What is Etherscan? – Crypto Trading Guide 2024

Navigating a blockchain can sometimes be very difficult, even for professional traders. However, there is an easy way out and that’s through a blockchain explorer. If you’re an Ethereum user, then one of the best blockchain explorers you can find is Etherscan.

Etherscan is not a new name for many people, but this article will give you an overview of what it’s about. It’ll answer questions like, ‘What is Etherscan?’ and ‘What is Etherscan.io?’

Many crypto traders also ask related questions, like, ‘What is Etherscan for Bitcoin?’ and ‘What is multicall Etherscan?’ This article will answer all these questions and explore what Etherscan is used for.

Understanding Blockchain Explorers

Have you ever tried to search for a specific piece of information among the thousands displayed on a blockchain? What about trying to determine if a particular transaction you’ve made is successful since the recipient hasn’t received anything? In both of these cases, you’ll learn that going through a blockchain can be very difficult and time-consuming when you do it manually.

As such, blockchain explorers were introduced to make this process easier. Blockchain explorers are online tools that allow you to access real-time information on a particular blockchain. These tools allow you to check everything, from the transaction history of an address to other relevant block data.

Simply put, a blockchain explorer makes the information on a blockchain available in human-readable form. One more thing to note is that each blockchain explorer is connected to only one blockchain. This means that you’ll need an Ethereum blockchain explorer to explore the Ethereum blockchain and a Bitcoin blockchain explorer for the Bitcoin blockchain.

Role of Blockchain Explorers in Crypto

With the little information provided above, you should already have some idea about the usefulness of blockchain explorers. Notwithstanding, you’ll see more of them below.

• This tool allows traders to check the status of a transaction.
• A blockchain explorer also makes it possible to discover the total assets held in a crypto wallet.
• Blockchain explorers are one of the best tools for determining technical information regarding a blockchain. This includes the maximum supply, transaction volume, circulating supply, market capitalization, and hash rate of that blockchain.
• This tool allows miners to know if they’ve successfully mined a block on a network.
• If you want to monitor the activities of crypto whales, this is one of the best tools you can use.
• A blockchain explorer can also provide essential information regarding miners and other uses of that blockchain.

Importance of Transparent Transactions

There is a lot of behind-the-scenes action going on in cyberspace, where some platforms take advantage of their users. This has led to a lack of trust between internet users and platform owners. In many cases, users believe that all online platforms covertly steal customer funds or information.

However, all of this is becoming a thing of the past with the invention of the blockchain. The blockchain’s transparency is a core feature that makes all transactions on the platform visible to all users. This means that everyone can see where all funds are coming from and where they are going.

This has built a trustless environment, one where trust is no longer an issue as everything is laid bare. So, transparent transactions are an important aspect of blockchains, and with a blockchain explorer, you can easily explore this feature.

Disclaimer: Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

What is Etherscan?

After all this talk about blockchain explorers comes the need to define what Etherscan is. If you haven’t guessed already, Etherscan is a type of blockchain explorer. In the sections below, you’ll learn what this platform is all about and all that it has to offer.

Definition and Overview

Etherscan is a blockchain explorer for the Ethereum network. It is one of the most popular blockchain explorers out there, allowing users to find their way around the Ethereum network.

This platform was launched in 2015 by Matthew Tan, and it’s one of the longest-running Ethereum blockchain explorer projects. As such, it also has an extensive community of committed users, further adding to its pedigree. The sole purpose of this platform is to provide equitable access to the blockchain data that is available on the Ethereum network.

Etherscan’s Role in the Ethereum Ecosystem

While what Etherscan.io is, it would be important to understand the role of this platform in the Ethereum ecosystem. The first thing to keep in mind is that Ethereum neither manages nor sponsors Etherscan.

This platform is like a search engine that simply indexes the public ledger, which is the decentralized database of the Ethereum network. Hence, its role is to enhance blockchain transparency by indexing the database on this platform and making it searchable.

Features and Functionality

Many traders ask what Etherscan brings to table, leading to the misconception that Etherscan is a wallet. This is not true; hence, it’ll be important to learn more about the features of this platform in this ‘What is Etherscan’ article.

Transaction Search and Tracking

Transactions in Etherscan involve transferring funds from one Ethereum-based crypto wallet to another. With the transaction search and tracking functionality, crypto traders will find it easy to locate and follow the progress of any transaction.

