Etherscan is an important tool that you should know if you want to get involved in the Ethereum network. The platform can help you ensure transparency and security when executing trades and getting involved in NFTs, airdrops and smart contracts, among other activities on the Ethereum blockchain.
But what is Etherscan and how does it work?
What is Ether Scan?
Etherscan is a blockchain explorer for the Ethereum blockchain. A blockchain explorer is a tool that allows you to search for information about a blockchain. Etherscan, an Ethereum blockchain explorer, allows you to search the Ethereum blockchain for free. Through the tool, you can view records of past transactions, smart contracts, wallets, gas charges, and other information related to the Ethereum network.
Etherscan does not store cryptocurrencies and you cannot use it for crypto trading. Its main purpose is to monitor information about Ethereum tokens, transactions, addresses, smart contracts, and so on. The tool has become one of the most trusted blockchain explorers for Ethereum.
Why do you need Etherscan?
Etherscan provides access to a set of useful data you need to participate effectively in Ethereum business and conduct transparent transactions. For example, this tool allows you to verify the validity of a wallet address before sending money to it and even spot suspicious blockchain activity.
In addition, the site provides public proof of cryptocurrency transactions. You can confirm whether the recipient of a token has received it, and check the status of each transaction you make, whether it is pending, successful or unsuccessful.
In addition to the above uses, Etherscan can also be used for the following:
- Check the balance of an Ethereum address.
- Check the number of confirmations a transaction has received.
- View the smart contract code of an Ethereum project or address.
- View the transaction history of an Ethereum address.
- Check the amount of gas used in a transaction.
- Check the current Ether price.
- Check for the necessary information for building decentralized applications on the Ethereum blockchain.
- View upcoming events and related information, etc.
How Etherscan works
You do not need to open an account on Etherscan to use the features, although having an account gives you access to more features. To get information from the tool, you need to first paste the address, Txn Hash, Block or whatever you want to check into the search field and then click on Enter. You will see the information you need almost immediately.
Using Etherscan to track wallets
For example, to track a wallet, paste the wallet address into the search field and click . click To search. The tool will show you various information, including the following:
- The current amount of a wallet in ETH and USD.
- Various transactions performed on the blockchain. As you scroll through the search result, you will also see several transactions performed on the wallet address.
- Transaction details. You can see more information about the transaction by clicking on one of the transactions. For example, on the transaction detail page, you can view the current status of the transaction, the number of confirmations received, the amount, the address from which the transaction was sent, and the address to which it was sent. The details are important in determining the history of the transaction and whether it is completed or pending.
Using Etherscan to view smart contracts
A smart contract is a self-executing program that runs when predefined conditions are met. Smart contracts power NFTs and other decentralized applications captured on the blockchain.
Etherscan can scan a smart contract and verify ownership and view asset history, among other things. You can’t view NFTs on Etherscan, but you can see the data indicating who owns the asset and click on links to view more information.
To view a smart contract, just like you did in the case of the wallet address, you need to copy the address, paste it into the search field, and then search. For this we use an NFT smart contract as an example. After clicking on the address, you should expect more details as shown in the image below.
You can access information such as balance, ether value, contract maker, token tracker and much more.
When you click on the contract option, you get access to three more options: Code, Read contractand Write a contract. Before proceeding, make sure the contract has been verified. A verified contract code means that the code provided to Etherscan by the owner matches the code on the Ethereum blockchain.
- The Code is the source code of the smart contract; it requires technical skills to understand it. However, the comment section that follows each code can be useful for those who are very curious to have a small idea of the code information.
- The Read contract option shows information not available on the main page of the contract. You can use the information to query the smart contract feature.
- Write a contract allows allowed users to perform functions written in the smart contract by connecting their wallet to the Etherscan.
You can get more data about the smart contract, such as the ETH cost, the number of transactions, the Tnx heatmap and more, on Etherscan.
Check gas prices on Etherscan
To view gas prices, go to: More > gas tracker. Doing so will reveal the low, medium, and high gas costs on Opensea, SushiSwap, Curve, and many other platforms. The price is updated every 15 seconds and the information can help you predict how congested the network is and how much you would likely pay for transactions.
To access gas prices for a wallet, you need to enter your wallet address in the search bar and click To search or Enter. Then click Analyticsthen Tnx charges. This way you can see the gas price and the average value of your gas tariffs.
Etherscan has become one of the most trusted blockchain explorers. It provides valuable information to operate securely on the Ethereum blockchain and ensures blockchain transactions are transparent, preserving the essence of blockchain technology. The tool is also free and has many useful features and data that anyone, including researchers and developers, can use.