DeFi
September 28, 2022
What is Token Burn and it's effects on price
An A-Z guide on token burning and how it is largely impacting the cryptocurrency industry.
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All the features and benefits of blockchain are known to the world. The decentralised nature of blockchain and the transparency and security it brings on the table are not always seen and they continue to operate in the back-end.
However, If one wishes to see all the operations happening behind the interface of an exchange, he/she will require a platform that facilitates display of such data. These platforms are known as blockchain explorers.
In this article, we are going to take a closer look at blockchain explorers of Ethereum and Binance Smart Chain. This tutorial will help you verify your transactions made on both of these networks. But first, let’s begin with understanding what blockchain explorers are.
Blockchain explorers are programs or software which collect data from respective blockchains and display them on the platform in an easy-to-understand format. If any user wants to actively explore the transparency features of any blockchain, they can do it through the blockchain explorer of that particular network or blockchain.
If you are performing any transaction on Ethereum blockchain, by visiting the explorer of Ethereum blockchain, you can review the transaction details such as to and from wallet address, block number, transaction amount along with gas fees spent, etc.
There are many more use cases and features provided by blockchain explorers. Etherscan for Ethereum blockchain and BscScan for Binance Smart chain are two well-known explorers that we will cover in this article.
BSC Scan or Binance Smart Chain Scan is the blockchain explorer. It came into the big picture by offering low gas fees and providing quick transactions to users by competing with the Ethereum network. BscScan is used as a common tool, usually for BSC development.
Basically, it is an analytical explorer and a block explorer which is free to everyone who has access to the internet. It helps the users to look up and check their transactions with an easy to access UI. Speaking about the UI interface, it is simple and clean, and very easy to use so everyone can use it with ease providing better functionality.
BscScan is more simple and straightforward, as the developers tried to grow and improve the platform and make it more useful for users. The interface or UI of BscScan is said to be similar to Etherscan which we will discuss later. In BscScan there is no wallet service, where you can connect external wallets like metamask.
EtherScan or ETHScan is the blockchain explorer for Ethereum network just like the BscScan for Binance Smart Chain we just discussed. You’ll see that both the explorers share the same genes as both explorers are designed and developed by the same team.
Talking specifically about Etherscan, it's a free-to-use blockchain explorer for Ethereum network which brings the primary features of the blockchain in the frontend. It allows users to verify their transactions made on Ethereum network.
Along with that, on the etherscan you can go through different wallet addresses, take a look at transactions, blocks, smart contracts being added to the blockchain. Etherscan allows users to track every single Ether being used along with the gas fees charged.
DApps is one integral part of the Ethereum blockchain and etherscan can be a means of interacting with them. Additionally, the ETHScan serves the following purposes.
We have already mentioned that both the EtherScan and BscScan are developed by the same team. Moreover, if you visit any other blockchain explorer like polygon explorer, you won’t find it any different from the rest of the explorers.
As the principle and interface of all blockchain explorers is pretty much the same, the process of viewing transactions remains the same for all. We will talk about how to view a transaction on EthScan, but you can use the other explorers in the similar manner.
1. Visit https://etherscan.io/ using your web browser.
2. On the EtherScan homepage, look for the search box placed at the top of the webpage.
3. Enter the Transaction ID (TXID) of the transaction you want to know the details about.
4. Then you will be redirected to a page containing all the transaction details like wallet address of sender and receiver, amount transferred, etc.
5. If you want to know in-depth details about the gas fees bifurcation, head to “Click to see More” button.
Winding up with this article, that was all about explorers. We hope you understood every part of this article. If not please feel free to express yourself in the comment section. We tried to cover the basics of explorers if you want any of the topics in detail please mention in the comment section.
We will recommend you to do your own proper research as this in practical involves your hard-earned money, so never rely on others. Your own research will surely help you to find a better way, if you find this article engaging, check out our other articles too, till then stay tuned with us.
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