Key Insights
- The crypto industry is known for being transparent, and blockchain explorers play a major role in this.
- Many other blockchains like Solana and Cardano have blockchain explorers, but Etherscan is native to Ethereum.
- This explorer is similar to a search engine and allows users to interact directly with the Ethereum network.
- Etherscan also allows users to view things like smart contracts, transaction details, gas prices, and more.
Transparency is one of the core aspects of crypto and blockchain technology.
The need for this aspect has birthed many powerful tools over the last decade, with blockchain explorers being one of them.
For Ethereum users, Etherscan stands out as one of the most powerful explorers in the industry.
But what do block explorers do? What is Etherscan in particular, and what do you need to know about it?
Here’s a breakdown of everything Etherscan is and what it can do.
What Is Etherscan?
Etherscan is a blockchain explorer native to the Ethereum blockchain.
Think of blockchain explorers as a special kind of tool—one that allows users to search and analyze data on a blockchain.
For Ethereum users, Etherscan offers a semi-user-friendly interface for users to track everything from transactions to smart contracts to token transfers and more.
Etherscan is more like a search engine—a Google of sorts, for Ethereum in particular.
As shown above, the Etherscan homepage looks like a literal search engine, allowing anyone to search for anything on the Ethereum network, from addresses to transaction hashes to blocks and even domain names.
How Etherscan Works?
This tool works by retrieving and presenting Ethereum data to anyone, regardless of their location.
The tool first fetches real-time Ethereum data through an API known as JSON-RPC. For context, JSON-RPC is more like a messenger that allows the service to request data from Ethereum’s nodes.
After collecting this data, Etherscan then organizes it into a database. This makes it easy for it to retrieve and present the information in a digestible manner.
Finally, the collected information is presented to users via a friendly interface where they can easily explore whichever aspect of the blockchain they like.
Below is a snapshot showing transactions on the network, ordered chronologically, or according to the time in which they occurred.
To understand this better, think of the tool as an interface that allows you to query Ethereum’s network for information.
Very similar to searching for information on the internet.
What Can You Do on Etherscan?
Etherscan offers users several useful features for tracking and analyzing data on the Ethereum network.
Here are some of the best things it offers:
1. Exploring Wallet Addresses
Etherscan allows users to search for any Ethereum wallet address and see things like its balance, transaction history and everything else.
This includes Ether itself, other ERC-20 tokens (like USDT, Shiba Inu, Polygon, and others), along with NFTs (ERC721s, ERC1155s, etc).
The above snapshot shows a search using the Shiba Inu contract address (0x95ad…64c4ce) as a parameter.
The service also allows users to drill deeper into any transaction by clicking on the transaction ID (TXIDs).
This allows users to see details from when said transaction happened, who the funds were sent to, even down to how much gas fees were paid.
2. View Transactions and Blocks
Etherscan also allows anyone to view the Ethereum network’s transactions and blocks.
You can look at the network’s performance overall, transaction speeds, gas prices, block confirmations, and much more.
You can even see transaction details contained within each block, like the time it was added and the amount of gas it took to do so.
3. Explore Smart Contracts
Any verified smart contract on the Ethereum network is also viewable. Etherscan allows users to search for specific smart contracts and review their details.
You can see the source code of any smart contract and how many tokens it holds.
This feature comes in handy for developers and auditors who are attempting to dissect smart contracts and understand them better.
The above snapshot shows the popular Bored Ape Yacht Club NFT collection, for example (0x2ee…3691e), along with its smart contracts, bytecode, and so much more.
4. Monitor Gas Fees
Another important feature of this service is the gas tracker tool, which allows users to monitor gas prices in real time.
For context, gas is a fee that Ethereum users pay to interact with smart contracts.
Checking the gas tracker allows users to determine the current fee they might be required to pay for different kinds of transactions.
How to Use Etherscan?
Say you wanted to use Etherscan to perform a task—explore wallet addresses, check transactions, or anything else. Here’s how to go about it:
How to View Wallet Addresses and Transaction History
- Go to Etherscan.io, and make sure to have the wallet address you would like to explore copied somewhere.
- Paste the wallet address (or ENS domain) into the search bar on the homepage.
- You’ll see the wallet’s balance, the tokens it holds, a list of transactions, and other details associated with that wallet.
- Click on any transaction hash (TXID) to see detailed information about the transaction, like gas fees paid and the time of the transaction.
How to Check Gas Fees?
Simply go to the gas tracker page on Etherscan and see the current gas prices for different types of transactions (low, average, or high).
You can then use this information to make decisions about how to conduct your transactions.
How to View and Interact with Smart Contracts?
- Go to Etherscan.io with the contract address of the Dapp or token you would like to track.
Paste the smart contract address into the search bar.
Click on the contract tab to access the code, read or write contract options, the number of tokens deployed, etc.
2. If you wish to interact with the contract, you can connect your wallet (via the “Connect to Web3” option). You can even transfer tokens and perform other tasks, depending on the contract’s code.
Why Should You Use Etherscan?
Etherscan provides transparency, which is in short supply, especially in the traditional finance landscape.
It is great for on-chain analysis in trading and investment, for tracking whale movements and stolen funds, and much more.
Overall, Etherscan remains one of the most invaluable tools for anyone looking to explore the Ethereum network.
