What is Etherscan?
Description
Etherscan is a tool to track transactions on the Ethereum blockchain. Learn about everything from our article.
For many users, blockchain seems to be a completely confusing and unintelligible system. However, it is quite the opposite - blockchain is aimed at maximum transparency and accessibility of information about all transactions within the system. Everyone on the network can find out transaction data: the amount, the gas payment, previous transactions, the balance, and much more. You may ask: how can he do this? The answer is very simple: using a blockchain aggregator such as Etherscan. Let's work with EXEX to find out what is Etherscan?
How Does Etherscan Work?
Etherscan is a specialized website for a public demonstration of transactions made in the Ethereum blockchain. It is not a trading tool, but a tool for statistics and analysis. It is freely accessible, with no additional registration or waits. Anyone can go in and see the data, which is fully consistent with the principles of transparency and accessibility of information in the blockchain. Of course, it is also possible to register an account, but it is not a prerequisite for access.
The main page consists of standard statistical information about the state of the blockchain: Ethereum coin value, market capitalization, number of transactions and total gas costs, numbers of the last completed and last secure block in the blockchain, listing the last transactions and blocks they were part of, and information about these transactions.
Fetching data
Etherscan offers the most up-to-date data about the Ethereum blockchain. For many users of the network, this service is the most convenient and transparent.
It has the advantage of constantly updating and providing information online. This feature is often used by private investors or large buyers of cryptocurrency. Everyone will be able to track the accuracy of their transaction data, overall network activity, and the movement of funds between known crypto wallets (wallets of exchanges, big whales, or crypto influencers).
Storing data.
Etherscan is considered a secure analytics service. There is no demonstration or storage of data here that is not directly related to statistical information about the blockchain. Of course, the key to the path is the investor's wallet address. However, this is public information that is used to navigate transactions between different entities on the blockchain network. The wallet address does not give you the right to access the funds in it; you have to use a private key to do so. And storing and publishing private keys is not allowed, including in Etherscan.
Producing data
Etherscan is the analytics and statistics of the Ethereum blockchain. The service itself doesn't generate data, it's just a demonstration of available properties. At the same time, Etherscan provides a lot of convenient statistical selections, which help in the analysis and evaluation of market situation: Top Statistics, Etherscan Newsletters, Charts & Statistics, Contract Diff Checker, Top NFTs, and many more.
What can you do on Etherscan?
The main function of Etherscan is to reflect the actual processes in the Ethereum blockchain. It is one of the most popular and accessible tools.
Conditionally, the functionality of Etherscan can be divided into several groups:
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tracking crypto wallet transaction data.
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Tracking data on smart contracts.
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ERC standard NFT data.
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Statistical information about the Ethereum blockchain.
Let's take a closer look at each feature of the service.
How to See Transactions on Etherscan
There are several options for finding a transaction using Etherscan. In The Ethereum Blockchain Explorer search field, you need to enter your choice of data: crypto wallet address, Txn Hash, Block, Token, or Domain Name. You can also set a filter here to search by Address, Token, Website, Name Tags, and Labels.
Information on the operation performed will open Transaction Hash, the status of the operation, the block in which the operation was included, the Timestamp of the transaction, from which wallet the transfer was sent and the recipient's address, the amount of the transfer Transaction Fee and Gas Price of the operation.
Viewing Transaction History on Etherscan
The transaction history is very clear and simple and is published in real time, without delays.
Note the field: Latest Transactions.
This is where all the transactions that take place on the blockchain are collected. Since the Ethereum network is one of the most in-demand in the world, the number of transactions in it is huge. As the network's developer himself, Vitalik Buterin, said, Ethereum can now process about 15-20 transactions per second, but with a full transition to Ethereum 2.0, the blockchain will be able to increase its processing speed to 100,000 transactions per second. That's a huge number, and all of those transactions will be in the public domain, and everyone will be able to see the data on them using Etherscan.
