Etherscan – Helping to Support A Vibrant Ethereum Ecosystem

Beginner’s Guide / 04.03.2021

Etherscan is an independent blockchain explorer that has seen considerable growth in-line with the overall expansion of Ethereum’s ecosystem. The platform functions kind of like a search engine for the Ethereum blockchain. Anyone can use this protocol to research, confirm, and validate transactions that have been confirmed on the Ethereum blockchain. The platform provides an easy way for regular users to navigate the distributed network. Consequently, its regarded as one of the most valuable resources available to Ethereum network participants.

What Problems Does Etherscan Attempt to Fix?

Etherscan serves a valuable role in the market. The platform offers users a reliable way to access vital information on the network and its subsets. Notably, Etherscan is exclusive to the Ethereum ecosystem. Users can leverage this powerful explorer to track transaction information, check smart contracts and critical research statistics. In this way, Etherscan does its part to support blockchain transparency.

More Valuable than Ever

Given that Ethereum is by far the largest and most robust Dapp ecosystem globally, it’s no surprise that Etherscan is now more valuable than ever. The platform first rose to stardom during the 2017 ICO rush. Notably, Ethereum was a major factor in this movement. There are well over 200,000 tokens that reside on the Ethereum blockchain at this time.

Additionally, this year has seen another major push in terms of Ethereum-built platforms. The explosion of DeFi (decentralized finance) has propelled this resource back into the spotlight. DeFi seeks to transform traditionally centralized financial applications into decentralized equivalents. Etherscan plays a pivotal role in allowing users to confirm essential data on these networks.

Independent

One of the biggest draws for Etherscan is its independent nature. Etherscan is not associated with the Ethereum Foundation directly. This independence is crucial because it allows anyone to view and confirm transactions independently and without influence from the network. Notably, Etherscan does not process transactions or offer any Ethereum features. Instead, it merely provides valuable blockchain data in real-time.

Easy-to-Use

Etherscan is free to use and requires no registration. This approach has also proved to be a contributing factor to its popularity. Anyone can find out more details about a relevant project simply by entering an address into the search box. Users can discover vital statistics such as the balance, value, and transactions made through a specific address.

Benefits of Etherscan

There are a lot of benefits Etherscan users enjoy. This collection of web-based tools simplifies exploring the public Ethereum network by removing all technical barriers. The platform is easy to navigate and only takes seconds to produce the desired results. You can scroll through valuable data such as an address’s transaction history, growth chart, and coin supply. You can also utilize the protocol to find network information charts and mining information stats.

Confirm Transactions

One of the most popular uses of Etherscan is to confirm a transaction’s status. Every ETH-based transaction includes a TxHash. This can enter this address into the Etherscan explorer to track and trace the status of any transaction. Notably, you can then check the TxReceipt status to determine whether your transaction was sent or failed.

The data revealed by Etherscan is complete. You can see valuable information such as the block height, the transaction’s value, how much gas the transaction required, the actual cost, and even the number of the transaction sent from the sender’s address.

How Does Etherscan Work

Etherscan can provide this in-depth knowledge due to its technical characteristics. Importantly, Etherscan operates as a read-only interface to the Ethereum blockchain. The protocol indexes and then makes searchable all actions on Ethereum’s public ledger. This information includes all transaction histories, token transfers, and smart contracts.

Watch List

Etherscan is also a great way to monitor a particular address on the network. The watch list feature will automatically send an email detailing any transactions made by addresses you add to it. This can then use these addresses for portfolio tracking or monitoring. One common use for this feature is Whale watching. Whales are wallets that hold large amounts of crypto. Monitoring their movements can help you to avoid market fluctuations.

Account Details

Every Ethereum transaction is assigned a TxHash. Searching for this data also reveals the number of the block in which the transaction was recorded, the time since it confirmed the transaction, the sending and receiving addresses, the value sent, and the total transaction fee.

Gas Price Tracker

Another valuable resource Etherscan provides its Gas Price Tracker. Gas is the cost paid by developers to execute their smart contracts. Notably, every smart contract has a corresponding gas price associated with its actions. Unfortunately, market congestion increases these costs significantly. That’s why if you attempt to send an ETH transaction with your gas price set too low, the transaction won’t complete.

API services

Etherscan also offers some API services in the form of data feeds. It can integrate these feeds into Dapps or other platforms to provide real-time statistics on the network’s growth and performance. APIs are popular in the market and provide developers with advanced capabilities.

History of Etherscan

Etherscan was founded in 2015 in Southeast Asia. As an independent research platform, it’s vital to recognize that the Ethereum Foundations didn’t fund Etherscan. Also, in no way is it operated, managed, or influenced by the Ethereum Foundation. In this way, Etherscan provides a higher level of transparency than associated projects.

How to Use Etherscan

Using Etherscan is easy. You first need to head over to their webpage and paste an address into the search bar. This action will pull up valuable information on the address. Hit the transactions tab to see even more statistics on the address in question. The first thing you will notice is the platform shows the balance of ETH at the address, its current value in US dollars, and the total number of transactions.

Etherscan – An Essential Tool for New and Expert Ethereum Users

It would be hard to imagine the Ethereum ecosystem without Etherscan. Every day, thousands of people utilize this independent platform to confirm their transactions and verify new tokens, platforms, and smart contracts. The platform’s overall usefulness and completeness make it one of the premier applications available to users today. As such, Etherscan is set to remain the top Ethereum statistics provider for the foreseeable future.

David Hamilton aka DavidtheWriter is a long time Bitcoinist and cryptocurrency journalist. Currently, he has over a thousand articles published on blockchain technology. His expertise and experience makes him one of the most reputable writers in the sector.