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What is Block Explorer?

BitForex Editor
Sep 30, 2020

A Block Explorer, which is also called a block browser, is an online tool that functions as a common web browser but is connected to the Blockchain rather than the internet. It is used for getting readings on all online cryptocurrency exchanges and transactions, the growth rate of their transactions, and for also providing useful information on the hash rate of blockchain.

In simpler terms, block explorers are blockchain browsers that show users the data of individual transactions and blocks in such a way that you can monitor the balances of addresses and the histories of transactions.

How Does It Work

Gaining an understanding of the data you encounter when dealing with cryptocurrency can be especially hard when you are unfamiliar with the platform and its nuances. Block explorer tries to simplify the process and displays the data to you in a format that, while it might still be a little tough for first-time users, becomes a necessary tool the moment you get used to the format.

Block explorers reveal the most recent blocks on the Blockchain in such a way that if a user were to find, for example, a Bitcoin block, the explorer will put it up for all to see the moment it is available on the chain. To access more information like size, dealings, or even transactions, all you need to do is click on the block you want and it will be shown to you.

Block explorers also do its best to provide the hash to every block. A Hash, which is the reference number of blocks and is integral to blockchain management, can be quite complex to generate and it only gets harder as you move forward.

Every block in a blockchain has its own set of transactions and a unique hash that a block explorer can reveal the link to. Each type of cryptocurrency has its own unique block explorer with which you can search. There is no cross-platform exploring which means that you cannot use a Bitcoin explorer to search Ethereum transactions. It does not function that way. To be able to track Ethereum transactions, you would need an explorer specifically dedicated to Ethereum.

Bitcoin Explorer

The Bitcoin explorer is an application whose primary function is to give you access to the Bitcoin blockchain where you can track Bitcoin Cash and Bitcoin transactions. There is a myriad of things that you can access on the Bitcoin explorer such as your address balance or any other address, transaction history, recent blocks, and much more. It is a search engine like google for the Bitcoin blockchain. Because you can also access the history of all crypto addresses that are public, it translates to you having the ability to audit the transaction received, balance, and so on. It will also give you the statistics on the largest crypto transaction in any given period along with the details of the mining pool that discovered the block and also the genesis block which is the first block that was ever mined on the Blockchain. The Bitcoin explorer will give you unbridled access to the entire Bitcoin blockchain platform.

Ethereum Explorer

Ethereum block explorer also known as Etherscan is a block explorer specifically dedicated to the Ethereum blockchain with which any user can use to reveal statistics. The network's primary function is to provide a preview of all information relating to the transactions on the network and information about the most recent block. It is free to use and no registration fee is required to access the information that is on the service. With a friendly user interface, it is perfect even for novice Ethereum users. Etherscan functions as an independent entity poised towards blockchain transparency.

The public ledgers on the Ethereum have indexes which makes them searchable. With it, users can create an account and register which will give them access to its full functionality.  However, regular users can still gain access to updates by putting themselves on a watchlist that notifies them of any recent transactions. It can also be used to build decentralized apps through a process that involves developers accessing a set of API  services. In summary, the primary functionality of Etherscan involves portfolio monitoring and tracking.

Every transaction on the Ethereum blockchain is listed by Etherscan in a specific method that shows the transaction hash or ID (TxHash) which includes the duration of time, age, the value of the transaction, and the transaction fee. To check the transaction ID of specific blocks, all you need to do is access the ether scan thenonce you have opened the Etherscan,you have to paste the TxHash in the search bar then the details will appear

Final Note

The user database for the cryptocurrency is constantly expanding on a daily basis and this means block explorers are needed more now than before for increased acceptance amongst these new users. The very nature of cryptocurrency makes it hard to understand how it works but these blockchain browsers are lowering the bar for entry. Now, anyone can track statistics, transactions, review smart contracts, and stay up-to-date with what is happening in the cryptocurrency world. Most of these block explorers are free and don't require you to spend crypto coins to access their data or use their main features. This is applicable to every user regardless of whether you came to invest, mine, develop, or observe. All of this can be done in real-time.

About BitForex:

BitForex is an exchange service platform that can be classified as one of the Top 10 cryptocurrency exchange services. It is focused on providing millions of users with a digital currency trading and investment tool that is not only safe but also professional and convenient. BitForex has a high customer-oriented culture and state-of-the-art financial technology.

BitForex is programmed in a way that it can quickly adapt to the changes of the Crypto market while introducing new features like margin trading, enhanced trading charts,  derivatives, and a host of others. The headquarter of BitForex is located in Hong Kong, while there are branch offices in countries like the United States, South Korea, and Singapore.

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