To do this, you need to "fall" inside the transaction by clicking on its Transaction Hash and seeing all the data of interest.
How to Review Smart Contracts on Etherscan
Etherscan allows you to view the data of smart contracts created on the Ethereum network. Especially useful for users and developers of decentralized applications and services.
You can find out the exact address of the smart contract on the official website of the developer project, in cryptocurrency trackers such as Coinmarketcap Coingecko, or in Etherscan, which is responsible for tokens.
Checking Gas Prices on Etherscan
Transaction fees in blockchain are an important component of every transaction and in the overall ecosystem of the network. How to read Etherscan to estimate gas prices? Because Ethereum faced technical issues and high congestion at a certain point in its development, that raised the gas fee significantly, and this information is very important for cryptocurrency users.
There is an entire department dedicated to this analytics: Ethereum Gas Tracke.
Here you can see general data on the price of the transaction with an indicator of high, low or average value. There is also a list of the top 50 most active gas payers, reflecting the information online.
For example, at the time of writing the top 3 are: DEX Uniswap, Stablecoin Tether and zkSynk.
In addition, each wallet will be able to see individual costs for gas. To do this, go to the transaction data and see the line Gas Price.
How to View NFTs on Etherscan
Etherscan publishes information about Ethereum blockchain products, including NFT tokens created using the ERC standard.
There are several subsets of statistics for NFTs: the top collections in the blockchain at the moment, NFT Trades, NFT Transfers, and Mints. This is all important information to help investors in non-fungible tokens, as well as generally characterize blockchain usage activity in this type of token.
How to mint from Etherscan? This is quite realistic. To do this, you need to find the address of the contract and copy it to the tracker, Write the Contract, connect your crypto wallet, enter NFT data, and create your token.
Why should you use Etherscan?
Blockchain aggregator is a highly requested service among users. But why? What is Etherscan used for?
Statistics.
First - Etherscan is a provider of accurate data for investors ranging from private equity to large industry players. Ethereum is the biggest blockchain with smart contracts, many services and market tokens were created exactly due to ERC standard technology: tokens, DEX exchanges, DeFi, and others. Therefore, the delivery of accurate data on this blockchain is in demand for the logical development of the market.
Transfer security.
Many investors want to be sure that the transaction between wallets is correct. Especially when you consider that the responsibility for the movement of funds lies entirely with the sender. Transaction transparency is therefore essential for the practical application of digital assets and the acceptance of cryptocurrencies in general. In addition, the hash of the transaction and the screenshot of the sending often serve as an accounting confirmation of the sending of funds. Both the sender and the recipient can compare the accuracy of the data and receive notification of the transfer.
Accurate data online.
Etherscan delivers Ethereum information online. The speed and speed of the information help many investors adjust their strategy and provide more security for funds online. . Security of funds.
This means that thanks to an open public transaction ledger, suspicious activity can be considered on time. It can be initiated by wallets of crypto projects, exchanges, and famous people who have publicly confirmed the wallet's owner. Transactions that may affect the value of the asset, the balance of funds on the exchange, or the liquidity of the project will be reflected in the rating of all transactions, which means investors can reorient their investment portfolio by taking into account these incoming data.
Whale tracking.
One of the indicators of a possible price movement is the behavior of large investors in the market (so-called whales). The movement of large amounts of cryptocurrency to and from the exchange can indicate a near-term price change.
Conclusion
Etherscan offers a diverse service on the most sought-after blockchain for smart contracts, Ethereum. For many investors, this is essential information that helps to correctly allocate investment risks and increase the profitability of crypto portfolios.
Etherscan does not restrict users by geography. Every investor in Thailand will be able to use this service. And even regardless of Angthong, Buriram, Khon Kaen, Krabi, Krung Thep Mahanakhon (Bangkok), Lampang, Lampoon, Nakhon Sawan, Pattani, Phangnga, Phattkhalung, Samutprakan, Surin or many others, every resident has access to Etherscan statistical and analytical information.