What is etherscan? (All you need to know)

What is etherscan? (All you need to know)

What is etherscan? (All you need to know)

Etherscan is the leading block explorer for the ethereum blockchain.

In this post, I will try to explain what etherscan is as simply as I possibly can.

Before I go in to what exactly etherscan is, let me remind you exactly what ethereum is about.

What is ethereum?

Ethereum(ETH) like bitcoin runs on blockchain technology, but ethereum and bitcoin are very different.

To really understand ethereum, you must understand how the internet works.

These days our personal data, passwords & financial information are stored on cloud servers owned by big companies like google, facebook, we trust them to keep our data safe (or we have to trust them), but a hacker or government can gain access to those information, meaning they can steal or change those information.

Ethereum has the aim of replacing these internet third parties with thousands of computers around the world called “nodes”.

Table of contents

1. Etherscan

2. How does etherscan works?

3. Why was etherscan created?

4. What are the uses of etherscan?

5. How to use etherscan

6. Conclusion

Etherscan

Etherscan is the leading block explorer for the ethereum blockchain.

This block explorer is almost like a search engine, it allows users to easily confirm, validate transactions that has taken place on the ethereum blockchain.

That means if for example, someone sends you an ether, you can easily use etherscan to confirm the said transaction.

How does etherscan work?

Etherscan basically makes the public ledger of the ethereum blockchain indexable and also searchable.

By entering an ethereum address into the etherscan search box, you can view the balance, value and all the transactions made through that address.

The information that are listed by etherscan are:

i. Txhash (transaction hash)

ii. The number of the block in which the transaction was recorded.

iii. The duration of time since the transaction was confirmed.

iv. Who it was from.

v. The total transaction fee.

The txhash (transaction hash) can be used to track and trace the status of a transaction.

If you past the transaction hash into the search box, all the transaction details will be shown. For example:

i. Whether the transaction was successfully sent or failed.

ii. The block height

iii. The value of the transaction

iv. The exact units of gas that were used.

v. The actual cost

vi. The number of transactions.

Why was etherscan created?

Etherscan was created to facilitate blockchain transparency and accessibility.

The team behind etherscan created the platform as an independent entity whose mission is to facilitate blockchain transparency.

Etherscan does not store people’s private keys and it has no control over transactions that take place.

It is also unable to troubleshoot transaction failures.

What are the uses of etherscan?

Etherscan can do the following:

i. Search transaction histories

ii. Include token transfer

iii. Contract extension of any address

All you have to do is paste the address into the search bar and the address details will appear.

Etherscan provides information on the balance of ETH at the address, it’s current value in US dollars and the total number of transactions made to and from the address.

How to use etherscan?

To use etherscan is very simple, like I earlier said, it is basically a search engine for all transactions made on the ethereum blockchain.

You simply paste the address into the search box.

The transaction tab displays all the transactions that have gone in and out of the address.

Conclusion

Etherscan is a very useful resource for all ethereum network users to track transactions.

It is easy to register and also it is completely free to use.

Thank you for reading this post, I hope I have helped you understand what etherscan is….. leave your comments below and also questions if you have any.

Please don’t forget to share with your friends.

Read my post on bitcoin mining in Nigeria

Read my post on how to make money with Bitcoin in Nigeria

 

 

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