Crypto Academy Season 3 Beginners' course - Homework Post for Task 2: Blockchain, Decentralization, Block explorer
What is a block explorer? And what is its purpose and use? Search for different cryptocurrency block explorers and list them below. At least five different crypyo currencies. Also explore the transaction of a crypto coin on block explorer and explain with the help of screenshot.
What is a block explorer?
A block explorer is an application or tool that reveals the content or information in any block on a particular blockchain. The term "Block explorer" contains two units: A block and an Explorer. A block is the basic unit of a blockchain.
A block contains informations about transactions carried out on a blockchain. The block can be likened to a ledger book that contains the list and details of transactions that are successfully carried out. Like all books have specific capacity a block can only be filled to its capacity known as the block size and then a new block is created forming a chain system called Blockchain. The content of a block is immutable and the block can be identified or located by its hash or ID.
On the other hand, to explore means to tour a place to see what it is like. Thus an explorer is a tour aide that easily show you the details you want to explore. However, bringing this two units together, a Block Explorer is an application that shows the details of a specific blockchain.
The block explorer works as a search engine and enables one to easily locate any desired information on the Blockchain.
Consider using an internet explorer commonly known as a browser. You can easily locate any information stored on the internet as long as you can imput its address. A Block Explorer works in a similar way. Information is stored in blocks on the blockchain and these block contains Hash that serves as it ID or address. This address or ID is searched on the explorer and a detail of the block is seen.
And what is its purpose and use?
A block explorer is used to check the details of every transaction that occur on the blockchain. A blockchain being an open ledger contains entry of every transaction and thus an explorer is used to track operations on the Blockchain.
Using an explorer can be likened to viewing a statement of account or transaction history of a commercial bank account. Here you can see the transaction ID, the type of transaction, sender/receiver, time of operation, status of transaction, what body facilitated or approve the transaction.
Exactly, the block explorer works just as explained above but a clear difference is that commercial banks are built on a centralized system and regulated by a third party while the blockchain is an open decentralized system.
However, using a block explorer you can see the transaction ID or signature, parties involved (i.e sender/receiver), timestamp, status of transaction (if successful or not), the block it belong, the block ID, Block number, Block creator, block reward, market data and other details as indicated specifically by different block explorer.
The block explorer is used by wallet users/traders to check the status of their transaction. It is used by Miners or Block creators to check if they have successfully created a block and received a block reward. Crypto enthusiast/analyst uses it to obtain market data and information about the blockchain.
Search for different cryptocurrency block explorers and list them below.
- Bitcoin - https://www.blockchain.com/explorer, https://live.blockcypher.com/btc/
- Steem - https://steemblockexplorer.com/, https://steemscan.com/
- Ethereum - https://etherscan.io/, https://blockchair.com/ethereum
- Cardano - https://explorer.cardano.org/, https://cardanoscan.io/
- Litecoin - https://litecoinblockexplorer.net/, https://blockexplorer.one/litecoin/mainnet
- Stellar - https://stellarscan.io/, https://steexp.com/
Explore the transaction of a crypto coin on block explorer and explain with the help of screenshot.
To explore transactions or blocks on the steem blockchain, steemblockexplorer gives a detail description and that is why I have adopted it here.
First, Open the home page of the block explore. You get a view of what it reveals such as:
- A list of latest block and details of each regarding it creator and content.
- Blockchain Properties
- Reward Pool
- Top 20 witnesses
The screenshot above shows the latest block that has just been created on the steem blockchain. This shows that @steemchiller created the latest block which contain 18 transactions, 13 votes and 1 comment.
Taking a closer look by clicking on the block number. The explorer shows a detail of operations that were stored in the block. This window shows the transaction ID, timestamp, type of transaction, wallets or accounts involved and the description of transaction.
Using the explorer we can as well see details of any account on the block chain and and activities carried out per time. Go to the explorer home page and input the wallet ID into the search box. Below is mine @okunlolayk
The steemscan explorer also works in a similar pattern and gives the details of blocks created on the steem Blockchain.
Here is a transaction detail of an 80% vote from @jimah1k to me @okunlolayk.
Conclusion
The block explorer is an online tool that reveals the details of every block and transactions that has been successfully incorporated into the blockchain. This tool has been found handy to users, traders, miners or block creators, crypto enthusiast and crypto trade analyst.
Referential Source links for this article are included for further reading and all Illustrative Images are attributed to their various sources. Thank you.
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