This is possible with the search bar shown on the homepage of this platform. Here, you only need to enter details of the transaction, like:

• The transaction hash
• The sender’s address
• The block
• The tokens involved

With any of this information, Etherscan will be able to provide the transaction that you’re looking for. When this information is provided, you’ll also see other important data, like:

• The gas fee for that transaction
• The sender and receiver details
• The method of transfer
• The transaction hash
• The success status of the transaction and the block confirmations

The success status of a transaction will tell you if it’s a success or not. Transactions with high block confirmations are usually successful and the recipient would have already received the funds.

Address and Contract Information

Are you looking for information regarding the owner of an address or contract? Then you’ve come to the right place, as Etherscan offers this functionality.

When you enter the Ethereum address of a user into the search bar on this platform, you’ll see information like:

• All the recent transactions the owner of that address has conducted
• The ETH balance of the address holder
• Produced blocks from the user
• Recent comments from the user
• Multichain addresses (if there are any)

Token Information and Analytics

A common misconception when guessing what Etherscan is in crypto is that this platform only supports Ether tokens. While this platform only monitors the Ethereum blockchain, it doesn’t mean that it only supports Ether tokens.

Etherscan supports up to 1,251 Ethereum-based (ERC-20) tokens, like:

• BNB
• MATIC
• Cronos Coin
• SAND
• ApeCoin

You’ll find these tokens under the ‘Token’ tab on the Etherscan homepage and when you click on any, it’ll display all available information. This includes important data like:

• The current market price
• Total market supply
• Total transfers
• Circulating market supply
• Number of holders of the token (including their address and the number of tokens they hold)
• Analytical information regarding the token

Disclaimer: Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

Homepage and Basic Navigation

One of the things we are particularly interested in about what Etherscan offers is the user experience. Hence, this section will provide a basic overview of what moving through the homepage of this platform feels like.

Overview of the Etherscan Homepage

The homepage of the Etherscan platform portrays one concept: straightforwardness. Basic information about the Ethereum platform is visible at first glance, like its current price, gas price, market cap, and basic transaction history.

It also shows what this platform is capable of, as there are links and tabs to different sections on the platform. While the homepage might look complex, since it’s displaying lots of information, that doesn’t mean that it’s difficult to navigate.

All controls are intuitive, as long as you’re willing to give the site a chance. There’s also a dark mode and dim light settings for this platform, showing its ability to accommodate users.

Accessing Different Sections

Etherscan’s design makes it easy for users to navigate to various pages on the platform. A visible element on this platform is the search bar, which makes it easy to search for information regarding addresses, tokens, etc.

With drop-down menus, the other features of this platform are visible in the header. There, you can discover developer information, transaction information, NFT data, token data, site tools, etc. You’ll also find a link to the Ethereum mainnet.

When you scroll down to the bottom of the homepage, you’ll find links that help explain what Etherscan is. You’ll see an About page, a careers page, privacy information, API documentation, and social media handles.

Searching for Transactions and Addresses

Sometimes, a search for a particular transaction brings the wheel to what Etherscan offers. This is because this platform is a popular option that’ll come up when you search for solutions for tracking Ethereum transactions.

Using Transaction Hashes for Tracking

A transaction hash is like the ID of a transaction on a blockchain. This long list of alphanumeric characters is useful when tracking the progress of that transaction. So, when you enter a transaction hash in the search bar of the Etherscan page, it’ll display lots of useful information, like:

• Sender’s address
• Receiver’s address
• Transaction fee for the transaction
• Gas limit
• Transaction timestamp
• Block
• Gas price

Exploring Wallet Addresses

With the input of a wallet address, Etherscan makes it possible to backtrack and discover all transactions related to that address. You’ll be able to find recent transactions from that address, the ETH coins in that address, their age, and other transaction data.

Disclaimer: Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

Exploring Contract Interactions

If you’re looking for how to survey smart contracts and Dapps, many search results will still have you asking, ‘What is Etherscan.io?’ This is because this platform is one of the best choices for this purpose. Below, you’ll learn about all this, along with the answer to the question, ‘What is multicall Etherscan?’

Viewing Smart Contract Details

There are numerous smart contracts on the Ethereum platform, but with Etherscan, you can find the one you need. Under the ‘Developers’ tab on the Etherscan homepage, you’ll find the ‘Smart Contract Search.’

