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What Is Etherscan and How to Use It? What Are the Features of Etherscan?

Etherscan is the most reliable tool for traversing through all the public data on the Ethereum blockchain and is sometimes termed “Ethplorer.” This data includes transaction data, wallet addresses, smart contracts, and much more. The application is self-contained and is not endorsed nor maintained by the Ethereum Foundation, which is a non-profit organization.

In order to make the Ethereum blockchain more accessible to the general public, the Etherscan app was created by a group of seasoned developers and industry insiders.

Although Etherscan is a centralized platform, the software does make it easier for anyone to browse across the Ethereum blockchain.

Is Etherscan a Wallet?

Etherscan is not an Ethereum wallet, nor is it a wallet service provider. When searching for the Ethereum blockchain on Etherscan, users do not receive an Etherscan wallet.

Etherscan.io is an independent Ethereum-based block explorer. The Etherscan app is a blockchain transaction log for the Ethereum network that can be accessed by anybody. The software then presents the results like a search engine.

More: What Is the Distinction Between Bitcoin and Ethereum? All You Need to Know.

This allows users to find the details of transactions on the Ethereum blockchain, which may provide someone piece of mind if their transferred monies have not yet appeared in their wallet.

etherscan

While Etherscan can track the activity on an Ethereum wallet address, users will need to link the app to an existing crypto wallet to do so.

You may wonder – Is Etherscan free to use? Yes, Etherscan is absolutely free.

What Are the Benefits of Using Etherscan?

Etherscan is one of the most reputable and popular block explorers for Ethereum. However, it’s more vital to understand why you should use a block explorer like Etherscan to check on-chain information. DApps and transactions can be better understood if you are familiar with how the blockchain works. If you know how to recognize questionable blockchain activities, you might feel more secure.

For example, whale alerts let you know if big amounts of a cryptocurrency have been put onto an exchange. This information may predict a major sell-off, but that isn’t necessarily the case. You can also check what the founders of a project are doing with their project’s tokens. When developers abandon their projects and sell their currencies, you’ll be able to recognize scams or rug pulls.

etherscan

How to Use Etherscan

When it comes to using Etherscan there are various functions that you can employ. Depending on your aims, however, you may not need to use every single tool given on the Etherscan platform. To be safe, I’ll walk you through the complete process of using Etherscan.

1. One function that gives users access to the private keys of another user’s crypto wallet is the search by address function. Considering that everyone’s wallet address is stored openly on the blockchain means that you can examine anybody’s wallet info. You’re undoubtedly wondering what type of wallet info you receive access to when utilizing Etherscan, so allow me to happily break it all down for you. Here is the information you can view when searching by wallet address:

The balance of a wallet tells you how much cryptocurrency is currently stored inside and what its current worth is. A wallet address‘s transaction data lets you see every single transaction that has ever been made from that wallet.

Internal TXNs lets you see every internal transaction that has ever been initiated from a wallet address. Your loans from Etherscan platforms like Compound, AAVE, Cream, Maker, or Curve will be displayed in Loans.

The value of a wallet can be measured in numerous ways using analytics. These metrics include ETH highest balance, ETH lowest balance, US highest balance, and US lowest balance. Etherscan also provides a useful graph showing the balance of a wallet over a chosen time period. Additional charts include Transactions, TxnFees, Ether transfers, and Token transfers.

Comments allow Etherscan users to write comments on someone’s wallet address. These comments can be beneficial to warn others about fraud and unusual wallet activities. Or, you can use it to leave friendly notes, it’s up to you. In addition to all of these features, Etherscan provides its users with a slew of analytic tools.

More: What is Bitcoin? Price, Wallet, Technology And Founder.

2. Search by TXN The Ethereum blockchain’s hash function can be used to locate a specific transaction. A TXN hash is merely a transaction ID. Every transaction on the blockchain is assigned a unique ID, which allows you to search for any transaction that has ever occurred on the blockchain.

If you want to check whether or not a transaction was completed successfully, doing a search by TXN hash is an excellent option. You may find an NFT’s TXN hash by going to OpenSea, picking an NFT, locating the Trading History, going to the Date, and then clicking on the box with an arrow, this will lead you to Etherscan which will reveal the TXN Hash.

etherscan

3. Find a certain person or thing Block is used to search a certain transaction by its block number. The transaction’s block number is referred to as a “block.” The first block height (0, 1, 2, 3, etc.) is the starting point for the sequential numbering of all subsequent block heights. Searching by block height will provide similar data points as searching by txn hash. The only primary difference is the block search will also indicate who mined the block, the difficulty of mining, as well as the size which is defined by the block’s gas limit.

4. Search by Token ID will show you the price of the token, the total supply, the number of holders, as well as any updates that may be related to the token.

5. Search a specific ENS allows you to search an ENS (web3) domain. Searching for these details will lead you to locate the controller of that domain (the account that possesses the authority to update the records of the domain) (the account that owns the rights to edit the records of the domain). When using ENS to conduct an Etherscan search, you can learn more about the domain name’s registrant. This is useful information to have, in case you ever need to move your ENS ownership to another location. You’ll also be able to check when an ENS is about to expire.

Other Features

Etherscan also offers a “gas price tracker”, which is useful because the Ethereum network can suffer congestion difficulties. Congestion drives up gas prices, increases transaction costs and results in some transactions failing. The lower the gas price, the less expensive it is to run and utilize decentralized applications, therefore by monitoring the gas price tracker it’s feasible to change the gas fee before approving a transaction.

In addition, a slew of Ethereum graphs and stats are available to suit the needs of any user type. Data on currency and network information, transaction history, and mining statistics may all be found in these graphs.

More: An Overview of Blockchain Explorers – What Is a Blockchain Explorer?

Closing Thoughts

Etherscan is an easy-to-use, free tool for obtaining additional information on your ethers that your wallet or exchange can provide. For the most basic features, you can rapidly learn to use them in a short amount of time. Due to the fact that Etherscan serves as the foundation for other block explorers such as BscScan, your knowledge will be readily transferrable to other projects. Using Etherscan, you may check on the current status of a transaction or view the smart contract for a DApp you’re interested in.

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