Blockchain records may be public for all to see but how do you go about it? Web platforms called blockchain explorers are your gateway into the wealth of information the encrypted records carry. Learn how to use Etherscan, one of the most exemplary block explorers, from our guide today!
Key Takeaways
- Blockchain explorers or block explorers help visualize the data related to a blockchain and translate technical blockchain data in a more user-friendly and digestible way.
- One of the most popular and important examples of block explorer for the Ethereum network and crypto at large is Etherscan.
- With the help of Etherscan, users can view individual blocks, wallet balances and history, or contract addresses and even the code. More than that, it enables seeing a bigger picture to track transactions and funds and even evaluate network state and activity.
Introduction to Blockchain Explorers
One of the most important tools to master for using crypto effectively is a blockchain explorer. In theory, you can use cryptocurrencies without ever consulting an explorer but these services give access to insights that set a pro apart from a newbie.
You can think of block explorers as blockchain search engines. One of the key properties of a blockchain is transparency but a lot of the information recorded in the database is encrypted and simply not easy to parse. A block explorer presents information about individual transactions and the state of the blockchain alike in a digestible and informative way.
Under the hood, a blockchain explorer queries information with an RPC (remote procedure call) from nodes that each keep a copy of the blockchain. Then, it uses its original user-facing interface to show the data in a way they can parse while still letting them see the original record if they wish. Thanks to the interface, following the movement of funds and analyzing it also become more practical.
What is Etherscan and its role in the Ethereum ecosystem?
Ethereum may be second to Bitcoin in terms of accumulated value. Still, due to the extensiveness of its ecosystem which covers stablecoins, tokens, decentralized finance, and more, it is undoubtedly one of the most popular blockchain networks. Incidentally, it makes Etherscan, a blockchain explorer and analytics platform that digests the Ethereum blockchain’s data into easily navigable information, a vital tool to master.
Etherscan brings more transparency and security to the Ethereum ecosystem by allowing users to explore wallet addresses, track transactions, and analyze smart contracts. It has a user-friendly interface that helps users find any desired Ethereum data without knowing the technicalities.
Organized data record of Ethereum transactions, blocks, and smart contracts
Etherscan retrieves Ethereum data in real time, maintains an organized data record, and presents near-real-time data to users. It uses JSON-RPC API to send requests to RPC endpoints (Ethereum nodes) and thanks to the network’s decentralization, multiple nodes can be queried for reliable near-instant results.
Etherscan’s data record includes information about transactions, blocks, addresses, and smart contracts. You can use Etherscan to review individual transactions or wallet addresses, as well as get insights into the current state of the network and select contracts.
Transparency and Security
Consequently, Etherscan helps users track transactions, analyze smart contracts, and verify the authenticity of tokens and contracts. With a block explorer, you can review the features of tokens and contracts such as total supply and distribution and history of transactions.
Etherscan’s organized data record of Ethereum transactions, blocks, and smart contracts enables users to make informed decisions. Mastering this tool is essential to enabling independent research and due diligence for Ethereum-based tokens and protocols alike.
How to View and Analyze Wallet Address on Etherscan
Balances and History
Etherscan allows users to explore Ethereum-based wallet addresses, including checking holdings of ETH, ERC-20 tokens, and NFTs. Let’s take one of Binance’s hot wallets as an example: the wallet address will be shown at the top, as well as in the URL address of the page.
In the Overview section at the top of the page, you can see the total balance in ETH, as well as a dropdown to inspect balances for each ERC-20 token associated with this wallet address.
Wallet Activity and Transactions
Below this section by default is the transaction history with the list of recent transactions with hashes, timestamps, values, and fees. To review token and NFT transfers, switch between the tabs: while slightly different, the overview they present is roughly the same.
Users can click on any transaction ID in the transaction history section to access an individual transaction page with detailed information. Moreover, if you already know a transaction hash, you can go to the transaction’s page directly by pasting it into the search bar.
Transaction Details
Viewing hashes and transaction details
On Etherscan’s transaction page, users can track transaction status and confirmations and view details, such as the sender and recipient wallet addresses. Information on fees and gas usage can also prove insightful.
In this example, you can see that the transaction was successful and has multiple confirmations, or how many blocks include it, with the timestamp. The sender uses an ENS domain instead of a wallet address, and the recipient wallet address has a public tag. The transaction page also includes information on the value transferred, network fee, and gas spent.
Unlike Bitcoin and similar networks, instead of unspent transaction outputs (UTXOs), the Ethereum network tracks accounts. The UTXO system has its benefits but the account system is more familiar and straightforward for users not well-versed in blockchain.
Understanding transaction fees and gas usage
Why would you need information about transaction fees and gas usage for a certain transaction? Isn’t it more convenient to just use the gas tracker to get the idea how to adjust gas fees in the moment?
In fact, Etherscan’s gas tracker page offers insights into network fee evolution and shows an overview of expenses. Although a lot of crypto wallet apps do it for you, more advanced options will let you customize the transaction fee in ETH, and this is what this page is for. Data on the individual transaction page is more useful to estimate the transaction costs in that particular case or as a concrete example.