Enter the code of the smart contract that you’re curious about, and you’ll find information like:

• The block number of the smart contract
• It’s creation date
• The deployer address of the smart contract

You might have also heard people talk about multicall Etherscan. Multicall is a feature that reduces the cost of executing a smart contract, and Etherscan also allows you to track this feature.

Tracing Token Transfers and Dapp Interactions

Do you want to know who’s buying what token on Ethereum? Then head to the ‘Tokens’ tab on the Etherscan homepage and click on ‘Token Transfers’.

This will show you all recent token transfers, the recipient’s and sender’s information, value, time of transaction, etc. If there are any recent Dapp interactions on the Ethereum network, you’ll also find their information here too.

Transaction Information

The hunt for basic transaction information leads to what Etherscan offers. With this platform, you can discover the essential information about any Ethereum transaction, as shown below:

Sender and Receiver Addresses

When you search for a transaction using the search bar, you’ll find the ‘From’ and ‘To’ sections. The ‘From’ section represents the sender’s address and the ‘To’ section shows the receiver’s address.

Gas Fees and Gas Limits

Another piece of information that you’ll find among the transaction information is the gas fees paid for that transaction. You’ll also see the gas limit, which is the highest amount that the sender wants to pay for a transaction.

Transaction Status and Confirmation

This may perhaps be the biggest inducer of the ‘What is Etherscan?’ questions. When you open the information about a transaction, you’ll immediately notice if it’s a success or not based on its status.

On the side, you’ll also find the number of confirmations from nodes that the transaction has received. A higher number of confirmations means that there’s a high chance that this transaction will be a success.

Transaction Hash and Block Confirmation

People who are curious about their transaction confirmations also refer to what Etherscan offers. After all, this platform is one of the select few that can show that, and you can know this below:

Exploring Transaction Hashes

It’s a given that you’ll be able to explore transaction hashes, considering our answer to the question, ‘What is Etherscan used for?’ Since Etherscan is used to find transactions, the transaction hash is like an index that points to it.

You can enter your transaction hash in the search bar to discover all the information about that transaction. All transaction hashes are unique, so you won’t have any conflicting ones.

Confirming Transactions on the Blockchain

When you open the information regarding a transaction on this platform, you’ll see how many nodes have confirmed it. This is shown as the block confirmation number.

Disclaimer: Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

Monitoring Token Transfers

The search pattern of many Ethereum traders comes down to Etherscan.io when monitoring tokens on the platform. This is because the Ethercan website possesses this functionality.

Tracking ERC-20 Token Transactions

You can decide to enter a token from the search bar or go through the ‘Token Transfers’ option under the ‘Tokens’ tab. There, you’ll find the numerous tokens supported by this platform, and you can choose the one you’re looking for. When you select a token, you’ll see all recent transactions related to it, along with its sender and receiver.

Checking Token Balances and Transfers

Although this feature might look overpowered, it’s another reason why traders search for the Etherscan platform. When users search for information regarding a token, they’ll also see the amount stored in various wallet addresses. Among the information shown is the amount transferred from each wallet.

Etherscan APIs and Developers

If you’re a programmer who is discovering what Etherscan brings, you should also know about APIs. The Etherscan API is a programmer’s friend, as it allows users to interact with this platform through code. You’ll learn more about this below.

Accessing Blockchain Data through APIs

To access the services of the Etherscan API, you need to subscribe to one of the plans on this platform. There are five plans in all, all of which offer features that make them stand out.

The table below compares all plans.

Subscribing to any of these plans will give a developer access to the block explorer data on this platform through GET/POST requests.

Building Applications with Etherscan API

What Etherscan.io offers is more than a search platform. The API package is a must-know for programmers and developers. Hence, this section will offer a simple guide on how to build applications with it.

1. The first step when you want to build an app with Etherscan’s API is to create an account on this platform.
2. After creating your account, the next step is to get an API key. You’ll find this on your dashboard under a tab called ‘API-KEYS.’
3. Click ‘Add’ to start a new project and enter the name of your key. With this, you can get started building your applications.

Disclaimer: Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

Etherscan and DeFi

The Ethereum network is popular for its wide array of smart contracts and decentralized financial applications. However, searching for a particular DeFi app has led people to also ask, ‘What is Etherscan?’ The reason for this is simple: Etherscan makes it easier to search for a particular DeFi protocol, and you’ll see how below.

