's requirements is debatable but with developments in this direction, we may witness some unexpected collaborations. One thing is certain, analytical software is entering the daily lives of crypto enthusiasts as a means of protecting themselves from 'dirty money' and trouble with the law.