What is a Blockchain Explorer?
A Blockchain Explorer is a user interface that reaches into the blockchain and grabs the data and then displays it in a helpful way. tryout in 2022
With these blockchain explorers, you can search for transactions on any blockchain that is being automated with smart contracts, you can also view previous records of wallet addresses and the history of transactions.
most times, your transactions might be pending and a great way to find out is with a blockchain explorer.
Every blockchain has its explorer. Some have multiple explorers but all of them do one thing in common.
Although blockchain explorers have been relegated to the background of crypto research, many still use these explorers to decipher information about wallets and projects on different blockchains.
How Blockchain Explorers Work
These explorers are powered by nodes that run on the blockchain network. Nodes are computers that maintain a copy of the blockchain ledger.
When a new transaction occurs, nodes on the blockchain network validate the transaction and add it to the blockchain ledger.
They connect to nodes on the blockchain network and retrieve data on transactions, blocks, and addresses. The data is then displayed on the explorer’s web interface.
Features of a Good Blockchain Explorer
A good explorer should have the following features:
- Real-time data updates
- User-friendly Interface
- Multiple network support
- Detailed transaction information
- Advanced search features
- Security features
How To Track Wallets with a Blockchain Explorer
Read this section thoroughly because you’re about to get an extensive overview of how tracking wallets work and the step-by-step method of tracking transactions without any hitches.
One of the most popular blockchain explorers is EtherScan.io.
When exploring the Ethereum blockchain, EtherScan is one of the most popular platforms among cryptocurrency enthusiasts.
This blockchain explorer provides a wealth of information, including transaction histories, wallet balances, and even smart contract codes.
EtherScan was launched in 2015 under the proprietorship of Founder, Matthew Tan, to quench the need for a more user-friendly and informative ETH explorer.
With the EtherScan Explorer, you can search for various information by address, transaction, hash, or block. A whole lot of research can be done with the EtherScan Explorer.
The Second most popular explorer is the BSCScan for the Binance Smart Chain. It was developed by the same team behind the EtherScan explorer. It is the leading validator for the Binance Smart Chain.
With the BSCScan, you can see every information about wallet addresses, tokens, and smart contracts.
For instance, if an airdrop is being hosted by an anonymous agency or company and you would like to confirm the genuity of the tokens and the project’s originality, with the BSC Scan, you can do it all in one click and the information will be revealed to you within seconds.
On this explorer, you can also see different transactions that are being done at any point in time. It shows different transactions that have been validated over some time.
The most significant explorer of the blockchain known to main is BlockChair. It is similar to a library full of transactions or a search engine for the world of cryptocurrency.
With this, you can search for all the blockchains that are in the world of crypto. Bitcoin, Ethereum, LiteCoin, Cardano, Avalanche, Ripple, DogeCoin, BNB, Bitcoin Cash, PEPE, and many other tokens on different blockchains.
With these explorers, it is nearly impossible for anyone wanting to invest in crypto to fall for any rug pulls or scammers because they provide a transparent view of the blockchain’s inner workings.
These explorers are the real pioneers of web3 and decentralization because they make for a permissionless, public, and decentralized system of information.
Even if 0.00000001 of BTC were to be transferred from one wallet to the other, it will be made public on the blockchain explorers no matter how insignificant it is.
See also: The Best and Most Secure Web3 Wallets to Use in 2023
Benefits of Using a Blockchain Explorer
Blockchain explorers serve as a large database for cryptocurrency and when used correctly, it is largely helpful when working with cryptocurrency payments. Here are some of the benefits of using blockchain explorers:
Transparency: Blockchain explorers enable users to see all transactions that occur on the blockchain in real time.
The level of transparency offered by blockchain explorers is truly mindblowing. With this technology, users can view all transactions that occur on the blockchain as they are verified and approved, leaving no room for doubt or confusion.
Verification: Since, the authenticity of transactions is a serious concern for many, with the help of these explorers, users are now able to verify the legitimacy of transactions by cross-checking them against the blockchain.
This helps prevent fraud and ensures that all transactions are bona fide.
Tracking: Businesses that need to keep track of multiple transactions can rely on blockchain explorers to do the job.
These nifty tools enable users to track their transactions and monitor the progress of their transfer
Analysis: Blockchain explorers can also be used for data analysis and research purposes. By analyzing the blockchain, users can identify trends and patterns that can help inform their decision.
They are an absolute goldmine when it comes to data analysis and research.
See also: The Ultimate Guide to Becoming a Blockchain Engineer: Skills, Tools, and Career Path
FAQs
What is the Ethereum network?
The Ethereum network is a decentralized blockchain platform that enables the creation of smart contracts and decentralized applications (DApps). It uses Ether (ETH) as its native cryptocurrency.
Is EtherScan.io free to use?
Yes, EtherScan.io is completely free to use. There are no hidden fees or charges for accessing its features and information.
What is the difference between a blockchain explorer and a wallet?
A blockchain explorer is a tool that allows users to view and track transactions that have occurred on a particular blockchain like a search engine while a wallet is a tool that allows users to store, send, and receive cryptocurrencies.
Can blockchain explorers track every blockchain transaction?
Yes, blockchain explorers can track every blockchain transaction as they access and display the entire blockchain ledger. However, some private blockchains may restrict access to certain transactions or information for privacy or security reasons.
Is it safe to use a blockchain explorer to track my own transactions?
Yes, a lot of people do it since it is generally safe to use a blockchain explorer to track your own transactions.
Discover more from Dipprofit
Subscribe to get the latest posts sent to your email.
