Etherscan is a free-to-use search engine that allows you to browse through and verify data on the Ethereum blockchain. Such data includes transaction records, smart contracts and wallet addresses.
Etherscan exists as a separate entity from the Ethereum Foundation (EF) – the non-profit organisation that funds Ethereum-related technologies. So, the EF does not finance, control or maintain it.
Its independence ensures that everyone can easily access the Ethereum blockchain and monitor activities that happen on it in the easiest and most transparent way possible.
Also, Etherscan is neither an Ethereum wallet nor a wallet service provider. It does not store your private keys, and you can’t use it to trade on crypto marketplaces.
In essence, Etherscan serves as a database and a source of information for events happening on the Ethereum blockchain. It is a browsing tool, much like regular web browsers, such as Chrome or Firefox.
In addition, Etherscan cannot regulate the transactions on the Ethereum network. So, if you lose your funds, for instance, whether through a mistake on your part or in a hack, Etherscan may help you track the lost funds but cannot reverse or recover them.
What can Etherscan do?
Etherscan allows you to see crypto assets stored on any public Ethereum wallet address. You simply enter the wallet address into the search box and initiate a search to view its balance and past transactions.
It also allows you:
- Monitor live transactions (including pending and failed transactions) on the Ethereum blockchain.
- Search for, and track single transactions from any Ethereum wallet.
- Search, track and verify the number of smart contracts from each wallet.
- Find out which smart contracts have a verified source code and have undergone a security assessment.
- Change settings to allow or disallow wallet access for blockchain applications.
- Calculate Ethereum gas (transaction) costs.
Etherscan also monitors the status of an incoming transfer. You can track this using an access code called the hash key or transaction ID (TXID).
How is Etherscan useful?
Using Etherscan helps you better understand how to interact with the Ethereum blockchain and other wallets and blockchain applications.
This knowledge then helps you secure your crypto assets more efficiently and quickly spot suspicious behaviours or activities on the blockchain.
For example, you can set alerts to get notifications of incoming transactions or configure settings to use developer tools and build data feeds.
A great example of an alert you could set is a whale alert which notifies you when someone moves large sums of crypto to an exchange.
You can then make a calculated guess that the person is doing a massive sell-off which might indicate a rug pull scam – a scam where crypto project founders sell their coins for high prices and then shut down their website.
How do you use Etherscan?
To use Etherscan, you must have a wallet address, a transaction ID or hash key, a contract address or any other information about the asset you want to monitor.
To view wallet details:
- Type your wallet address in the search box on the Etherscan homepage and click “Search”.
- It takes you to a page that shows the wallet’s details, such as the amount left in it (and its value in US dollars) and an overview of its transaction history.
- Under the “Blockchain” tab, select “View Txns” to view all records of the transactions initiated with the wallet.
- You can also view the status of each transaction (pending, failed or successful), the total amount sent and received, and total transaction costs.
- Under the “Tokens” tab, select “Analytics” to view a comprehensive analysis of the wallet’s data.
To find smart contracts:
- Follow the first step from how to view wallet details above.
- Under the “Blockchain” tab, select “Verified Contracts” to see a list of smart contracts with verified source code.
- On the “Tokens” tab, use the search field to find a token and select “Read Contract” to view details about it.
- Use the “Write Contract” feature to launch token transfers and approve smart contract transactions.
- Use the Token Approval Checker feature to view, add and remove blockchain applications that are permitted to use the tokens in your wallet.
To check Ethereum gas costs (transaction fees):
- Under the “Analytics” tab, click on “TxnFees” to see how much you have spent on each transaction.
- You can also use the information in this tab to guess how congested the network is and how much you might pay for a transaction at a given time.
To wrap it all up…
Etherscan is a free and easy-to-use tool for all Ethereum users – investors, miners and developers. It provides a convenient way to access real-time information about activities on the Ethereum blockchain all in one place.
You can learn to use simple functions in Etherscan within a short time. The tool is also a foundation for other blockchain browsing tools, so you can easily apply your knowledge to use those too.
