SHOW ALL

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
NFT Tutorials

What is Etherscan And How To Use It?

What-is-Etherscan-And-How-To-Use-It

It is clear that blockchain technology and cryptocurrencies are gaining more and more popularity every day and many wish to keep tabs on particular networks and their overall activity with the right tools. Blockchain explorers, as right tools to the crypto world, are potent solutions to identify transactions, look up wallet addresses, etc. Etherscan is such an explorer for the Ethereum network, although it has much more functionality that goes much further.

What is Etherscan?

What is Etherscan?

Etherscan is a blockchain explorer used with the Ethereum network. Etherscan allows you to search through transactions, blocks, wallet addresses, smart contracts, and other on-chain data. You can even check for public data on transactions, smart contracts, addresses, and more on the Ethereum blockchain. All interactions on Ethereum are public, and, therefore, Etherscan allows you to look through them like a search engine. You can use a transaction hash (transaction ID) to check all related activity, including tokens, smart contracts, and wallet addresses. Although it is one of the most popular Ethereum blockchain explorers, Etherscan is free to use.

If you make use of Etherscan, you may exactly learn how you interact with the blockchain, other wallets, and DApps. Besides, this knowledge can also help you stay safe and spot suspicious behavior. However, Etherscan doesn’t provide you with an Ethereum wallet to use or store any of your private keys. Further, it cannot be used for trading. It only functions as a source of blockchain information and a database of smart contracts. To make transactions or store crypto, you’ll need a crypto wallet such as Trust Wallet, MetaMask, Math Wallet, or Binance Chain Wallet.

All you need to use Etherscan are a wallet address, transaction ID (TXID), contract address, or another identifier to paste into the search field. The information you receive mostly include associated transactions, addresses, timestamps, and amounts. Interestingly, you can also interact directly with smart contracts to make transactions, check gas fees, and search for airdrops through Etherscan.

Why to use Etherscan?

Why to use Etherscan?

If you are looking for the most trusted and popular block explorers for Ethereum, the best choice is Etherscan. However, first you should understand why you need a block explorer like Etherscan to check on-chain information. Having more knowledge of how you interact with the blockchain can help you better understand what’s going on with DApps and transactions. Having this knowledge, you can keep safe and spot suspicious blockchain activities.

For example, whale alerts let you know if large amounts of a cryptocurrency have been moved onto an exchange which suggest you a large sell-off. Further, you can see what the founders of a project are doing with their project’s tokens. This allows you to spot potential scams or rug pulls, when developers abandon their projects and sell their coins.

How to track transactions on Etherscan?

How to track transactions on Etherscan?

One easy way to track a transaction through Etherscan is to use the transaction ID. In the case you do not have the transaction ID or even you have no idea where to find it, you may enter one of the two wallet addresses involved in the transaction to get the ID. Etherscan will depict the details such as transactions, balances, etc. as soon as the transaction ID or address is added into the search bar.

The information provided regarding a wallet address is based on the ETH balance and its corresponding USD value. However, the platform also supports the numerous ERC-20 and ERC-721 tokens on the blockchain, which can be found in the “Tokens” field.  If you aim to look up a wallet or transaction ID, you get access to all details you need. For example, every transaction has the TxHash, the block number, when it took place, the sender and recipient, its value and the transaction fee.

Here we show you the steps to check a transaction and see if it has been sent successfully.

1. Go to the Etherscan homepage and look for the search field at the top of the page.

2. Next, copy and paste the transaction ID (TXID) into the search field and press the search icon.

3. Now you can see all the details regarding your specific transaction:

4. For more detailed information, press the [Click to see More] button. The default display offers the data to check if the transaction was successful and received enough confirmations. You could also check the status of your transaction by taking a look at the receiving wallet.

For this, you’ll need to go back to the search bar and paste the receiving wallet address. You will get all the information on a click. At the bottom of the page, the list of all transactions associated with the address is shown:

In shows the receiving end and out shows the original wallet. At the top of the page, you can also see an overview of the wallet’s balance.

Gas price tracker

The Ethereum network uses gas, paid in Ether, to complete transactions. These fees change depending on the block that your transaction is included in. Each block has a set fee that depends on the network traffic. There is no upper limit on transaction gas requirements, as network congestion defines the amount. Thus, a higher gas price equals a higher transaction cost. Moreover, transactions with lower gas prices can fail, as miners may not pick them up.

The gas tracker on Etherscan suggests the difference in price and time at varying gas prices. It’s a useful tool to predict roughly how congested the network is and how much you’d likely need to pay to send a simple transfer or interact with a more complicated smart contract. Lower fees are beneficial to all users, however not practical due to n the network congestion at the time. If gas fees are adjusted in wallets using this gas tracker, users may have their transfers completed quicker.

Finding airdrops with Etherscan

Finding airdrops with Etherscan

A new extra feature integrated into Etherscan lately is support for current airdrops on the Ethereum network. Although it is not possible for users to claim airdrop tokens from every campaign, it provides an overview on ones that are currently active. Each airdrop will have its own rules to participate in that you can view in the Details column. You can find the airdrop list by heading to https://etherscan.io/airdrops.

 There are further features with Etherscan and the following includes the most beneficial ones:

  • Token Overview

Ethereum supports the ERC-20 and ERC-721 tokens standards. Users may choose to use Etherscan to find the top tokens for each standard, their contracts, trading volume, price changes, market cap and the number of holders. A click on a token shows it it in more detail, to see transactions or other features.

  • The Verified Contracts Section

One important feature on Etherscan is the Verified Contracts segment. Etherscan is able to show all smart contracts with a verified source code on the Ethereum blockchain. However not all smart contracts fall into this category, still it makes it easier for users to determine if they should interact with a specific contract.

Is Etherscan compatible with NFTs?

To your interest, non-fungible tokens are incredibly popular on the Ethereum blockchain. Both users who buy these NFTs and owners of NFTs can see their assets on Etherscan as a token and not as the actual art associated with the token. In this case, users may use other services, such as the OpenSea marketplace, to see the whole art. As Etherscan has no functionality to depict the art, it only shows the token ID, the project it belongs to, its transaction record, and the smart contract interaction.

A final word

Etherscan is free of charge and straightforward to use, and it’s a great tool to gain more information than wallets or exchange can offer. Etherscan is also the basis for other block explorers like BscScan, making it easy to use similar services. Whether you want to confirm a transaction’s status or look at your favorite DApp’s smart contract, Etherscan is a good choice to take.

It is clear that blockchain technology and cryptocurrencies are gaining more and more popularity every day and many wish to keep tabs on particular networks and their overall activity with the right tools. Blockchain explorers, as right tools to the crypto world, are potent solutions to identify transactions, look up wallet addresses, etc. Etherscan is such an explorer for the Ethereum network, although it has much more functionality that goes much further.

About Tiffany Ellis

She is a smiley curious writer from the USA. She loves Cryptocurrencies, Arts an also NFTs.

SHARE:
Latest NFT News, Trendings and Tutorials, right in your inbox, every Monday

IMPORTANT DISCLAIMER: All content provided here in our website, hyperlinked sites, social media accounts and other platforms are for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them.

Recommended Posts

Leave a Reply

Your email address will not be published. Required fields are marked *