If you're serious about crypto then you'll no doubt want to know how to use a blockchain explorer to get a closer look at the various ecosystems you interact with. Blockchain explorers are tools that help users to analyze cryptocurrency transactions. In a way, tools like BlockCypher, Etherescan and Metatime's MetaExplorer can be considered search engines for blockchains, and will provide insights into any transaction or wallet address that exists.
Users can explore the entire history of a blockchain's transactions thanks to their decentralized nature. Blockchains are distributed, public ledgers, and while individual wallet addresses are anonymous, the transactions they make and the amounts involved are not private.
Why Use A Blockchain Explorer?
Professional researchers often use blockchain explorers to study crypto trends, but individuals and businesses may also find them helpful for many purposes. They're similar to a bank statement in many ways, but go above and beyond in terms of their flexibility.
One of the main reasons people use an explorer is to check on the status of a pending transaction, so they can get an idea of when it will be confirmed. It also provides a way to look at any wallet addresses' transaction history, including detailed information such as all of the other wallets it has sent or received funds from. Furthermore, the explorer will reveal exactly how much funds are held by any wallet. Security researchers often investigate this type of information in an attempt to recover funds stolen by hackers, or at least identify who was responsible.
Another reason to use an explorer is to obtain technical information about a blockchain, such as its hash rate, current gas fees, transaction volumes and block difficulties. They also reveal which miner published a specific block, and provide insights into future blocks that have not yet attached to their parent blocks.
Using A Blockchain Explorer
There are many different kinds of blockchain explorers, but they all work in a similar way. The main differences regard which blockchain they support, though some may have unique features too.
Generally, there will be a search field for pasting wallet addresses, transaction hashes or block numbers to obtain information about these things. So, if you want to check on the progress of your most recent transaction, simply paste the transaction hash or ID and it will reveal its current status, whether it is still pending, has been successful, or failed.
To find information on a wallet address, simply paste this into the search bar and it will reveal the entire transaction history associated with it, including the amounts sent or received, the other wallets involved in those transactions, and also the times and dates the amounts were sent.
To see all of the transactions that were included in a specific block, simply paste the block number into the search field.
Block explorers are extremely useful tools that can dig up many kinds of insights into the different parts of a blockchain ecosystem.
Some Useful Blockchain Explorers
Blockchain.com Explorer: This is one of the most popular tools for researching Bitcoin transactions. In addition to letting users check addresses, blocks and transactions, it also offers charts relating to Bitcoin's activity, such as its block size, hash rate and transaction volume.
Besides Bitcoin, it also supports other popular chains such as Ethereum, Polkadot, Cardano and Binance Chain.
Etherescan: It's widely regarded as one of the best explorers for Ethereum, and is regularly used by traders and researchers who want to analyze its enormous ecosystem, which encompasses DeFi, NFTs and more. It can be used to track token movements, check for Ethereum gas prices, study the behavior of known "whales" (people who hold large amounts of ETH), read the notes associated with transactions and more besides.
The team that created Etherscan recently launched a second tool called Beaconscan that can help researchers study ETH staking.
MetaExplorer: Designed to work with the ambitious Metatime ecosystem, MetaExplorer allows anyone to scan the transaction history of MetaChain, which is an up and coming blockchain that will support an extensive ecosystem that includes DeFi, NFTs, an exchange platform, a launchpad and many other kinds of services.
It stands out from other explorers because it allows users to make queries that are specific to a particular project within the Metatime ecosystem. The project is considered by Web3 enthusiasts to be one that's worth watching closely, given its huge ambitions and the fact that it recently announced the commencement of its first private token sale.
BlockCypher: An open-source explorer that offers an array of useful search tools, paired with a user-friendly interface that's ideal for beginners who're just getting started in blockchain analysis. BlockCypher is useful mostly because it supports multiple blockchains, including Bitcoin, Ethereum, Dogecoin, Litecoin, Dash and others.
Tokenview: An even more comprehensive blockchain explorer, Tokenview is compatible with Bitcoin, Ethereum, Litecoin, USD Tether, Bitcoin Cash and dozens more. It also supports a staggering 120 blockchain hash searches, and allows users to look at the inner workings of the most complex smart contract transactions.
Another benefit of Tokenview is that it is available in French, Chinese, Japanese, German, Spanish and other languages, making it a useful tool for those who don't speak English.
Transparency For Blockchains
Using a blockchain explorer, everyone is able to check the status and history of any blockchain, even if they don't possess any coding or technical skills. As such, explorers are an essential tool for enabling the transparency of blockchain ecosystems.
When you learn how to use a blockchain explorer, you'll be able to keep yourself informed of your transaction's status, the current level of gas fees, how long a transaction is expected to take and lots of other things that most users aren't privy to.
