What Is A Blockchain Explorer?
Possibly the most important tool available for users of cryptocurrency is the blockchain explorer, which allows enormous blockchain ledgers to be searched quickly allowing users to verify transactions themselves.
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Also referred to as block explorers or block browsers, these tools have proven to be extremely useful to cryptocurrency traders.
Key Features Of Blockchain Explorers
- Can provide information on the contents of an individual block or transaction found on a blockchain.
- The primary use of a block explorer is to look up publicly available information from a blockchain.
- The advantage of having a blockchain with information visible and publicly available is that it allows for complete transparency, a key factor in decentralized finance.
Why Would Someone Use A Block Explorer?
Blockchain explorers are commonly used by individuals to keep track of their holdings by searching their wallet addresses. Many holders of cryptocurrency keep their assets secure in a cold wallet, these people can check on their assets without compromising security by using a block explorer.
Another scenario where somebody may want to use a blockchain explorer would be to verify a transaction they have made. Payments in crypto can be tracked with the explorer immediately.
What Information Do Blockchain Explorers Show?
Most of these tools will display key information to the user about a particular block, a transaction, or the transaction history and holdings of a particular address.
Some of the information that can be obtained through searching block explorers:
- Hash ID
- Amount
- Fee (gas)
- Sender address
- Receiver address
- Timestamp
- Contract address
- Total supply
- Number of holders
- Number of transactions
The Most Common Blockchain Explorers
Many cryptocurrencies run on their own blockchains, meaning you will need the appropriate explorer for the particular chain.
Explorers For Top Blockchains:
- blockexplorer.com for the Bitcoin Blockchain (External Link)
- BscScan for Binance Smart Chain (Article)
- EtherScan.io for the Ethereum Blockchain (Article)
Finding A Blockchain Explorer For Any Cryptocurrency
Here is an easy way to find explorers for almost any crypto:
- Visit CoinMarketCap and search for the blockchain you want.
- Choose the native coin for the chain and navigate to the info page.
- Below the title of the crypto, look for the dropdown option labeled "Explorers".
- You may have multiple options to choose from.
Author's Thoughts About Block Explorers
Understanding that cryptocurrency technology is still new and being improved upon, it is not surprising that the vast majority of users engage with blockchain explorers less than expected.
From the results of this poll we conducted on Twitter, we can see that a handful of individuals are searching blockchain databases on a daily basis.
We will hold another poll to see how the future adoption of blockchain explorers compares to the previous results.
