2022-12-08
Blog Trade

Etherscan Review

If you use Ethereum for more than just HODLing or sending a few transactions, the way trades work on the Ethereum blockchain is convenient. Etherscan is one of the most popular Ethereum blockchain platforms and a great place to start with the basics. You can use the essential features of this platform without having to connect your wallet. Check out the most common ways to use Etherscan and what you can do with it in this article.

What is Etherscan?

Etherscan is a block scanner and analysis platform that allows you to access the details of any pending or confirmed Ethereum blockchain transaction. Etherscan is the most trusted tool for browsing all public data on the Ethereum blockchain and is sometimes called the “Ethplorer.” This includes transaction data, wallet addresses, smart contracts, and more. This independent program is not supported and managed by the Ethereum Foundation but by a non-profit organization.

The Etherscan development team consists of experienced people and experts in the blockchain industry who developed the Etherscan program for users to build more advanced access to the Ethereum blockchain. Ethercan is a platform that also, as an app, makes it easier for people to search the Ethereum blockchain.

Is Etherscan a wallet?

Etherscan is neither an Ethereum wallet nor a wallet service provider. Instead, Etherscan.io is an independent Ethereum explorer. The Etherscan program tracks blockchain transactions on the Ethereum network. It then displays the results like a search engine.
The platform’s features allow users to find transaction details on the Ethereum blockchain, which can be identified if their transferred funds do not appear in their wallets and cannot or may not be completed.
While Etherscan can trace to an Ethereum wallet address, users must provide the app to a cryptocurrency wallet to do so. Therefore, an important question is whether you are using the free Etherscan. The answer is yes, Etherscan is an entirely free program.

What is the use of Etherscan?

Users can register on this platform and create an account on Etherscan. Regular users can add an address to the “Watch List” and be notified by email of incoming transfer transactions. In addition, developers can access API services used to build decentralized applications or as a data feed for information on the Ethereum blockchain.
Since Etherscan does not provide wallet services or access your private keys, addresses on the watchlist can only be used for portfolio tracking or monitoring. To send or transfer Ether or tokens from your account, you will need a compatible wallet such as Ethereum Wallet, Parity Waller, MyEtherWallet, or Metamask.

How to start using Etherscan

To use most of the features in Etherscan, you can go directly to the website and start searching. You need that wallet’s public address or transaction ID to find a wallet, transaction, or other digital assets.
Etherscan allows searching by address, transaction hash (transaction ID), block, and token across the Ethereum Name System (ENS). Also, with its help, you can review recent transactions and learn more about the current status of the Ethereum network on the main page.
The Etherscan web application supports creating an account, which is optional. You can create watchlists to track accounts and wallets, take notes, receive alerts, and set up a public profile with a free account.
Due to the semi-anonymous nature of cryptocurrency, you may want to use the site without registering, as it creates a new digital link between you and your wallet that you may prefer to keep private.
You can use most of the features of this platform without creating an account. For example, if you are waiting for a pending Ether transaction, you can use Etherscan to monitor the wallet address for the new transaction. This feature is only one of the tools available in Etherscan.

What information does Atlascan provides

The Etherscan home page gives you an overview of the Ethereum blockchain, including Ether’s price and market cap and details about the latest transactions and confirmed blocks on the blockchain.
If you are looking for detailed information about a specific block, you can find it on Etherscan. Using this tool, you can learn about a block, where it sits on the blockchain, the number of transactions that make up that particular block, who has successfully mined it, and how much computing power was used to mine it. More details, learn more. You can also search the transaction history of Ethereum addresses. Etherscan relies on the same random letters and numbers as blockchain wallet addresses. Once you understand the basics of blockchain transactions and assets, it’s easy to know what you see in Etherscan.

Wallet tracking in Atlasscan

Entering the wallet address or clicking on the wallet address will take you to the wallet details page from another page. You can view all past transactions of a cryptocurrency wallet and its current holdings using address tracking features.

View Ether transactions in Etherscan

The transaction details page shows the current status, the number of confirmations, sending and receiving addresses, value, and transaction fee. This can help track the history of an asset or confirm that a transaction is ongoing or completed.

Smart contracts in Etherscan

Smart contracts, the software that powers NFTs, decentralized finance, and decentralized applications, are recorded on the blockchain like all other Ethereum transactions. Etherscan helps view the history of these assets and verify ownership. While you won’t necessarily see an NFT through Etherscan, you can see the code that shows who owns it and follow the links to view the asset.

Gas in Etherscan

Gas refers to the transaction fee to be executed on the Ethereum blockchain. Therefore, transaction fees in Ethereum are called Gas fees.
The Ethereum network can become highly congested. When a significant amount of traffic is running on the Ethereum blockchain, the average price of Gas increases as users compete with each other and bid to include their transactions in the next block. As a result, transactions are delayed, and some transactions fail. As a result, the price of Gas varies depending on the block in which the user’s transaction is included and the network density. In addition, users may not be able to determine an accurate estimate of the Gas fees they will have to pay before starting a transaction.

To accurately determine transaction Gas fees, it is best to use the Etherscan Transaction Fee Tracker. This feature shows the difference in gas prices for users in different periods. It is also helpful for estimating network congestion and transaction cost per transaction. In addition, the etherscan transaction fee tracker acts as an ETH calculator. This feature examines pending transactions on the Ethereum blockchain to determine how much Gas a transaction requires. Users receive a Gas fee estimate to manage the time of their transactions to avoid high network traffic. Doing so saves on transaction costs and entitles you to cheaper and faster transactions without suffering the anxiety of a transaction failing or succeeding.

How to find Airdrops on Etherscan

Etherscan also serves as a database for current airdrops on the Ethereum network. Each airdrop has its rules for participation, which you can see in the [Details] column. You can find the list of airdrops by going to https://etherscan.io/airdrops.

Final word

Etherscan is free and straightforward to use and a great tool when you need more information than your wallet or exchange can show. For the most basic features, you can quickly learn to use them in a short period. Etherscan is also the basis for other block scanners such as BscScan. So whether you want to verify transaction status or look at your favorite DApp’s smart contract, Etherscan is an excellent place to start.

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