What is Etherscan and how it works – An overview

Let’s first understand what is Etherscan

The Etherscan is a platform where users can view or track all the buying and selling activity of Ethereum. The amount of gas used in the transaction and the history of every block created in the process.

If someone wishes to pursue the on-chain activity, they need a blockchain explorer. Etherscan works as the blockchain scanner for Ethereum. This website contains all the data, transactions, and complete information related to Etherscan.

What is Etherscan?

Basically, Etherscan is a website in which one can view, and analyze all assets, transactions, and balances on the Ethereum network. You can also check gas fees (Transaction fee in the platform for each individual transaction made), interact with smart contracts, find block data and search for airdrops with complete ease. In simple words, we can understand it as a search engine for the Ethereum network.

All the transaction information is available free of cost for enthusiasts. People can look for authentic information about ownership of any asset or just look for transaction details. No signup or subscription is required to have the information from the platform.

How does Etherscan work?

The users just need to enter the details of the transaction they want to know about like transaction id and you can have access to all the transaction information about that particular asset.

The user interface for  Etherscan is easy to use. New users can also access the website to have the required information they want to look for. Ethereum on-chain data can be accessed by the users on Etherscan.

The smart contract feature is helpful if you frequently interact with decentralized apps. It will allow you to double-check whether you’re sending funds to the correct contract.

For this, you just require to enter the contract address, and you will find all the relevant information, including the balance of the contract, its Ether value, and the token tracker.

This can help to double-check the legitimacy of a smart contract before interacting with it, possibly saving you from scams, dubious contracts, and other kinds of cyber threats.

Conclusion

For enthusiasts and investors, Etherscan plays an important role. Using Etherscan one can have all the data and history regarding to any specific asset or transaction class. Users can go to the website, enter transaction details and check if the transaction and its initiators are authentic or not.

It proved a security layer from scammers and cyber threats to new entrants in the market.