Beginner’s Guide to Cryptocurrency Block Explorers
The Inherent Transparency of Blockchains
Blockchain is an immutable, distributed, decentralized, and secure digital ledger. As this digital information is accessible to anyone on the Internet, it becomes transparent and incorruptible. In a blockchain, once a transaction is validated through a consensus process, it is also committed to all network ledgers. These ledgers are distributed databases that store the information recorded from a transaction. Transparency is inherent in a Blockchain network.
It is easy to misunderstand what transparency means on the blockchain. It does not mean that all information regarding every single user is open for all to explore. Instead, transparency insinuates that if one knows how to navigate a blockchain, they can deeply understand the network.
To understand the blockchain’s inner workings, to look into its transparency, we have platforms called Block Explorers. They are the windows through which we can peek into any blockchain.
What is Block Explorer?
A block explorer is a tool that people use to view all cryptocurrency transactions online. Specifically, with a block explorer, one can view all current and past transactions on the blockchain. An explorer establishes the inherent transparency of the network. With the help of an explorer, one can get information regarding any aspects of the network.
For instance, one can look at the transaction status of any particular transaction, i.e., confirmed or unconfirmed. They can look at the network’s Hash rate, understand the standings of any of the addresses, or look into the network’s history. One of the advantages (or disadvantages) is that you can look at their entire history if you know who owns a particular address. What is their balance, which they sent transactions to, where have they received it from, and so on?
In essence, a block explorer represents a one-stop platform for viewing a particular blockchain and checking data. It provides you with all the necessary information on any particular blockchain.
What Can Be Found in a Block Explorer
Like how you use web browsers to browse through the Internet, block explorers allow one to browse the blockchain. They are search engines made specifically to search the blocks of a blockchain. Block explorers can also work as a search tool effectively for transaction IDs and wallet addresses. It has become a highly reliable tool that people dealing with cryptocurrency depend on for any information.
How to Navigate a Block Explorer?
All Block explorers in the market usually supply that same information. It is easily perceivable, and once you understand a particular explorer, it’ll be easy to understand the rest of the explorers of any particular cryptocurrency as well.
Let us look at a simple Bitcoin block, as seen on Blockexplorer.com.
- From Address – These are the addresses from which the transactions were initiated. Using Block explorer, you can click on any of the addresses and look into their particular address.
- To Address – These are the addresses to which the transactions are being sent. The addresses also can be further evaluated by looking into their transactional history.
- Block Hash – The Block hash is the unique identification number given to a particular block. The hash of the current block will be later linked to the next block to maintain continuity.
- Confirmations – The number of confirmations states the number of blocks mined after this particular block. Confirmations are essential because they represent confidence miners have shown. If a block does not have sufficient confirmations (at least 4), it could mean that no other blocks have been mined on it.
- Total Amount – The total amount of Bitcoins being sent on this particular block
- Block Summary – Block Summary contains the rest of the information pertained in a block. Block summaries vary from one platform to another. They usually throw extra light on the matters relating to the block.
- Number of transactions on the block
- Estimated transaction volume
- Transaction fees
- Total coins that were transacted
- Block reward, weight, size, version
- Who mined the block
- When the block was mined
- Nonce, Merkle Root
- Hash of the current block
- Hash of previous block and hash of next block
Additionally, you can also view the statistics of the entire network with an explorer. Explorers such as Bitinfocharts.com provide information like Richest Address, Average Block time, Network Hash Rate, and dozens of other details.
Best Explorers out there
For Ethereum and ERC Tokens
Other Important Explorers
Other Engaging Explorers