Blockchain is immutable, distributed, decentralized and a secure digital ledger. As this digital information is accessible to anyone on the internet it becomes transparent and incorruptible. In a blockchain , once a transaction is validated through a consensus process, it is also committed to all ledgers in the network. These ledgers are distributed databases that store the information recorded from a transaction. Transparency is inherent in a Blockchain network.
It is easy to misunderstand what transparency means on the blockchain. It does not mean that all information regarding every single user is open for all to explore. Rather, the transparency insinuates that if one knows how to navigate through a blockchain, they can understand the network deeply.
To understand the inner workings of the blockchain, to look into its transparency, we have platforms called Block Explorers. They are the windows through which we can peek into any blockchain.
A block explorer is a tool that people use to view all cryptocurrency transactions online. Specifically, with a block explorer, one can view all current and past transactions on the blockchain. An explorer establishes the inherent transparency of the network. With the help of an explorer, one can get information regarding any aspects of the network.
For instance, one can look at the transaction status of any particular transaction, i.e., confirmed or unconfirmed. They can look at the networks Hash rate, understand the standings of any of the addresses or look into the network’s history. One of the advantages (or disadvantages) is that if you know who owns a particular address, you can look at their entire history. What is their balance, who they sent transactions to, where have they received it from and so on.
In essence, a block explorer represents a one-stop platform for viewing a particular blockchain and checking data. It provides you with all the necessary information on the any particular blockchain.
Just like how you use web browsers to browse through the Internet; block explorers allow one to browse the blockchain. They are search engines made specifically to search the blocks of a blockchain. Block explorers can also work as a search tool effectively for transaction IDs and wallet addresses. It has become a highly reliable tool that people dealing with cryptocurrency depend on for any information.
All Block explorers in the market usually supply that same information. It is easily perceivable and once you understand a particular explorer, it’ll be easy to understand the rest of the explorers of any particular cryptocurrency as well.
Let us look at a simple Bitcoin block as seen on Blockexplorer.com
Additionally, you can also view statistics of the entire network with an explorer. Explorers such as Bitinfocharts.com provide information like Richest Address, Average Block time, Network Hash Rate and dozens of other details.
Other Important Explorers
Other Engaging Explorers
Featured image courtesy of Shutterstock.
The post Beginner’s Guide to Block Explorers appeared first on Crypto Adventure.