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Understanding Blockchain Explorers

· 4 min read
Mike Thrift

As we explore the world of blockchain, it's crucial to have the right tools at our disposal. One such tool, often mentioned but rarely unpacked, is the Blockchain Explorer. This post provides an in-depth look at Blockchain Explorers, how they function, and their potential applications.

Blockchain Explorers, also known as Block Explorers, are innovative software tools that digest raw data from nodes across a blockchain network. They organize this raw data into a format that is not only readable but usable, using APIs (Application Programming Interface). APIs serve as the middleman enabling interaction between various software applications, systems, or even between different parts of the same software.

The market has various Blockchain Explorers, each dedicated to a specific blockchain network. Notable examples include Etherscan for Ethereum, BSC scan for Binance Smart Chain (BSC), and KardiaChain Explorer for KardiaChain. These tools provide a level of transparency and decentralization that underscores the difference between cryptocurrencies and traditional currencies.

Often referred to as the 'Google' for cryptocurrencies and public blockchains, Blockchain Explorers facilitate access to essential transaction data, including the transaction amount, sender, recipient, and status, for different wallet addresses on various blockchains.

The majority of Blockchain Explorers share a standard interface, features, and functions. Their core applications can be grouped into four categories:

  1. Observing General Blockchain and Market Data: The homepage of a Block Explorer offers valuable information about the blockchain it is dedicated to and pertinent market data, like the price of the native token, market capitalization, and blockchain statistics. Some Block Explorers even delve deeper, providing insightful market and network data.

  2. Reviewing Recent Blocks and Transactions: Block Explorers, via their homepage, present the latest blocks and transactions on their specific blockchain. Users can delve into individual blocks to examine transaction orders or scrutinize the latest transactions in detail.

  3. Examining Transactions on any Blockchain, Block, or Wallet Address: Blockchain Explorers facilitate transactional inquiries for block numbers, transaction IDs or hashes, and wallet addresses. This capability allows users to verify the status of a particular transaction or inspect a specific wallet, including its balance, tokens, and transaction history.

  4. Researching Information about a Token Issued on a Blockchain: Blockchain Explorers enable users to investigate all assets issued on public blockchains by searching for the tokens' addresses. The software then displays basic information, such as the asset name, market cap, current price, total supply, and the issuer’s address.

One of the most popular applications of Blockchain Explorers is checking the status of a transaction. The process is simple. You paste your transaction hash into the Explorer's search bar, and it guides you to the transaction page, where you can see an overview of the transaction, including the status and timestamp of funds received.

Transaction status typically falls into one of four categories: Pending, Confirmed, Complete, or Failed. 'Pending' means the transaction is being processed, 'Confirmed' indicates successful processing, 'Complete' means the network has accepted the transaction, and 'Failed' signifies an error has occurred.

Finally, it's important to address some common queries about Blockchain Explorers. For instance, 'pending' transactions are those not yet added to blocks, whereas 'verified' transactions have been added to blocks. If your balance doesn't update immediately after a transaction is completed, it is likely just a display delay. Lastly, remember that a Blockchain Explorer only provides transactions related to tokens issued on its respective blockchain.

By shedding light on Blockchain Explorers and their applications, we hope this post has given you a better understanding of these essential tools in the blockchain sphere. If you have further inquiries, please feel free to contact us. We're always here to help.