Digital currencies have revolutionized the financial markets and are one of the essential payment methods of the future. Due to blockchain technology, one of the most significant advantages of digital currencies is being decentralized. Regardless, is there a way to verify transactions involving digital currencies, just like the process by which bank transfers are verified? In this article, we will discuss one of the most popular blockchain platforms, BscScan. BscScan is a platform with access to all information related to wallets, coins, tokens, smart contracts, and crypto transactions on the Binance smart chain. Follow this article to learn more about BscScan and how it works.
What is BscScan?
BscScan is a blockchain-related transaction tracking platform created by the Etherscan developer team (related to tokens built on the Ethereum blockchain). On the BscScan platform, you can only view information about digital currencies and wallets active on the Binance smart chain, also known as BEP-20 tokens. The BscScan browser can help you navigate the blockchain in addition to having high and proper credibility. With the basic knowledge of this application, you will quickly find answers to your questions and problems regarding the information related to Binance smart chain digital currencies. For example, knowing how to search for a smart contract in BscScan is helpful for anyone using DApps (decentralized applications). With the help of this platform, you can easily track smart contracts and see if they are verified (valid) or not.
Why should we use BscScan?
BscScan, as mentioned, was created and released with the help of the Etherscan platform developer team, a popular Ethereum explorer. BscScan can help you navigate blockchain transactions. With the basic knowledge of how to use it, you can quickly solve your problems and questions about blockchain platform processes.
For example, knowing how to search for a smart contract in BscScan is helpful for anyone using DApps. You can see if the smart contracts have been approved or not, and even if the Dapp API is down, you can quickly fix it by directly interacting with the support team. But on-chain information is more than checking smart contracts and basic transactions.
For example, you can set alerts to monitor large transactions. In some cases, transferring a large amount of BNB to exchange may indicate that the market trend is changing. You can even track the wallets of DeFi protocol founders to see if they move their tokens. In the following, we will examine some of the most important parts of the BscScan platform.
Different parts of BscScan
Let’s start this passage by noting that BscScan provides information from the BSC’s main and test network of the BSC. Moreover, switching between two networks is very simple with this platform. When you visit the BscScan official website, you will be led to the main web explorer. If you want to check out the test network, click on the Binance icon at the top right of the menu bar. Then select the BSC Testnet option from the drop-down menu.
In addition, to return from the test network to the main network, go to the same space where previously located the Binance token. However, a Testnet button appears instead of the Binance icon in this case.
Before going into more details, let’s have a quick overview of the BscScan menu. The menu includes the following:
Home Page: this takes you to the BscScan home page.
Blockchain: This section is where you can find all the on-chain data for BSC. This section contains several options:
Top Accounts: In this section, you will find out which accounts have the most BNB.
Txns section: In this section, you will see the transactions, also known as “txns,” in the BSC.
Pending Txns: Only pending transactions are displayed in this section. Use this option if you are looking for a transaction that has not yet been confirmed.
View Contract Internal Txns – This is where you view transactions between smart contracts.
Blocks: This section is where you see valid blocks.
Block Fork: In this section, you can see the blocks removed due to “Chain Reorganization.”
Verified Contracts: In this section, you can view smart contracts in BSC with verified source codes.
Validation: This field enables the verification of transactions in BSC. These are users/computers that run nodes and share large amounts of BNB tokens. You can see the validation criteria by clicking on the following options:
View validation set information.
Tokens: In this section, you will find details about BSC-compatible tokens. BscScan offers you several options:
BEP-20: A standard for tokens created in BSC (following the example of ERC-20).
ERC-721 is a standard for NFTs (non-fungible tokens); you can see NFTs here.
More: In this section, you can see more advanced stuff, including API documentation.
How to verify smart contracts in BscScan?
BscScan users can enter the address of smart contracts to verify and see if the compiled code is the same code that will execute on the blockchain. It’s easy to spot – you’ll see a green tick next to the contract in the toolbar and a (Contract Source Code Verified) notification.
Allowing users to independently audit and verify code is a valuable feature, as it contributes to the overall transparency of the Binance smart chain ecosystem. In addition, connecting a browser wallet such as MetaMask or Binance Chain Wallet can also directly interact with smart contracts.
BscScan and NFTs
If you’ve already browsed the “BscScan Menu ” section, you’ll know that BscScan also allows you to find details about tokens, both fungible and non-fungible. You can get all the relevant data if there are fungible tokens. However, since NFTs come with a specific file, often in JPG format, BscScan cannot show those files. While you may not be able to see the NFT file using BscScan, it will provide you with other NFT details, including the ID, NFT project, transaction history of the token, and its interaction with the smart contract.
Note: BscScan refers to NFTs as ERC-721, the NFT standard on Ethereum. However, NFTs on the Binance Smart Chain follow the BEP-721 standard.
Binance smart chain gas costs: how to find the lowest price?
If we want to give you a general definition of Gas, first, we must say that Gas is the transaction fee in BSC. BscScan shows how this number has changed over time. BSC has relatively low fees, approximately 6.5 gwei per payment.
To check the average transaction cost in BNB Smart Chain, click on the resources in the upper right corner – graph and statistics – and select the required diagram. You can even change the chart and choose the period you want to determine the transaction rate.
Apart from Ethereum, the Binance smart chain is a “runner-up” for the deployment of decentralized applications. In addition, it also hosts a large number of BEP-20 tokens and BEP-721 NFTs. With this in mind, it’s no surprise that many transactions occur on Ethereum’s forked chain. As such, there is a massive demand for a BSC block explorer, which is where BscScan comes in.
Besides providing details about BSC transactions, tokens, and wallet details, BscScan offers developers valuable resources. Therefore, any BSC user, especially developers, may be interested in learning about BscScan. Furthermore, using the information in this article, you should be able to cover all your basic needs regarding transactions, tokens, and BSC wallet details.
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