What Is Etherscan & How Does It Work? The Ins and Outs of Etherscan

A popular talking point used to explain one of the key benefits of cryptocurrencies like Bitcoin and Ethereum is that they are public blockchains, which means that they are completely open and align with the principles of decentralization. 

This open nature makes it so that anyone can freely view the information related to a specific wallet address or transaction that occurs on the network using a blockchain explorer that allows them to navigate the blockchain with ease. 

When it comes to exploring the Ethereum network, one of the most popular and long-running explorers is Etherscan. Here’s a closer look at the ins and outs of Etherscan and how to use it to verify information on the Ethereum blockchain.  

Etherscan is a block explorer that lets users access public data related to transactions, wallet addresses, smart contracts and more on the Ethereum blockchain. Since all interactions that take place on Ethereum are public, explorers like Etherscan were created to function as search engines that simplify the process of looking through them. 

Etherscan provides multiple different ways for users to search the network including the use of transaction hashes (transaction IDs), wallet addresses, block numbers, token names or Ethereum Name Service (ENS) IDs to conduct their query. 

There is also no need to sign up for an account to access Etherscan, but the option is available for those looking for extra functionality such as alert notifications for incoming transactions or access to developer tools. 

For anyone who really wants to understand the world of blockchain technology, its important to learn how to check on-chain information as it can help prevent a host of problems. Not only will the knowledge gleaned help provide a better understanding of what is going on with decentralized applications (dApps) and transactions, but it also helps add an extra layer of security by enabling users to spot suspicious blockchain activity. 

Some examples of insightful information available on blockchain explorers include whale alerts that let you know when large amounts of a cryptocurrency have been deposited on an exchange or the ability to track what a project’s founders are doing with their allocation of tokens. 

The info gleaned from these sources can potentially provide a heads up prior to any of the major token sell-offs or rug pulls that occur all too frequently in the cryptocurrency market.

One of the benefits of using a well-established and trusted block explorer is the fact that they tend to have a simplified user interface that makes navigating the blockchain simple. 

On Etherscan, once a user has a transaction ID, wallet address, smart contract, token name, block number or ENS name all they need to do is input it into the search bar at the top of the screen and Etherscan will do the rest. 

If a user wishes, they can narrow the search by choosing one of the following available filters: Addresses, Tokens, Name Tags, Labels or Websites. 

A general search will bring up the basic information about a specific transaction, such as the time and date it occurred, the assets and wallets involved, the amount of gas paid and the value of the tokens transacted. Users also have the option to select a “Click to see more” drop-down menu which provides more detailed information about the transaction or contract in question.