Blockchain Explorers 101
April 3, 2023
In this article, we’ll cover the basics of blockchain explorers, including what they are, how they work, and some popular examples.
A blockchain explorer is a search engine for blockchain data. It allows you to look up specific transactions, addresses, and other information on the blockchain. Every time a transaction is made on a blockchain, it is recorded in a block. Block explorers allow you to view the contents of each block and track the movement of cryptocurrency from one address to another.
There are many blockchain explorers available, each designed for a specific blockchain. Some of the most popular blockchain explorers include
To find a blockchain explorer for a specific blockchain, simply search for “block explorer” followed by the name of the blockchain. You can also check major cryptocurrency websites like https://coinmarketcap.com/ or https://www.coingecko.com for a list of explorers.
Using a blockchain explorer provides a number of benefits. Here are just a few use cases:
Block explorers allow you to track the movement of cryptocurrency from one address to another. This can help you keep track of your own transactions and verify that your funds have arrived in the intended wallet. Imagine being able to view the bank transactions of anyone in the world – that’s what is possible with block explorer.
2. Verify transaction status
You can use a blockchain explorer to check the status of a transaction and see how many network confirmations it has received. This can help you determine if a transaction has been completed or if it is still pending.
Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. By being able to read the code, you can verify that the contract functions as advertised and does what it claims to do.
By reading the code of a smart contract, you can identify if it contains any malicious code that could potentially steal your funds or compromise your personal information.
You can easily view important information about a token on a blockchain explorer, such as its price, circulating supply, holders, and other details. This can help you make more informed decisions about buying, selling, or holding the token.
You can mint NFTs directly from smart contracts using a blockchain explorer. However, it is important to have a good understanding of how smart contracts and Ethereum wallets work before attempting this.
Being able to track wallets gives us insight into the behaviour of large investors in the cryptocurrency market. This information can be used to identify trends and predict market movements. It can help to detect potential fraud or market manipulation by large holders of a particular cryptocurrency.
Blockchain explorers and other similar tools offer numerous benefits to users, particularly in the area of Bitcoin trading and mining. However, they can also present challenges, particularly for those who are new to the technology. One of the main challenges is that these explorers often contain vast amounts of data, which can be overwhelming for inexperienced users. Nonetheless, with a better understanding of the data available, these tools can become more user-friendly and less daunting. By learning how to navigate and extract useful information from blockchain explorers, users can gain greater confidence in their ability to use these powerful tools.
There are several tools available that use blockchain data to provide real-time alerts on wallet activity, track a wallet’s activity over multiple chains, and offer in-depth analysis and investment opportunities. By combining these tools with a blockchain explorer, you can gain a deeper understanding of the blockchain ecosystem and stay on top of the latest trends and developments.
Blockchain explorers are essential tools for anyone interested in blockchain and cryptocurrencies. They allow you to view transactions, verify contract functionality, and track the movement of cryptocurrency. By utilising a blockchain explorer, you can gain a better understanding of the blockchain ecosystem and make more informed decisions about your investments and maybe gain a bit of alpha!
Words: Madeleine Jones