What Is Etherscan and How to Use It?

Exploring Etherscan: Ethereum's Information Treasury

Etherscan is a powerful block explorer that unveils various data on the Ethereum blockchain to its users. Through Etherscan, people can access transaction details, specific information about smart contracts, and activities of particular addresses effortlessly. This platform presents complex blockchain data in an intuitive and easy-to-understand manner, allowing anyone interested in Ethereum to navigate the blockchain world as easily as using a regular search engine.

Using Etherscan, users can dive deep into the public transaction data on Ethereum without needing to register. However, by creating a personal account, users can unlock more advanced features, such as setting up transaction alerts, using developer tools, and accessing professional data analysis resources. This greatly facilitates in-depth research on the Ethereum blockchain.

It's important to note that while Etherscan provides a wealth of blockchain information and data, it does not support Ethereum wallet functionalities or the storage of private keys. This means Etherscan cannot be used directly for executing transactions or storing crypto assets. To perform these actions, users need to use dedicated cryptocurrency wallets, such as Trust Wallet or MetaMask, ensuring the security and convenience of transactions.

The Necessity of Using Etherscan: A Bridge to Security and Transparency

Etherscan is not only the most trusted and widely used block explorer on the Ethereum blockchain; it is also an indispensable tool for deeply understanding and securely interacting with the blockchain ecosystem. Through this platform, users can obtain detailed information about DApps and transactions, which is crucial for enhancing account security and identifying suspicious activities.

For example, Etherscan's "whale alert" feature can instantly notify users when large amounts of cryptocurrency are transferred to exchanges. Although this does not guarantee accurate market direction predictions, it provides a possible signal of market selling pressure. Additionally, users can monitor the token usage by project founders and developers to promptly detect potential fraudulent activities or signs of project failure.

The value of Etherscan lies in providing a transparent window that allows all users to monitor and analyze on-chain data. This transparency not only helps promote a safer trading environment but also provides a platform for individual investors and project teams to showcase their real actions and intentions, thereby building trust among users and investors.

ETH and ERC-20 Transaction Inquiry Guide in Etherscan

Etherscan offers a robust feature that enables tracking of ETH and ERC-20 token transactions as well as viewing address balances. Knowing how to use Etherscan to track these activities is crucial for a deep understanding of blockchain operations.

Suppose you need to track a transfer of 0.025ETH, along with a transaction fee of 0.001559212674537ETH. The transaction ID is: `0x80a3cc0f344651b3de745b2f1efbe8d35d4f348e95b345c8a840ebf955414fa5`. To view the details of this transaction, simply copy the transaction ID into the search box at the top of the Etherscan homepage and click search.

The search result will display detailed information about the transaction, including the transaction hash, status (successful, pending, or failed), block number, timestamp, sender and receiver addresses, transaction value and fees, and the gas price, among others. Additionally, you can see whether the transaction was conducted under the traditional gas fee system or the EIP-1559 standard.

To further understand all transaction activities of a specific address, you can copy that address into the search box. The result page will list all transactions related to that address, including ETH and ERC-20 tokens sent and received. A marker next to each transaction will indicate its status, for example, red for received transactions. The top of the page will also display an overview of the current wallet balance, which is very handy for quickly getting an account overview.

In this way, Etherscan enables individual users to easily track and verify transactions, while also providing strong support for the transparency and trustworthiness of the blockchain. Whether for personal verification, transaction monitoring, or simply to understand the workings of the Ethereum network, Etherscan is an indispensable tool.

Exploring Smart Contracts in Etherscan

Smart contracts are an indispensable part of the Ethereum ecosystem, executing core functions such as cryptocurrency transfers and DApp operations. Looking up and interacting with smart contracts in Etherscan is an important step in ensuring fund security and enhancing blockchain transparency.

First, identifying the smart contract address is a prerequisite for consulting the contract. This address is the unique identifier of the contract on the blockchain, containing critical information such as token logic. Finding the correct contract address, usually through channels like CoinMarketCap, CoinGecko, or the project's official website, is crucial for ensuring accuracy.

Taking the Uniswap ERC-20 token contract as an example, its address is `0x1f9840a85d5af5bf1d1762f925bdaddc4201f984`. Searching this address on Etherscan will directly take you to the detailed information page of the token, including contract balance, transaction history, and more.

On the contract details page, you can further explore the contract's specific operational rules and interaction methods by clicking on the "Contract" option. For instance, the "Read Contract" option allows users to view public information of the contract, such as querying the balance of a specific address. The "Write Contract" feature opens up possibilities for direct interaction with the smart contract, such as executing transfer operations.

Moreover, the "Connect to Web3" feature enables users to connect their wallets (like MetaMask) with Etherscan, allowing for more direct contract operations, such as token transfers. This mode of operation is particularly useful in situations where DeFi platforms or DApps experience technical issues.

While ordinary users may not frequently use these advanced features, understanding how to look up and interact with smart contracts in Etherscan can help users gain a deeper understanding of the mechanisms of blockchain fund storage and transfer, enhancing overall knowledge of blockchain technology.

Monitoring Gas Fees on Etherscan

Gas fees are essential costs for executing transactions on the Ethereum network, dynamically changing based on the network's congestion level. Understanding the current gas fees is crucial for transaction execution, as it directly affects the speed and cost of transactions.

Etherscan offers a dedicated gas tracker tool, allowing users to view real-time changes in gas fees. This not only helps users predict the network's congestion level but also enables them to decide on the best timing for their transactions based on the cost.

Using Etherscan to view gas fees allows users to plan their transactions more wisely, whether for simple transfers or complex smart contract operations, ensuring they are completed at a relatively reasonable cost. This feature makes Etherscan a valuable resource for predicting Ethereum network conditions and planning transaction strategies.

Tracking NFT Transactions in Etherscan

With the rise of Non-Fungible Tokens (NFTs) in the digital art and collectibles market, knowing how to view NFT transactions on Etherscan has become a necessary skill. NFTs represent unique assets issued on the Ethereum network based on ERC-721 or ERC-1155 standards.

Firstly, to view NFT transactions, users need to know the smart contract address of the NFT, which can be obtained through the project's official website or NFT marketplaces. With the contract address, entering it into Etherscan's search box will take you to the overview page of the NFT project.

On the Etherscan page of an NFT project, you can see all transactions related to that contract. By clicking the "Transactions" tab, users can browse through all historical records of the NFT being sent and received, including timestamps of transfer operations, sender and receiver addresses, etc.

Furthermore, for NFTs based on the ERC-1155 standard, which supports the creation of multiple tokens within a single contract, users can also view transactions of specific token IDs, tracking the circulation history of a particular NFT. This information is valuable for investors analyzing market trends, verifying the authenticity and scarcity of NFTs.

Through Etherscan, users can not only view the transaction records of NFTs but also delve into the logic encoded in their smart contracts, such as royalty payment mechanisms, thus fully understanding the value and potential of NFTs. This transparency is a core advantage of blockchain technology, providing NFT investors with a powerful tool to make more informed decisions.

Conclusion

As the primary block explorer for the Ethereum blockchain, Etherscan not only offers a window into the Ethereum network but has also become an indispensable tool in the crypto domain. By detailing its features and usage, this article reveals Etherscan's powerful capabilities in tracking ETH and ERC-20 token transactions, consulting smart contracts, monitoring gas fees, and tracking NFT transactions. These functionalities not only enhance the transparency of the blockchain but also improve the safety and efficiency of users' transactions. Looking ahead, as blockchain technology continues to advance and its application areas expand, Etherscan's role and functionality will become even more important, providing users with more information and tools to better navigate and utilize the Ethereum ecosystem.