WHAT IS AND HOW DOES A BITCOIN BLOCKCHAIN ​​EXPLORER WORK?

As the blockchain gains importance as technology and enters more and more services, tools are also emerging that facilitate the monitoring of transactions through blockchains. 

One of the most important is the blockchain ​​explorer, also called block explorer, block explorer, or blockchain explorer. To get to know more about them, visit The News Spy.

Who is blockchain explorer?

A blockchain explorer can be defined as a kind of special browser aimed at the blockchain. It would fulfill a similar function to that of Firefox, Chrome, or Microsoft Edge for the Internet. 

Taking into account the gigantic databases of the blockchain, applications of this type needed to emerge to be able to move through them. Normally, they are built with open source, that is, it is freely distributed, even free, and can be used and modified by users without any restriction.

Usually, its main use is to be able to track cryptocurrency transactions, such as bitcoins or altcoins. 

However, this is not its only feature. Little by little they have been completed and endowed with more capabilities. Some compare them as if it were a kind of ‘Google for the blockchain’.

Blockchain explorer uses

A blockchain explorer gives the possibility to see movements in the chain of blocks in real-time, but also to follow those that have already been carried out previously. 

At the same time, it allows you to view the reception address and exchange address or check the history of any transaction.

There are currently dozens of explorers for various blockchains. Among which we can name Blockchain.info, BlockExplorer, BlockTrail, BlockCypher, and many more that work for Bitcoin. 

EtherScan, EtherChain work for Ethereum, and as well as many others for every existing blockchain. Regardless of the blockchain you explore, almost all of them show similar data, even though they may be different in appearance.

As activities and objects on the blockchain network involve complex formats to reveal nodes, addresses, transactions, and block numbers, a block explorer displays key information in a user-friendly format.

Bitcoin blockchain ​​explorers display content in the form of a standard website, including clickable hyperlinks, allowing easy navigation options to go from monitoring one piece of data to a related one.

A block explorer or Block Explorer shows a lot of information about the blockchain and blocks in tabular form includes a list of blocks in reverse chronological order of their search time.

The content of the display table usually includes the block height, the mining time, the block hash, the number of transactions in that particular block, the block output in crypto tokens, the cryptocurrency fee, and the name from the miner/pool that extracted it.

Advanced cryptocurrency users such as miners use Block Explorers or Block Explorer to keep track of a variety of things for their activities. 

The main one is the instant display of the latest blocks on the blockchain. At the moment, as soon as a miner finds a new block on a blockchain. All Block Explorer or block explorers should list it immediately.

Looking at the first transaction in a newly found block provides vital clues about the revenue earned by its miners and its distribution which shows the value of the mining rewards available at the moment.

To find a block explorer for a certain cryptocurrency, Google “block explorer” and the specific cryptocurrency, or simply search the “explorers” section for the desired crypto on a website.

On the other hand, to research your Bitcoin address, simply copy and paste your BTC address into the search bar in a block explorer.

You will then access a page that contains all the information associated with your Bitcoin address, including the total number of incoming and outgoing transactions, the total BTC received and sent, as well as the ending balance in dollars.

Conclusion

Since each Bitcoin transaction is recorded in a decentralized public ledger, it is possible to trace the money obtained through these explorers. 

Anyone can download the entire Bitcoin transaction history (which currently weighs around 160 gigabytes) to examine. 

This type of tool has helped in a certain way to avoid and combat crypto theft, which is becoming more and more common, only that if they are to be carried out, they must make an excellent job of tracking and identifying information found in browsers and other tools that are directly linked to the user or owner of the wallet.