Etherscan
If you're using Ethereum for more than just HODLing or making a few transactions, learning how to move around on the blockchain is extremely beneficial. Etherscan is one of the most popular options, so it's a great starting point for learning the basics. You can use most of the features without having to link your wallet or even open an account. Let's review the most common ways to use Etherscan and what you can do with the information you find.
What is Etherscan?
Etherscan is a blockchain explorer that allows you to view public data for transactions on the Ethereum blockchain , smart contracts, addresses, and much more . All interactions on Ethereum are public, and Etherscan acts like a search engine, allowing you to examine them. You can use a transaction hash (transaction ID) to control all related activity, including tokens, smart contracts, and wallet addresses.
You don't need to be a member of Etherscan, but you can create an account for extra functionality. For example, you can set alerts to be notified of new transactions, access developer tools, and create data feeds.
Etherscan does not provide you with an Ethereum wallet to use or hold your private keys . You also cannot use Etherscan to trade. Etherscan acts solely as a blockchain information source and smart contract database. To trade or store crypto, you need a crypto wallet such as Trust Wallet , MetaMask , Math Wallet or Binance Chain Wallet.
Why should I use Etherscan?
Etherscan is one of the most reliable and popular block explorers for Ethereum. But it's more important to understand why you should use a block explorer like Etherscan to check on-chain information. Having more information about how you interact with the blockchain can help you understand what's going on with Dapps and transactions. This information can also keep you safe and help you identify suspicious blockchain activity.
For example , whale alerts can inform you that large amounts of cryptocurrency are being moved to an exchange. Although not always valid, this move may indicate that a major divestment will be made. You can also see what the founders of the projects did with their project tokens. This helps you identify potential scams or rug pulls where developers abandon their projects and sell their coins .
How to view a transaction and wallet on Etherscan?
A key feature of Etherscan is that it tracks transactions. Understanding how to track your cryptocurrencies is key to gaining all the other information you can from a blockchain. For example, let's say you send 0.025 ether (ETH) from your wallet to the following address: 0x480bbcb368197d44c6f54a738e59c33eff004b6a.
In addition, you also paid a transaction fee of 0.001559212674537 ETH. After making the transaction, your wallet shows the following TXID:
0x80a3cc0f344651b3de745b2f1efbe8d35d4f348e95b345c8a840ebf955414fa5
You want to see how many times the transaction was confirmed and whether the shipment was successful.
Go to the Etherscan homepage and find the search field at the top of the page.
Copy and paste the transaction ID (TXID) into the search field and click the search icon.
Now you can see all the information for your transaction:
You can also click the "Click to see More" button for more information, but for now let's just examine the information you will see according to the default settings:
To do this, you need to go back to the search bar and paste the address of the receiving wallet:
0x480bbcb368197d44c6f54a738e59c33eff004b6a
The transaction marked in red is 0.025 ETH that you sent. You can see that this transaction is marked as In, meaning that the address you are looking for is the recipient of the transaction . You can also view a summary of the wallet's balance at the top of the page.
How to look at smart contracts on Etherscan?
If you frequently interact with smart contracts in dApps, it may be helpful to learn how to find these contracts on Etherscan. This way, you can double-check that you are sending your funds to the correct contract.
If you need to add a new token to your wallet, you will need to find the contract address of the token. Information about the logic of the token is located in the smart contract address. For example, information on how token transfers are made and other behavioral features of the token can be found here.
To find the address of a token, you can visit CoinMarketCap, CoinGecko or the official website of the project. You can also check out https://etherscan.io/tokens .
You should definitely make sure that you have added the correct token address and double-checked with the websites we mentioned above. Let's examine the Uniswap ERC-20 token on Ethereum :
0x1f9840a85d5af5bf1d1762f925bdaddc4201f984
Copy the smart contract address and paste it into the search field.
You will see the balance of the contract and other general information for the Uniswap (UNI) token contract.
Below this there are other options to look at, including transactions, a comments section, and the smart contract itself. Click [Contract] to see the options you can interact with and read Uniswap's rules.
The [Read Contract] tab shows general information about the contract. For example, it allows you to query the balance of specific addresses or wallets that have permission to use the token in your wallet.
You can interact with the contract directly by clicking [Write Contract]. This feature is useful when DeFi platforms and DApps are unreachable due to reasons such as a technical issue or the website being down. In some cases, you can try to interact with the smart contract without using the project's API.
Clicking [Connect to Web3] will allow you to connect to a crypto wallet such as MetaMask or Binance Chain Wallet and interact with the contract.
