Most of you might know that blockchain technology provides transparency like no other technology. But very few of them know that users can track the status of every transaction on a blockchain network without the help of a third-party application. A blockchain explorer can make this happen along with many other features. Let’s learn more about blockchain explorers.
What Is A Blockchain Explorer?
A blockchain explorer has a similar function to that of search engines that allows users to find both basic and advanced information on various topics. Blockchain explorers are search engines to provide data regarding blockchain networks. They provide both historical and real- time data. You can view transaction status, the number of confirmed transactions, the transaction history of a particular wallet address, etc.
How To Monitor Crypto Transactions?
Even though crypto transactions seem interesting, many people have confusion and doubt regarding the details of these transactions. They raise the concern that if they do not receive the money or if the recipient does not get the money you send. The first thing you must understand is that there can be variations in the processing time in each blockchain. A blockchain explorer can help you find out if the transaction was properly executed on the network.
Each blockchain explorer will be working alongside a single blockchain. Therefore, if you search for a transaction in any other explorer, it will give you wrong information or won’t show any results. Some of the famous blockchain explorers are blockchain.com, etherscan.io, bscscan.com, polygonscan.com, etc.
Why Do You Need A Blockchain Explorer?
A beginner may find a blockchain explorer to be confusing as they provide a lot of data. It may not make sense at first glance, however, when the user gets to understand more about reading these data, everything seems meaningful. Thus blockchain explorer becomes the assistant of every user to learn more about cryptocurrencies and blockchain.
For example, when a new block of Bitcoin is mined, it will be instantly added to the whole network. With a single click on a particular block, the user can get more details regarding the block size, the information regarding its discovery, and the transactions in the block.
A blockchain explorer will also be valuable when the user wants to learn about the rewards the existing block has distributed to its miners who have succeeded in solving the hash code of the block. Even though these details may not be important for all, it is a wonderful method to find out the mining process of cryptocurrencies and the way they are distributed.
The blockchain explorer you use may also provide additional features like providing charts and statistics related to that particular blockchain network. You can find the below details from an efficient blockchain explorer.
● Find the blocks recently mined on the blockchain
● Transactions in the already mined blocks
● History of a particular blockchain address
● Find the receiving address and the changes made to the address
● Mempool status to find the total unconfirmed transactions on a day
● Double-spend transactions in the last 10 minutes
● Number of orphaned blocks
● The mining pool behind the mined block
● Find the genesis block of a blockchain