How to use Etherscan

Etherscan

Etherium is the first smart contract platform for deploying decentralized applications. It was launched in 2015. As of September 8, 2021, the project is in the 2nd place by capitalization (about $389.4 billion). The blockchain operation is based on the internal cryptocurrency ETH. To track transfers in the Etherium network, you need to understand how to use Etherescan – the most popular monitoring service. With its help, you can check the status of your transaction at any time and correctly assign a commission for the transfer.

What is Etherscan

The platform is designed to search and analyze information about tokens created in the Etherium blockchain, as well as about ETH coins themselves. The service provides information about transactions and blocks. At the same time, it stands out for its simplicity and concise design. No registration, payment or special access is required to get the necessary information.

The service was created in 2018. It allows you to get the necessary data in real time, being in any country. There is no delay in the display, since Etherscan is not overloaded.

Who uses it

The practical purpose of the service is that people can check the status of their operations, the capitalization of the ether market, information about the time of compilation of the last block, hash, information on mining and much more. The specified data is in demand for the following categories of people:

  • Investors. They get historical data with the help of charts of coin rate, market capitalization, supply growth. Based on this information, investors make decisions on entering a transaction. However, Eterskan does not offer tools for technical analysis.
  • Miners. The service displays detailed data on hashrate, time of block creation, payment of rewards, number of full nodes, active addresses. There is a special calculator for calculating the profitability of mining.
  • Wallet owners. For this is an opportunity to check the balance and transfer status. In this case, it is not necessary to log in to the wallet, which is associated with the risk of stealing funds. The platform displays information on tokens of all standards ERC-20, ERC-721, ERC-1155.

Goals

To perform actions with cryptocurrency, it is often necessary to find out the time of passing the transaction, the average commission for it, and so on. Etherscan is suitable for this purpose. Here you can check:

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  • The status of the transaction.
  • The addresses of the sender and the recipient.
  • Number of the block in which the operation is included.
  • The transfer fee, gas price, and more.
How to use Etherscan
Obtaining transfer information using Etherscan

Scan functionality

Etherscan home page displays information about the blocks and transactions made with real-time monitoring option.

How to use Etherscan The
main page of the service

In the middle is the capitalization and value of the coin. The graph on the top right shows the number of transactions in the last 14 days. The “Recent Blocks” and “Recent Transactions” sections are shown below. For detailed information, you can click on the corresponding buttons, then the details page will open.

How to use Etherscan
Detailed data about the last mined blocks

The tabs in the top menu allow you to open different graphs. They show the processes in the Etherium blockchain.

Example of application

Often wallet owners use Etherscan to track transfer statuses and check the wallet balance. To find out if a transaction has been made or is pending, you need to enter the hash into the search box and click on the magnifying glass icon. Then the page with details will open.

How to use Etherscan
Getting information about the transaction

The transaction hash is displayed at the top and the status is displayed below. In case of confirmation, the line is highlighted in green color. All the mentioned transactions are possible without registration or payment. Below – other important parameters:

  • Number of coins.
  • Block number.
  • Time of operation.

In the upper right part of the screen in the Blockchain tab there are subsections:

  • “View Txns ” – confirmed transactions.
  • “View Pending ” – pending.

Efirium scanner displays hash, transfer execution time, sender and recipient addresses, number of coins sent, reward for execution.

By “Gas Price” you can understand the prioritization. Since transfers with high rewards for miners are executed first.

Other options for using the Ethereum scanner

The service gives the opportunity to receive statistical information in the form of charts, graphs, tables. To do this, you need to expand the “Resources” tab. More than 30 subsections will be available in the list. In them you can find:

  • Market data of the etherium coin.
  • Table of daily transfers of ERC-20 tokens.
  • A graph of the average gas price.
  • Network hash rate table.
How to use Etherscan
Information in the Etherscan scanner

Convenience lies not only in the graphical display, but also in a large selection of indicators. You can assess the growth of network capacity, capitalization, the average remuneration of miners, data on daily ETH turnover, statistics of all nodes by country. The “Resources” section helps:

  • Quickly get a range of indicators that will be useful for various purposes.
  • Save necessary graphs in several formats (JPEG, PDF).
  • View tokens based on the ERC-20 standard.

Frequently Asked Questions

⏳ How often is the information on the platform updated?

The information displayed is updated in real time.

❔ What other benefits does the platform have?

Etherscan allows APIs to be used by developers of Dapps or websites.

❗ Etherscan is considered a trading platform or exchange with commercial services?

No, the service is designed to provide free and useful data within the Ethereum coin (ETH) ecosystem. No key storage or wallet features are provided.

🕙 For how long is the information displayed on the charts?

For example, details of transfers and coin value are given for the last 2 weeks.

❓ What parameters does the mining calculator help to calculate?

Apart from the profit level, details of one’s capacity and electricity cost. The service helps you understand the future costs before you start mining cryptocurrency.

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Author: Saifedean Ammous, an expert in cryptocurrency economics.

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