Etherscan is an important tool you should know about if you want to get involved with the Ethereum network. The platform can help you ensure transparency and safety when carrying out transactions and getting involved in NFTs, airdrops, and smart contracts, among other activities on the Ethereum blockchain.

But what is Etherscan, and how does it work?

What Is Etherscan?

Etherscan is a blockchain explorer for the Ethereum blockchain. A blockchain explorer is a tool that allows you to search for information about a blockchain. Etherscan, an Ethereum blockchain explorer, allows you to search the Ethereum blockchain for free. Through the tool, you can see records of past transactions, smart contracts, wallets, gas fees, and other information related to the Ethereum network.

Etherscan does not store cryptocurrencies, and you cannot use it for crypto trading. Its main purpose is to check information about Ethereum tokens, transactions, addresses, smart contracts, and so on. The tool has become one of the most trusted blockchain explorers for Ethereum.

Why Do You Need Etherscan?

Etherscan provides access to a range of useful data you'll need to participate effectively in Ethereum activities and conduct transparent transactions. For example, with this tool, you can verify the validity of a wallet address before sending funds to it and even spot suspicious blockchain activities.

Additionally, the site provides public evidence of cryptocurrency transactions. You can confirm if the recipient of a token has received it, and check the status of any transaction you conduct, whether it is pending, successful, or unsuccessful.

In addition to the uses mentioned above, Etherscan can also be used for the following:

• Check an Ethereum address's balance.
• Check the number of confirmations a transaction has received.
• View the smart contract code of an Ethereum project or address.
• Examine the transaction history of an Ethereum address.
• Check the amount of gas used in a transaction.
• Check the current Ether price.
• Check for the necessary information for building decentralized applications on the Ethereum blockchain.
• View upcoming events and related information, etc.

How Etherscan Works

You don't have to open an account on Etherscan to use its features, though having an account gives you access to more features. To get information from the tool, you must first paste the address, Txn Hash, Block, or whatever you want to check in the search field, then click Enter. Almost immediately, you will be able to see the information you need.

Using Etherscan to Track Wallets

To track a wallet, for example, you must paste the wallet address into the search field and click Search. The tool will show you different information, including the following:

• A wallet's current amount in ETH and USD.

  

• Different transactions carried out on the blockchain. As you scroll down the search result, you will also see different transactions carried out on the wallet address.

  

• Transaction details. You will see more information about the transaction by clicking on any of the transactions. For example, on the transaction detail page, you can view the transaction's current status, the number of confirmations it has received, its amount, the address from which it was sent, and the address to which it was sent. The details are important in determining the transaction's history and if it is complete or ongoing.

Using Etherscan to Review Smart Contracts

A smart contract is a self-executing program that runs when predetermined conditions are met. Smart contracts power NFTs and other decentralized applications recorded on the blockchain.

Etherscan can scan a smart contract and, among other things, verify ownership and view the history of assets. You will not be able to view NFTs on Etherscan, but you can see the data that indicates who owns the asset and click on links to view more information.

To review a smart contract, just like you did in the case of the wallet address, you must copy the address, paste it into the search field, and then search. For this, we will use an NFT smart contract as an example. After you click on the address, you should expect to see more details, like in the image below.

You will get access to information like the balance, the ether value, the contract creator, the token tracker, and many more.

When you click on the contract option, you can access three more options: Code, Read Contract, and Write Contract. Before continuing, make sure to confirm that the contract is verified. A verified contract code means that the code provided by the owner to Etherscan matches the code on the Ethereum blockchain.

• The Code is the smart contract source code; it requires technical skills to understand. However, the comment section that follows each code could be useful for those who might be very curious to have a little idea of the code information.
• The Read Contract option shows information not available on the main page of the contract. You can use the information to query the smart contract function.
• Write Contract allows permitted users to perform functions written in the smart contract by connecting their wallets to the Etherscan.

You can get more data about the smart contract, like the ETH fees, transaction count, Tnx heat map, and more, on Etherscan.

Checking for Gas Prices on Etherscan

To check out gas prices, head to More > Gas Tracker. Doing so will reveal the low, average, and high gas costs on Opensea, SushiSwap, Curve, and many other platforms. The price is updated every 15 seconds, and the information can help you predict how congested the network is and how much you would likely pay for transactions.

To access gas prices for a wallet, you should enter your wallet address in the search bar and click on Search or Enter. Next, click Analytics, then Tnx Fees. This way, you can see the gas price and the average value of your gas fees.

Etherscan: A Tool for All Ethereum Users

Etherscan has grown to be one of the most trusted blockchain explorers. It provides valuable information to operate safely on the Ethereum blockchain and ensures that blockchain transactions are transparent, maintaining the essence of blockchain technology. Also, the tool is free and has many useful features and data that anyone, including researchers and developers, can use.