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A complete guide
Understanding and Blockchain Explorers
A blockchain explorer is like a search engine for blockchain data, allowing users to view transaction details, check network health, and ensure data accuracy. It is an essential tool for cryptocurrency traders, miners, and investors. For example, etherscan.io explorer can be used to track Ethereum transactions, providing transparency and security in the network.
Introduction
One of the essential tools in the blockchain ecosystem is the blockchain explorer. Blockchain explorers allow users to access and analyze blockchain data, providing insights into transactions, blocks, and wallet addresses. In this article we will explore what a blockchain explorer is, how it works, and how to use different blockchain explorers to look up crypto transactions. We will also provide a real example using Arbiscan and SX Network Explorer to demonstrate how transactions can be tracked across chains while interaction with a dapp.
Key Points:
Definition: A blockchain explorer is a tool that allows users to navigate and review information about any public blockchain network.
Usage: Blockchain explorers help monitor transaction status, view wallet balances, and extract network metrics.
View and verify transaction data, including transaction history, status, details, and fees.
Examples: SX Network Explorer, Etherscan, and Arbiscan.
How Does a Blockchain Explorer Work?
A blockchain explorer (or block explorer) is a software application that provides detailed analytics about individual blocks and addresses. Users can access detailed information about a particular block within the blockchain, such as block height, the number of transactions, and the user who mined or validated the block. They can serve as an information hub, providing real-time charts and data about transaction status, hard forks, hash rates, etc. Every blockchain has its own distinct block explorer, meaning that information about Bitcoin transactions can only be accessed via a Bitcoin block explorer. For example, the Ethereum block explorers include EtherScan and Ethplorer.
Block explorers can be private or public, depending on the blockchain in question. They enable users to monitor the status of their transactions and see if a transaction is completed or pending/unconfirmed based on network confirmations.
Why Use a Blockchain Explorer?
A blockchain explorer is a tool that enables users to navigate and review information about any public blockchain network. It acts like a search engine and browser for blockchains and cryptocurrencies, allowing users to extract, visualize, and review blockchain network metrics, including vital information about crypto transactions, such as transaction history, wallet balances, and transaction fees. Users can view all the transactions associated with a specific wallet address using a blockchain explorer.
Blockchain explorers are crucial for:
Monitoring Transactions: Users can check the status of their transactions by typing the transaction ID in the block explorer’s search bar.
Users can view unconfirmed transactions and their status.
Tracking Network State: Users can track the current state of a crypto network, including total crypto in circulation and crypto burn transactions.
Transaction History: Users can view their entire transaction history, including sender and recipient addresses.
How Blockchains Work / How Block Explorers Work
Block explorers allow anyone to view transactions on a blockchain. They work by summarizing all transactions in a block through a Merkle tree, which produces a digital fingerprint of the entire set of transactions. Transaction IDs are used to organize and verify transactions within a block, enabling users to search for specific data and confirm whether or not a transaction was included in a block.
Are Blockchain Explorers Safe?
Yes, blockchain explorers are safe to use. Your public wallet address is completely safe to share because all the data visible through wallet addresses is already public. The only way a hacker can access your wallet is through your private keys, which should always be kept secure.
Using Blockchain Explorers
How to Use SX Network's Blockchain Explorer
Using SX Network’s blockchain explorer is straightforward. Here’s how you can look up a wallet or transaction:
Access the Explorer: Visit SX Network Explorer.
Search for a Wallet or Transaction: Use the search bar to enter a wallet address or transaction ID.
View Details: Click on the search result to view detailed information, such as transaction history, balances, and specific transaction details.
Example: This user has a balance of 28.92 SX currently
You can also view detailed information about a particular transaction, including its status, authenticity, and associated details like transaction ID, wallet address, and confirmation status.
For example, to look up a wallet, enter the wallet address in the search bar. You will see the balance and transaction history associated with that wallet.
Example: Staking Transaction
We staked WSX Token on SX Bet, and want to confirm the transaction. By looking at the transactions on the explorer, we can confirm 1 WSX Token was staked on July 11.
Example: Using Arbiscan to Track a Transaction History
Let’s consider an example of tracking that same wallet's transaction on Arbiscan, specifically when a user places a bet on a web3 betting exchange SX Bet, on Arbitrum.
Access Arbiscan: Go to Arbiscan.
Search for the Transaction: Enter the transaction ID in the search bar.
View Transaction Details: Click on the transaction to see transaction data such as the amount bet, the time of the transaction, the involved addresses, and any associated transaction fees.
When check the same address' transactions on Arbiscan you can see the "Place Bet". We are also able to see the bet amount, the receiving address, and any associated transaction fees.
Popular Block Explorers
Some popular block explorers include:
Ethereum: Etherscan.io
Bitcoin: Blockexplorer.com, Blockchain.com
Layer2: Polygonscan.com, Arbiscan.io
These explorers allow users to access detailed information about transactions, blocks, and addresses for their respective blockchains.
Conclusion
Blockchain explorers are indispensable tools for anyone involved in the cryptocurrency space. They provide transparency, security, and valuable insights into blockchain networks. Blockchain explorers offer accurate and transparent blockchain data, allowing users to track and verify transactions, monitor the health of the network, and understand the security of the blockchain. Using the SX Network blockchain explorer, you can easily track and verify transactions, ensuring a seamless and informed experience in the crypto world. For a practical understanding, you can also explore transactions on platforms like Arbiscan to see real-world applications of blockchain explorers.
FAQs
What are gas fees in crypto? Gas fees are the fees users pay for the computational resources needed to process and validate transactions on a blockchain network.
How are gas fees calculated on Ethereum? Gas fees on Ethereum are calculated by multiplying the gas limit by the gas price, base fee, and optional priority fee.
Why do gas fees go up and down? Gas fees fluctuate due to supply and demand. When the network is congested, gas fees increase, and when network activity is low, gas fees decrease.
What are Layer 2 solutions and how do they reduce gas fees? Layer 2 solutions like Arbitrum and Optimism reduce gas fees by moving volume away from the main Ethereum chain, bundling transactions off-chain, and sending them in batches, making the process more scalable and cost-effective. Learn more about gas fees.
What is transaction data? Transaction data includes details such as transaction ID, amount, and involved addresses. By using a blockchain explorer, users can view transaction history, verify transactions, check the status of transactions, and find transaction details. This data helps in monitoring transaction activity associated with wallets or addresses, including confirmed, unconfirmed, and failed transactions, as well as the details of transaction fees and addresses involved.
By understanding and utilizing blockchain explorers, users can enhance their cryptocurrency transactions and ensure they are making informed decisions based on transparent and accurate data.
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