The simplest action here is the transfer of coins. You can transfer tokens from an address you have permission to access to other addresses using [transferFrom].
The [transfer] option allows you to transfer the contract token from your connected wallet. The following action will send 1 UNI from our linked wallet to the receiving wallet address we entered. You also need to make sure you include the correct number of decimal places for the amount you want to send.
Most users never need to use these features. But it's useful to know where the features are located in case you need to access funds held in a smart contract.
How to check gas prices on Etherscan?
Gas prices are part of Ethereum's transaction fees. These fees vary depending on the block your transaction is included in. Each block has a certain fee that varies depending on network traffic. The gas tracker on Etherscan shows price and time differences for different gas levels. It's a useful tool so you can roughly estimate how busy the network is and how much you'll need to pay to make a simple transfer or interact with a more complex smart contract.
What Does Gas Fee Tracking on Etherscan Do?
Gas fees paid in ETH are used to complete transactions on the Ethereum blockchain.
Although the gas fee theoretically works differently, it is necessary for completing transactions on the Etheruem blockchain.
There is no limit on gas fees, as the large number of transactions taking place on the blockchain can cause network congestion, which can increase this number quite quickly.
Therefore, a higher gas fee equals a higher transaction cost. Additionally, transactions with lower gas fees may occasionally fail.
Using Etherscan's gas fee tracking , users can determine if it is a good time to complete their transaction. Of course, lower gas fees will make all users happier, but depending on the density in the blockchain at the time the transaction takes place, it may not be possible to complete the transaction with a low gas fee. Thanks to the predictions of this gas fee tracking, users can adjust the gas fees of their transactions in MetaMask or other wallets and arrange their transactions to be completed faster.
The features that Etherscan offers to users are not limited to viewing transaction details and tracking gas fees. For example, users can look at charts and statistics to get an overview of the Ethereum market . Data such as daily transactions, addresses, and average gas fee included in these tables and statistics can provide valuable information to Ethereum users. Users can also use Dapps to look up associated addresses and smart contracts. As Ethereum continues to evolve towards Ethereum 2.0 with proof of stake, users can view transactions on ETH2.0 in beacon explorer.
What is the Function of Etherscan?
Etherscan allows users to view assets stored at any public Ethereum wallet address.
When using Etherscan, please enter any Ethereum address in the search box to view the wallet's current balance and transaction history under review.
Etherscan will also show gas fees and smart contracts containing this address. Users can use Etherscan to:
- Calculating Ethereum gas fees with the Etherscan gas tracker.
- Search and verify smart contracts.
- View crypto assets stored or associated with public wallet addresses.
- Openly review transactions on the Ethereum blockchain.
- Search transactions across various Ethereum wallets.
- Find out which smart contracts have verified source code and security controls.
- Please keep track of how many smart contracts a user has authorized with their wallet.
- Review and revoke wallet access for all decentralized applications (DApps).
Do You Need an Account to Use Etherscan?
In this case, the user does not need to open an account before using the Etherscan application. However, signing up for an Etherscan account will give users access to additional features.
These features include tracking addresses and receiving notifications when a transaction occurs.
Developers can also sign up for free access to Etherscan's blockchain explorer data and application programming interface (API).
This way, users with accounts can add their address to a “watchlist” in the block explorer to monitor or track their investments.
Users can also set alerts to notify you of each incoming transaction via email.
This platform also provides API services for developers to create decentralized applications.
Etherscan will provide the following information for all incoming and outgoing transactions:
- transaction hashes
- Number of blocks where transactions are recorded and transactions are confirmed
- Sender and recipient addresses
- gas fee
- Quantity sent
- Total transaction fee
What other possibilities does Etherscan offer?
- View assets associated with a public wallet address and track portfolio data and transaction history.
- Find details and status of any transaction by TXID, wallet address or ENS domain.
- Check any smart contract. The service provides data on the availability of a security check for the source code of the project.
- Track transactions and blocks in real time.
- Calculate gas commission and mining profitability.
- Use an Ethereum related resource directory.
Additionally, the service displays addresses associated with suspicious activity. For example, the address of the Lazarus group is marked with a warning pattern.
Etherscan is free, easy to use, and a useful tool if you need more information than your wallet or exchange can display. You can learn to use the most basic features in a very short time. Since Etherscan is also the basis of other block explorers such as BscScan, you can easily use what you learn here elsewhere. Whether you want to confirm the status of a transaction or look at the smart contract of your favorite DApp, Etherscan is a pretty good starting point.
#Ethereum #Cryptocurrencies #Blockchain
