Looking for a reliable tool to search through all of the publicly available data on the Ethereum blockchain? Etherscan is a tool that lets you explore the data from transactions, wallet addresses, smart contracts, and other sources. Furthermore, Etherscan stands free from the Ethereum Foundation. The non-profit organization neither sponsors nor manages the application. 

The Etherscan platform was created by a team of seasoned developers with the goal of making the Ethereum blockchain more approachable for everyday consumers. Users can search through the Ethereum Network effortlessly by using EtherScan, despite its centralized nature.

What is Etherscan?

Etherscan is a website where you may conduct block exploration on the Ethereum blockchain. You can look for prior deals, wallets, smart contracts, and other information about Ethereum-based assets and trades using Etherscan.

The native currency of the Ethereum network, ether, is a favorite for investment, trading, and other cryptocurrency-related activities. It is the second-largest cryptocurrency in the world by market capitalization. All transactions are publicly recorded in a sizable database known as a blockchain, just like other cryptocurrencies. Using Etherscan, you can learn more about all of the transactions that have taken place on the Ethereum network, from the exchange of currencies to the acquisition of non-fungible tokens (NFTs).

Why should one use Etherscan?

Etherscan is one of the most dependable and well-known block explorers for Ethereum. It’s crucial to comprehend why you should inspect on-chain data using a block explorer like Etherscan. 

Using Etherscan, users can:

• Use the Etherscan gas tracker to determine Ethereum gas prices.
• Search for and validate smart contracts.
• Find out which smart contracts have a security audit and validated source code.
• Count the number of smart contracts a user has approved using their wallet.
• Access key data like market cap, volume, and the number of holders for any ERC-20 Token.
• View the cryptocurrency assets linked to or kept in a public wallet address.
• Track actual transactions that occur on the Ethereum blockchain.
• Look up any Ethereum wallet transaction.

Understanding how you interact with the blockchain can improve your comprehension of how DApps and transactions work. Additionally, this information might help you stay safe and identify nefarious blockchain activity.

For instance, whale alerts notify you when significant quantities of cryptocurrency are transferred to an exchange. This information might indicate a significant sell-off, but this isn’t always the case. Additionally, you can track a project’s creators’ tokens. The platform can assist you in identifying possible scams, and coin pulls.

How to use EtherScan?

You can go directly to the website and begin searching to enjoy most of Etherscan’s features. However, you will require the wallet’s public address or the transaction ID in order to locate a specific wallet, transaction, or other digital assets.

By address, transaction hash (transaction ID), block, token, or across the Ethereum Name System, you may search with Etherscan (ENS). On the homepage, you can also look through recent transactions and discover more about the condition of the Ethereum network right now.

Additionally, the online application allows for the optional creation of an account. With a free account, you may set up a public profile, write notes, get alerts, and build watch lists to monitor your wallets and accounts. 

Let’s take a look at some of the functions of Etherscan and how to use them.

Gas Tracker

The transaction fee necessary for a transaction to be completed on the Ethereum blockchain is referred to as “Gas.” Gas fees are what Ethereum users pay for transactions. The cost for each block varies according to the network traffic. You can see the price and time differences at various gas prices with the Etherscan gas tracker. It’s a helpful tool to estimate how crowded the network is and how much you’d probably have to spend to conduct a straightforward transfer or engage with a more complex smart contract.

Etherscan also shows historical gas prices. When the transaction is not time-sensitive, users can set their gas price at the preferred price. Most wallets allow you to choose your gas pricing when you make transactions. 

Track Wallet Balance & History

Explorers can look up the wallet address on Etherscan by choosing the “Analytics” tab on Etherscan. This feature enables an explorer to observe how the balance in a user’s wallet has changed over time. Users can see a user’s wallet data analytics from here, including the user’s ETH balance, the complete history of transfers, transactions, and fees paid. Tracking wallets and history enable users to track Whale wallets. 

Look up a Transaction

The “Transactions” tab on Etherscan will display a list of all ETH transactions (Txns) or transactions that have utilized gas (Gwei) connected with a particular wallet address. On the Etherscan homepage, enter the wallet address and click “Search.” You will be directed to a screen that lists all of the wallet’s details.

Smart Contracts 

The “Read Contract” and “Write Contract” functions of the Etherscan app allow for the reading and editing of smart contracts without the need for additional permissions. Real-time data on various tokens and smart contracts is available on these tabs. Users can use these functionalities to launch token transfers and authorize smart contract transactions.

Read more about Smart Contracts here.

ERC-20 Token Tracker

Users can find almost any ERC-20 token on Etherscan. Essential information, including market cap, volume, and holder count, is readily accessible on the platform. Furthermore, details like the amount of funds coming in and going out and the change in holdings are also available to users.

Do I need an account?

Etherscan doesn’t mandate sign-ups, although doing so gives you access to more features. For instance, you can use developer tools, set up data feeds, and establish alerts to be informed of incoming transactions.

Although some users might want to use the website without registering due to the semi-anonymous nature of cryptocurrencies; registering to the block explorer establishes a new digital link between you and your wallet, which some users might prefer to keep private.

Conclusion

When you need more information than your wallet or exchange can provide, Etherscan is an excellent tool. You may easily pick up how to use the most basic functions in a short period of time. For example, the smart contract code can be examined with Etherscan, along with gas prices and real-time Ethereum blockchain monitoring.

Finally, Etherscan is open source and free; and users do not need to register to use any of its functions. Overall, it’s a terrific place to start for users who want to learn about their Ethereum wallet and the entire spectrum of features of a blockchain.

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.