Viewing and Interacting with Smart Contracts
Contract Address and Details
Etherscan also allows users to view contract addresses and details, including the contract code and deployment date. It provides extra information about contract functionality and usage, as well as the contract code itself for all to see.
Information that can be glimpsed through these pages ranges from the token supply and other properties to what the deployer can do with it. It is also important to remember that contract address is different from the wallet address and not all blockchain services are equipped to work with the former.
By connecting a Web3 wallet (such as MetaMask) to Etherscan, you can also interact with the smart contract address on Etherscan. Some functions include minting NFTs or adding liquidity. This feature is on the more advanced side of this blockchain explorer and outside of the scope of our guide.
Advanced Etherscan Features
DEX Tracker
Etherscan’s Dex Tracker page shows the most recent transactions to happen on decentralized exchanges. Users can filter by exchange or view the data as a pie chart. Etherscan’s Dex Tracker page provides insights into the decentralized exchange market.
Notifications for address activity
Etherscan users can to set notifications for address activity. Users can track wallet activity and receive notifications when a specific event happens. The notification feature helps to stay up-to-date with wallet activity, for example, to monitor whale (users with more than 1% of an asset’s supply) activity.
Private Name Tags and Transaction Private Notes
Lastly, Etherscan allows users to create Private Name Tags for addresses and Transaction Private Notes for any transaction. Etherscan’s Private Name Tags and Transaction Private Notes features help users organize their data. Both of these are visible only to the user in their Etherscan account.
What is Etherscan Good For?
Checking real-time data and blockchain events
Thanks to the real-time information about transactions, blocks, addresses, and smart contracts provided by Etherscan, everyone can assess the state of the blockchain network and any particular event. Not only you can follow the path of your transaction in the Ethereum network, you can also check if the blockchain in general works properly.
On the Blocks page, you will find the list of the latest blocks with the height, age, block producer and fee statistics. A helpful overview at the top of the page will show you the height of the most recent safe block and the network utilization rate.
For even more data breakdown, Etherscan has a Charts and Statistics page which collects dozens of charts and dashboards that summarize millions of daily events in the Ethereum network. Aside from the already mentioned DEX tracker, it has a node tracker, and charts that track market data and network activity.
Identifying scam contracts and tokens
By making information about contract functionality and usage publicly viewable, Etherscan helps users avoid scam contracts and tokens. While it has a system that hides such contracts from search results, they are still viewable for transparency. However, to get this tag, a page has to be reported, which takes time and before that, users will have to review a contract themselves.
Etherscan’s contract tab provides information about the contract’s total token supply and token holders that can’t be manipulated. If there are any discrepancies in different sources or if a token is concentrated in the hands of a few holders, you might want to avoid this product altogether.
Tracking Down Crypto Thieves and Criminals
Of course, it is not early days for crypto anymore and blockchain analysis uses more sophisticated means to track criminals who also get better at hiding their tracks. Nonetheless, blockchain explorers and Etherscan in particular remain a crucial tool to track a wallet’s activity, used by independent sleuths and law enforcement alike.
More Block Explorers
Etherscan is a reputable and reliable explorer, offering valuable insights into the Ethereum blockchain. Thanks to its features and user-friendly interface, it is a popular choice among Ethereum users. No wonder it became a template for even more blockchain search engines for other networks.
BscScan
The same team has made a block explorer for BNB Smart Chain (BSC), which works and even looks a lot like Etherscan.
BscScan accounts for the features of BNB Chain to provide information unique to it such as validator set and forked block tracker. Like the main product, it also lets you switch between mainnets and testnets, as well as BSC and the opBNB Layer-2.
Solscan
What does not look like Etherscan, despite the name, is one of Solana’s main blockchain search engines, Solscan. The difference is obvious from the very first landing page: more data on the network speed, DeFi, and staking is immediately available.
Despite Solana being very different from Ethereum, Solscan’s user interface follows the conventions set by Etherscan wherever possible. As a result, it is a unique platform but one that can be used with or without any prior knowledge for insights into the Solana network.
Blockchair — a multi-network block explorer
Last but not least, let’s look at one of the many multi-network block explorers, Blockchair. It lets you check transaction data from over 43 blockchain networks, spanning dozens of ecosystems. If you have a transaction hash or a wallet address on your hands but are not quite sure which blockchain it belongs to, you know where to look it up!
This service has a completely different layout, showing off extra features such as security checks and an AI assistant. You can also notice that it shows UTXOs instead of the sender and recipient wallet addresses because we picked a Bitcoin transaction. The actual transaction value is the first output while the second output is the so-called change, attributed to the same address as the sender. For better transparency, it even lets you cross-reference the same page with other blockchain explorers.
Conclusion
Obviously, the best way to learn how to use Etherscan is to practice it first-hand! Etherscan’s features and user-friendly interface make it a powerful tool for navigating the Ethereum blockchain. Luckily, it is not a tool that is too hard to master, so we hope that our guide prepares you to take the plunge and learn to use Etherscan for your benefit!
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