Exploring DeFi Protocols and Activity

When traders ask what Etherscan is used for, it comes as a surprise to see that this platform supports DeFi activity. To search for the DeFi protocol associated with a particular token, you need to search for that token via the search bar. When you click on that token to access its financial information, you’ll also find the DeFi protocols attached to it.

Checking Yield Farming and Staking Transactions

Providing liquidity to DeFi protocols allows many traders to earn extra cash on the side, a process called yield farming. You can search for accounts that are engaged in yield farming and determine the amount earned using the search bar. Enter ‘Yield Farming’ and all accounts and tokens associated with this earning venture will be unveiled before you.

Security and Privacy Considerations

Still on what Etherscan.io is, security is an important factor that comes to mind. Etherscan is a platform that invests a lot in protecting its customers. Blockchain security and encrypted network connections are protecting the platform.

The Importance of Keeping Private Keys Secure

There is a lot of misinformation regarding what Etherscan is. Hence, one thing you need to know is that this platform doesn’t protect your private keys. That is left to you, and there are many reasons why you should take this seriously:

• Private keys are the locks safeguarding your crypto assets from the public eye. So, losing it will mean losing all those assets.
• An insecure private key can result in identity theft, where others assume your identity to steal your assets.
• The private key is needed to authorize transactions regarding your account.

Safely Using Etherscan Without Compromising Privacy

So, now you know what Etherscan.io is. But do you know how to use this platform safely? This section will show you how.

• Do not share your account details with anyone.
• Ensure that you only access your account from a trusted internet source, not a public WiFi source.
• Do not share your private keys with anyone.

Do not use any web crawler or scraper to access this platform, to prevent your information from being leaked.

Disclaimer: Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

Alternative Blockchain Explorers

Other blockchain explorers perform similar functions to what Etherscan does. Read through this section to learn about other blockchain explorers out there.

Comparing Etherscan to Other Explorers

Below are other blockchain explorers for Ethereum.

• Blockchain: This is an Ethereum-monitoring platform that also offers the same service as other blockchains. Hence, this platform also monitors Bitcoin Cash, Litecoin, and Ripple.
• Tokenview: This is another Ethereum-monitoring platform, but it comes with the extra perks of monitoring other cryptocurrency networks. Unlike Etherscan, which only monitors Ethereum, Tokenview also monitors ZCash, TRON, Monero, Litecoin, and many others.
• CoinMarketCap: Among Ethereum blockchain explorers, this is one of the most versatile options. It not only monitors and provides comprehensive information on the Ethereum blockchain, but it also does the same for many others.

Exploring Different Blockchains with Similar Tools

If you’re interested in Etherscan for other cryptocurrency networks, then you’ll find them here.

• Blockchain.com: This is a blockchain explorer that allows users to access Ethereum mainnet data, Bitcoin Cash data, and other cryptocurrency networks.
• Blockcypher: If you’re one of those who wonder, ‘What is Etherscan for Bitcoin?’ then you’re in luck. This is a platform that allows users to navigate the Bitcoin network, the Dash network, the Dogecoin network, and the Litecoin network.
• Tradeblock: This blockchain explorer is a Bitcoin loyalist, as it only allows you to navigate the Bitcoin network.

What is Etherscan? – Conclusion

Etherscan is an explorer that allows everyone to navigate the complexities of the Ethereum blockchain. It offers many features that allow users to find tokens, wallet addresses, transactions, and all the information regarding them. This platform is easy to use, doesn’t require you to spend any cash, but offers premium services if you need more options.

Now that Etherscan and its uses are laid bare, it’s time to start trading. For this purpose, eToro is your best bet. So open an account with eToro today and start enjoying the trading experience.

Disclaimer: Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

References

https://www.forbes.com/sites/digital-assets/2023/07/10/after-the-merge-ethereum-looks-to-rollupsand-bigger-challenges-ahead/?sh=214449c13116 

https://www.ft.com/content/b1ff8c39-a047-46ac-8df1-650265842c63 

https://www.finance-monthly.com/2021/04/understanding-the-ethereum-blockchain/ 

https://nypost.com/2022/02/05/how-cryptocurrency-made-these-four-ordinary-people-rich/ 

https://fortune.com/crypto/2022/09/01/there-are-too-many-blockchains-when-will-some-of-them-die/ 

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