Table of Contents

Introduction to Blockchain Explorers: What They Are and Their Uses 

Blockchain Explorers also known as Block Explorers are web-based applications that allow users to view, interact, and analyse blockchain network metrics.

It is a tool that presents the data stored on a chain and the activities happening on a blockchain in a user-friendly interface. 

Source: BSCNEWS

Consider blockchain explorers like search engines that allow users to browse through the vast amount of information stored on a blockchain, providing equitable access to blockchain data. 

Blockchain explorers are typically designed for a specific blockchain. For example, Etherscan is a blockchain explorer built specifically for the Ethereum network. These explorers serve as information hubs, offering detailed analytics about blockchains and the tokens native to them.

Some Core Metrics and Features of Blockchain Explorers 

Block explorers provide details and information on the latest transactions, the wallets involved, the latest block, and the network’s current transactions per second (TPS). They further reveal wallet-based details such as transaction history, wallet balance, and transaction fees for each transaction.

Zooming in, some other metrics and features that Block Explorers provide include: 

  • Market data: such as price, market capitalisation, total supply and circulating supply
  • Blockchain data: these include metrics like average block size, average block time, daily active addresses, unique addresses, etc. 
  • Network data:  some of which are pending transactions(mempool), hash rates, node data, etc. 
  • Activities on DEXs 
  • Block rewards 
  • Block difficulty 
  • Gas price/fees
  • Latest block

Some of the metrics mentioned above, along with many others, are usually presented in charts, tables, and graphs.

One important feature of blockchain explorers is the search bar; 

The Search bar: allows users to inquire, retrieve and track transactions and addresses of interest. 

Typically, users can paste addresses, transaction hashes and domain names in the search bar to make inquiries and browse further.  

Importance and Uses of Blockchain Explorers 

Analyse Data to Gain Insights: Anyone researching or keeping up with a blockchain ecosystem can use blockchain explorers to study on-chain activities, such as transaction volumes, active addresses, fees and other data, to gain more insights. 

Explore Addresses: Users can keep tabs on project addresses and analyse token contract addresses to see the distribution of holders and other details.

Whale Monitoring:  People can use explorers to monitor the on-chain activities of accounts with large holdings or those of other influential people of interest. 

Verify Transactions: Explorers are used to track the progress of transactions and verify if a transaction has been processed and added to the blockchain. This can serve as proof or a receipt when crypto is used to make payments.

Block Monitoring: Blockchain explorers display information about individual blocks, newly mined blocks, block height, and miner details. They also provide details about the transactions contained within these blocks.

How to use Blockchain Explorers 

Web view of an Ethereum Blockchain Explorer

Source: Etherscan  

Checking Transactions, Blocks and Monitoring addresses 

Find and enter the website of the blockchain explorer for the network of interest;

Step 1: Copy and paste the block number or block hash, transaction hash, or address into the primary search bar and press ‘Enter’ to search. 

Step 2:  For blocks, the explorer will display detailed information such as the block size, miner address, the transactions within the block, and the block’s timestamp. 

For transactions, Some of the details that will be displayed include the transaction hash and timestamp, the input and output addresses, the amount transferred, and the transaction fee. 

As for addresses, the explorers will show information that includes the current balance, recent transactions, token holdings, and transaction history of the address.

Charts and Analytics 

Blockchain explorers present data on blockchain operations in the form of charts and statistical tables, making it easy for users to gain key insights and track trends happening on the network. 

Source: Etherscan

To access analytics and charts on a block explorer, go to the landing page and look for headings such as “Resources,” “Data,” “Analytics,” “Charts,” or “Statistics.” Different blockchain explorers may use different headings, but it is usually one of these.

Then proceed to select the chart of interest.

Some of the metrics covered by the charts include daily transactions, unique addresses, daily gas used, and lots more.

Closing Thoughts 

Blockchain explorers provide transparency and accessibility to blockchain data, serving as gateways for individuals to explore the operations of blockchain networks offering key insights and useful data about blockchains of interest.

[Author’s Note: This article does not represent financial advice, everything written here is strictly for educational and informational purposes. Please do your own research before investing.

Author: Godwin Okhaifo 

Also Read: What Are Blockchain Oracles?