What Are Block Explorers? Understanding One Of The Most Important Tools Among Crypto Enthusiasts
In simple words, block explorer helps you to search for information regarding any particular blockchain. Meaning, that if you wish to obtain details for your understanding of any blockchain, block explorers help you find relevant information.
By Marcus Henry
August 2nd, 2022
A Block Explorer is considered to be one of the most important tools among crypto enthusiasts. These explorers provide users with an online interface to search for any particular blockchain and allow users to gain information about transactions, fees, addresses etc. It acts as a window into the blockchain.
Block explorers enable the transparency that is reflected in the blockchain technology, it is what adds value to the blockchain technology. It helps you to search for historical and real-time information about a blockchain. You can search for any information including its transaction details, addresses, fees and more.
How does it work?
There are various block explorers out there. And every block explorer contains information about a particular blockchain. So you are required to have a Bitcoin block explorer and an Ethereum block explorer, to retrieve information about either of these. You cannot retrieve information using a single explorer about Bitcoin and Ethereum.
But since we are getting more advanced with the technology with each passing day, some sites enable you to search for multiple blockchains.
Now the question arises, why should you use a block explorer?
The question is valid, and the answer to it is simple. Just like we do our research before stepping into anything, block explorer functions the same way for crypto enthusiasts/traders or businesses that are into trading cryptocurrencies.
Users can use a block explorer to verify and check the status of a transaction before buying or selling crypto on blockchain technology. Along with that, users can also gain information related to their blockchain address, transaction history and the value of the assets stored at that particular address, the total amount of crypto received/sent at/from that address.
Block explorers can be used by anyone. For instance, miners can use this online tool to check if they have mined a block and businesses, and they can analyse the data of transactions related to their projects. Not only that, but crypto enthusiasts can also gather technical information, like the inner workings of blockchain technology. This includes information related to the hash rates, block difficulty, transaction history and more.
It also helps in finding out market data such as market capitalisation, and the maximum supply of a cryptocurrency.
However one must note that the information provided by a block explorer may differ depending upon the architecture of the blockchain it allows.
How to use a block explorer?
Upon visiting a block explorer site, you would see a search bar, wherein you can gain information such as hash rate, address, transaction, history and more, however, it may differ depending upon the explorer and blockchain you use.
To gain information about a particular transaction, you’d be required to type the transaction ID in the search bar. The block explorer will reflect whether your transaction has been confirmed or is still processing. This is perhaps an important tool for individuals who are trading in crypto.