If you use Ethereum for more than just HODLing, like working on NFTs and smart contracts, learning how to navigate the blockchain is a must, especially using Etherscan. But what is Etherscan?
In this article, we will be discussing what Etherscan really is, how it works, and how it is beneficial to the Ethereum blockchain space.
What is Etherscan?
Etherscan is a blockchain explorer designed for the Ethereum network allowing you to search through transactions history, blocks, wallet addresses, smart contracts for ERC-20 tokens, and other on-chain data. It also allows you to view and analyze assets, balances and transactions on the Ethereum network, including checking of gas prices on. As all interactions on Ethereum are public, Etherscan allows you to look through them like a search engine using a transaction hash or transaction ID.
Creating an Etherscan account is not necessary, but you still have the option to create one for extra functionality. For example, you can set alerts to be notified of incoming transactions, access developer tools, and create data feeds.
Etherscan does not provide an Ethereum wallet to use or store private keys. It cannot be used for trading as well. It only functions as a source of blockchain information and a database of smart contracts.
What is Etherscan used for?
Etherscan allows users to view the assets held on any public Ethereum wallet address. Using Etherscan, enter any Ethereum address into the search box to see the current balance and transaction history of the wallet under consideration. Etherscan will also display any gas fees and smart contracts involving that address.
- Calculate Ethereum gas fees with the Etherscan gas tracker
- Lookup and verify smart contracts
- View the crypto assets held in or associated with a public wallet address
- Observe live transactions taking place on the Ethereum blockchain
- Lookup a single transaction made from any Ethereum wallet
- Discover which smart contracts have a verified source code and security audit
- Keep track of how many smart contracts a user has authorized with their wallet
- Review and revoke access to a wallet for any decentralized applications (DApps)
Users can view any transaction of the Ethereum blockchain on Etherscan. These transactions include failed and pending transactions.
Etherscan can also keep track of the progress of an incoming transfer. One way to track a transaction using Etherscan is to look it up on Etherscan.io using its hash key. The hash provides users with an estimate of how long the transaction will take to confirm. The page refreshes once the transaction is complete.
Etherscan also works as an analytics platform. Anyone can use Etherscan to analyze on-chain metrics like changes to Ether gas costs, as well as keep track of their portfolio and monitor their transaction history for suspicious activity.
Only information that is public on the Ethereum blockchain is displayed on Etherscan, so information like a user’s private keys can’t be viewed on the app. Etherscan doesn’t store any private keys and is not involved in any of the transactions shown. The app also cannot be used to solve a transaction failure.
Using Etherscan
To use most features on Etherscan, you can go straight to the website and start searching. To find a specific wallet, transaction, or other digital assets, you will need that wallet’s public address or the transaction ID.
Etherscan allows searching by address, transaction hash (transaction ID), block, token, or across the Ethereum Name System (ENS). You can also browse recent transactions and learn more about the current state of the Ethereum network on the homepage.
The Etherscan homepage will give you a snapshot of Ethereum blockchain, including the price and market cap of Ether and details about the latest transaction and blocks verified on the blockchain.
If you’re looking for detailed information about a specific block, you can find that on Etherscan. Using the tool, you can learn more about a block, where it is on the blockchain, how many transactions make up that particular block, who successfully mined it, and how much computational energy was utilized in mining it, among other details.
You can also search for transaction histories of particular Ethereum addresses. Etherscan relies on the same randomized letters and numbers of blockchain wallet addresses. Once you understand the basics of how blockchain transactions and assets work, it’s easy to understand what you see on Etherscan.
What does it mean for investors?
Etherscan won’t revolutionize your cryptocurrency strategy in most cases, but it is helpful for understanding and tracking your wallet, transactions, and learning more about how Ethereum and blockchains work.
While the code and transaction details behind the scenes are more helpful to developers, it’s valuable to individual investors looking to follow their involvement in the cryptocurrency ecosystem. Blockchain explorers also help ensure that all cryptocurrency data is publicly available and accessible, an essential facet of blockchain technology.
