Ethereum is a decentralized distributed public blockchain that offers a peer-to-peer network for securely executing and validating smart contract application code. Ethereum network participants can do various transactions with one another using these smart contracts in an autonomous manner (without the need for a reliable central authority). Ether, a decentralized digital currency known as ETH, is the native cryptocurrency of the Ethereum blockchain. The Ethereum network is powered by ETH, a tradeable cryptocurrency with a lot of utility, which covers transaction costs and processing costs.
What Is Etherscan?
Etherscan is a blockchain explorer used to visualize and trace data transparently on the Ethereum blockchain. The Ethereum blockchain features transparency, and Etherscan is integral to this value proposition. Etherscan enables users to trace public addresses, address balances, transactions involving smart contracts, contract addresses, and the content of each transaction block on the blockchain. There are several blockchain explorers aside from Etherscan, examples are Solscan, Bitcoin Block Explorer (Blockchain.com), Near Explorer, Polygon Scan, etc. These blockchain explorers reflect various data from the blockchain API (Blockchain Nodes) like transactional data, smart contract data, public address balances, etc. Etherscan blockchain explorer can be construed as the Google of Ethereum blockchain. Etherscan blockchain explorer enables users to search for recorded and verified real-time information on the blockchain public ledger, including information about blocks, transactions, addresses, tokens, etc.
Etherscan displays all activity and analytics on the Ethereum blockchain. Etherscan blockchain explorer can be used to trace Ethereum blockchain data on tokens, nfts, contract addresses, public addresses, public address balances, transactions, and smart contracts. The Ethereum blockchain token standards, ERC tokens contract addresses, information on tokens like token auditions, and other information regarding tokens in the Ethereum ecosystem can also be traced using the Etherscan blockchain explorer. You can view the amount, value, and transactions made through a specific address by typing it into the Etherscan search box. Users unfamiliar with the blockchain can see complex transactional data using Etherscan, which transforms it into prose that is simple to understand.
Ethereum public ledgers are in sync with Etherscan, which mirrors the transactions on the Ethereum blockchain and is then available to the public and can be accessed on Etherscan.io. All Ethereum blockchain data is transparent and can be tracked on Etherscan.
Etherscan is neither a cryptocurrency exchange like CoinEx or Coinbase nor is it a decentralized wallet like Trust Wallet or Metamask. Your private keys are not required for Etherscan to carry out any operations or to track any transaction on the Ethereum blockchain. Etherscan is just simply a copy of the Ethereum Ledger, which is used to facilitate Ethereum blockchain transparency. Etherscan is not liable for any unresolved blockchain transactions.
What Is Etherscan Used For?
Etherscan website services are absolutely free to use and include a variety of tools, lists, and analytical graphs. The Etherscan blockchain explorer also includes Application Programming interfaces (APIs) for integrating real-time data from the Ethereum blockchain into third-party tools and decentralized applications. Blockchain enthusiasts and developers can learn more about the blockchain's operation with the help of Etherscan. Blockchain enthusiasts and developers can use Etherscan to understand how users engage with decentralized applications and the transactions they make. Data and analysis on tokens in the Ethereum ecosystem can be obtained via Etherscan, including information about a token, like the token contract address, the number of public addresses currently holding the token, the token market capitalization, total supply, circulating supply, etc.
The Etherscan blockchain explorer can also be used to obtain additional useful information about a token, such as the number of holders, the percentage of top holders, token audition, and much more, to ensure its transparency. Etherscan identifies fraudulent tokens by identifying audited tokens. Below are some listed functions of Etherscan blockchain explorer:
- Validate smart contracts
- Monitor and track transactions on the Ethereum blockchain
- Use the Etherscan gas tracker to calculate Ethereum gas fees
- Verify token audition and view source code
- Check the Ethereum tokens stored in a public wallet address
- Watch actual transactions on the Ethereum blockchain in real-time
- Track the number of smart contracts that a user has approved using their wallet
- Verify tokens contract addresses.
- Identify top public address balances on a particular token to avoid a rug pull scam.
- Verify token total and circulating supply, token market capitalization, and other token data.
- Tracking Transactions on Etherscan
The Etherscan website (Etherscan.io) has a search textbox for looking up transactions (txns). Each transaction has a digital signature that is represented by a transaction hash. Transaction hashes are available for a variety of operations, including sending tokens, creating NFT, selling tokens, trading tokens, and more. To track your transaction on Etherscan, copy a transaction hash of a transaction into the search textbox and search. The full transaction information, including an overview, the ETH balance, tokens balances, the addresses involved in the transaction, the gas fee (also known as the transaction fee), etc., are displayed by Etherscan. When a user enters a public address in the search textbox on Etherscan, Etherscan returns all transactions that have occurred on that address as well as any addresses it has interacted with, along with their corresponding transaction timestamps and other relevant data about the public address.
Etherscan Gas Tracker
A feature of Etherscan called a "gas tracker" enables users to keep track of the most recent gas fee on the Ethereum network. Every transaction made on the Ethereum network requires a gas fee, which is also known as a transaction fee. The cost of Ethereum gas varies according to network congestion. Users making transactions on the Ethereum chain compete with each other to have their transactions processed faster (added in the next block), raising the average gas price. As a result, some transactions fail and others are delayed. Etherscan gas tracker is used by Ethereum network participants to track the recent gas fee considering how volatile these fees are.
In conclusion, Etherscan is important to the Ethereum ecosystem because it reflects all of the activities on the Ethereum blockchain. One of the most important features of the Ethereum blockchain is transparency, which is made possible through Etherscan blockchain explorer. Gas tracker is a unique feature of Etherscan, Etherscan gas tracker gives real-time gas rates in the Ethereum blockchain