This article discusses the block explorer Etherscan and how to use it to check crypto transactions on the Ethereum blockchain.
Etherscan is a block explorer that is used to navigate the data on the Ethereum blockchain.
Users can interact with the blockchain, other wallets, smart contracts, and Dapps of Ethereum with the help of Etherscan.
A wallet address, transaction ID, contract address, or another identifier are needed to search the required information on Etherscan.
The second-generation blockchain network Ethereum has a wide range of applications whereas Bitcoin is nothing more than a digital currency. Developers can build new applications and programs on top of the Ethereum network which can fuel the growth of decentralized finance (DeFi).
As Ethereum is more than holding and transferring cryptocurrencies, it is not only essential but also beneficial to learn how to navigate the blockchain. Etherscan is the most popular tool which allows users to find any kind of data on the Ethereum blockchain. Let us look at what Etherscan is and how it helps in searching different types of data on the blockchain.
What is Etherscan?
Etherscan is the leading block explorer that helps users to view public data such as transactions, smart contracts, addresses, wallets, and more on the Ethereum blockchain. As Ethereum is an open blockchain network, anyone can view all the history of interactions that are recorded on the blockchain. Etherscan is basically a search engine like Google but the difference is it lets users search, confirm, or validate the transactions that took place on the Ethereum blockchain.
Etherscan is developed and operated independently by a team of developers who are truly passionate about different kinds of decentralized information and infrastructure applications built on the Ethereum network. Ethereum Foundation did not fund, operate, and manage the Etherscan. The famous block explorer exists as an independent entity.
Etherscan does not provide any wallet services and does not store the private keys of the users. As a result, it does not have any control over the transactions taking place in the Ethereum network. Etherscan does not help in reversing or redirecting the transactions and recovering the lost funds.
Why should we use Etherscan?
Etherscan is the most trusted block explorer for the Ethereum blockchain. Several decentralized applications are built on top of the Ethereum network. So, it is essential to use Etherscan to understand what is going on with the decentralized applications and transactions that took place on the blockchain. This helps users in keeping the application safe by monitoring the data to detect any suspicious blockchain activity.
For instance, whale alerts will help users to know when large amounts of a cryptocurrency are moved to an exchange. This information might suggest a large sell-off in some cases. Users can also view what founders of a project are doing with their tokens using Etherscan. It will be helpful to use Etherscan to find out scams or rug pulls when developers abandon their projects and sell their tokens.
How to check crypto transactions and wallets on Etherscan
The most fundamental use case of Etherscan is to check crypto transactions that took place on the Ethereum blockchain. When users know how to follow their cryptocurrency, they can easily unlock the rest of the blockchain information.
If a user sent 0.025 ETH from his/her wallet to one of the wallet addresses, they also need to pay a certain amount of transaction fees on top. After completing the transaction, the user’s wallet will show a translation ID.
Let us assume that the user wants to check whether the transaction has been completed successfully or not. He/she needs to follow the steps mentioned below to check the crypto transaction on Etherscan.
1. On the Etherscan homepage, the user needs to find the search field at the top of the page.
2. The user needs to copy and paste the transaction ID into the search field and press the search icon.
3. Now, the user can see all the information related to that transaction like the status, block number, timestamp, transaction fee, gas price, etc.
4. Users can also click on the option ‘Click to see more’ for more detailed information.
From the displayed data, the user can find out whether the transaction was carried out successfully and received enough confirmations. There is also another way to find this using recipient's wallet address. When the user enters the receiver’s wallet address and search, he can look at all the transactions associated with that address at the bottom of the page.
How to search smart contracts on Ethereum blockchain
Developers or users who regularly interact with smart contracts of decentralized applications can benefit from using Etherscan. They can cross-check whether the funds are sent to an accurate contract. The addresses of smart contracts contain the token’s logic, how token transfers are made, and other related behavior.
Users can find all the information related to a token when they would like to add a new token to their wallet address. They can find the token address on the Etherscan website or other popular websites in the community such as CoinMarketCap and CoinGecko. It is important to double-check the token address to make sure that it is correct while adding it from a different website.
Let us consider that a user would like to search for a Uniswap ERC-20 token on Ethereum. The user needs to copy and paste the smart contract address into the search field to find out the details like the contract balance and other general information about the Uniswap token contract. Users can click “write contract” to be able to interact with DeFi platforms when they are unavailable due to a technical issue or website outage.
How to check gas price on Etherscan
Every user needs to pay the gas price while performing a transaction on Ethereum. These fees are variable depending on the block that included the transaction and the network traffic. Etherscan has a feature called ‘gas tracker’ which shows the difference in price and time at different gas prices. This tool is also useful in predicting the gas fees roughly based on the network traffic and the amount to be transferred.
Etherscan is a free and straightforward block explorer. It is a great tool to check different kinds of data on the Ethereum blockchain. It is also the basis for other block explorers like BscScan. Etherscan is a good place to start if users want to confirm a transaction’s status or search for any decentralized application’s smart contract.