What is Etherscan, and how do you use it? Etherscan Complete Guide

Introduction 

Following the awareness of blockchain technology in most businesses and the popular use of digital assets, secure platforms to go through a blockchain and verify transactions are necessary for all. Etherscan, of course, is one of the most important tools for Ethereum users. This Ethereum block explorer, Etherscan, allows users to monitor Ethereum transactions, analyze their wallet addresses, and check smart contracts. In addition, they will be drawn to the statistics and analytics across the blockchain. This article will deeply discuss the analysis of Etherscan, focusing on some of its features, utilization methods, and its indispensability to Ethereum transactions.

What Is Etherscan?

Etherscan is a blockchain explorer custom-designed for the Ethereum network. It is a credit ledger where a user can check the success of Ethereum transactions, token transfers, wallet addresses, and smart contracts and send and receive Digital assets. Through the interface, Etherscan interacts with and utilizes Ethereum Dapp (Decentralized Application), making these transactions more transparent and easier for everyone to control.

Features of Etherscan: 

• Etherscan address lookup- The Etherscan platform allows you to find and identify Ethereum wallet addresses, which may be empty if they were recently created. 
• Ethereum transaction tracker – See the status and full information of transactions.
• Etherscan smart contract verification – Cross-check the functions corresponding to the blockchain deployed contracts. 
• Etherscan analytics tools – Gain the latest data and trends about the Ethereum blockchain from Etherscan and customize it according to your requirements. 
• Gas fee tracker – Monitor Ethereum gas fees in real time.

How to Use Etherscan 

1. How to Check an Ethereum Transaction on Etherscan
   When you have ever been involved in sending or receiving ETH or ERC-20 tokens, you can check the transaction status using Etherscan. ‍

Steps: 

1. Go to Etherscan. 
2. In the search bar, type in the transaction hash (TXID). 
3. Click the enter button to see all the transaction details. 
4. The main information includes: 

• Transaction status: Success, pending, or failed. 
• Block confirmation: The number of transactions where this one is confirmed. 
• Gas fees: The total amount of gas used and its price.
• Address: Sender and receiver addresses.
  
  

2. How to Look Up an Ethereum
   Address on Etherscan To view an Ethereum wallet's transaction history and balance:‍

Steps:  

1. Just paste the wallet address in the search bar. 
2. You will see the following things: 

• Balance: The current ETH balance for this wallet. 
• Transaction history: A list of all incoming and outgoing transactions. 
• Tokens held: The list of (ERC-20 and ERC-721), which also contains NFTs, is in there.

3. How to Verify Smart Contracts on Etherscan
   Smart contracts have revolutionized blockchain transactions by ensuring total transparency. Before one engages with the decentralized app (dApp), one might want to view the smart contract details to be sure one is interacting with the right code. 

Steps: 

1. Find the smart contract address and search for it on Etherscan. 
2. Click on the contact tab. 
3. If it is validated, then both the source code and the contract functions will be visible. 
4. Users can use the Read and Write functions to interact with contracts. 

4. How to Check Gas Fees on Etherscan
   The amount of traffic on the Ethereum Network influences gas fees.If you want to know which gas fees you will be charged:

‍Steps:  

1. The Gas Tracker section on Etherscan will do that for you. 
2. You will also be alerted to all-time low, medium, and high gas prices in Gwei. 
3. Estimate the cost of transactions so that you can adjust the fees. 

5. How to Use Etherscan for Token and NFT Tracking
   So many people hold tokens of the ERC-20 protocol and NFTs (ERC-721/1155). To look at token balances: 

‍Steps: 

1. Fill in the Ethereum wallet address. 
2. Scroll down to the Tokens or NFTs section. 
3. Select any token/NFT for more details. 

Why Use Etherscan? 

1. Transparency & Security Etherscan is a gateway that presents this chance for people wishing to authorize transactions. Thus, users can detect transfers and verify the desired destination to which they must send the crypto. 
2. Avoiding Scams Users who are inquisitive about various smart contracts can view their coding before they commit to the projects, thus lowering the likelihood of being scammed. 
3. Analyzing Network Activity Whether you are a trader or an investor, Etherscan analytics will assist you in seeing the trends of the cryptocurrency market, the whale movements, the DeFi activities, and the on-chain trends.
4. Monitoring Wallets: You can perfectly keep track of your wallet activity, see the latest Ethereum whale, and be an Ethereum whale thanks to the help from the Etherscan Observatory. 

Also read: How NFT Checkout Enhances NFT Marketplaces: Faster Transactions, Better UX & Higher Sales

For users looking for a seamless on-ramp to buy and transfer digital assets, Transfi's Ramp provides a secure and efficient solution. With its easy-to-use interface, users can onboard into the Ethereum ecosystem quickly while enjoying low fees and instant transactions.

Conclusion 

Through Etherscan, a comprehensive look into the Ethereum blockchain is made possible. If you are a regular holder of ETH, an investor, or an app developer, the ultimate functions of Etherscan help you to facilitate transactions, track trends, and execute contracts securely. 

Following this guide, you will be able to Track Ethereum transactions, Look up wallet balances, Verify smart contracts, Check gas fees, and Monitor token holdings and NFTs. By using Etherscan, you will be better placed to establish whether Ethereum is the spot for you. 

FAQs 

1. Is Etherscan free to use? 

• Yes, Etherscan is free of charge. One does not have to sign up on the web page whatsoever. They can also have their miner product application.
  

2. Can I use Etherscan to send or receive ETH? 

• Etherscan is among the different applications that enable transactions, though it mainly deals with tracking the Ethereum blockchain. It should be noted that Etherscan does not function as a wallet you use to send or receive Ethereum. A couple of examples of crypto wallets include Metamask and Trust Wallet.
  

3. How can I verify a transaction is confirmed on Etherscan? 

• After getting the transaction hash (TXID) from someone, type it in the search bar to confirm whether it is valid. Confirmations come in blocks, and it is safe to say the transaction is "Success" as soon as a query finds one over the specified minimum number.
  

4. Can NFTs be traced on Etherscan? 

• Yes, you can track NFTs as they are kept in your Ethereum wallet under the main category of your cash and are usually of the ERC-721 or ERC-1155 format. You will see your tokens if you use control+F and search for them.
  

5. How do I check gas fees before making a transaction? 

• Before using any platform, you should visit the Gas Tracker page on Etherscan, which will show you real-time information on the transaction costs that will be applied there. Then, you can direct your search to a different page if you wish.