How to make use of Etherscan and other Blockchain Explorers?

Unveiling cryptocurrency transparency and harnessing the power of Etherscan and blockchain explorers

Cryptocurrency offers a level of anonymity, but many people mistakenly believe that transactions are completely private. In reality, most blockchains rely on public ledgers, exposing transaction details and associated data to those who know how to access them. Blockchain explorers are valuable tools that sift through this raw data and transform it into an understandable and navigable map of the cryptocurrency market. Among the popular explorers is Etherscan, designed specifically to trace the Ethereum blockchain, while other explorers such as BscScan and Blockchain.com cater to different chains. This article will primarily focus on Etherscan, but the insights gained can be applied to other blockchain explorers as well.

How to get started with Etherscan?

Etherscan is a widely used blockchain explorer for Ethereum (ETH) that enables users to track funds and interact with smart contracts directly. It provides comprehensive access to the entire Ethereum blockchain, including ERC-20 tokens and ERC-721 non-fungible tokens (NFTs). The front page of Etherscan shows the most recent blocks and individual transactions, and provides key details such as transaction amounts, gas prices and wallet addresses. But to dive deeper into the platform, users can explore all transactions related to wallets and smart contracts. By clicking on transaction hashes, users can access additional information, including confirmations, gas prices, and even connected smart contracts.

Interaction with smart contracts and labeling of wallets:

Etherscan allows users to interact with smart contracts and examine their code. This feature provides insight into the total supply of NFT collections, the number of token holders and the trading history. Users can also tag specific wallets, which proves useful for tracking and following the flow of money. For example, Etherscan facilitated the identification of the wallet involved in draining balances from FTX accounts during the exchange’s bankruptcy. While exchanges typically don’t process trades on the blockchain, Etherscan still offers valuable information about their holdings.

Other Blockchain Explorers and Tools:

In addition to Etherscan, various other blockchain explorers and tools serve similar purposes. BscScan, a sister site to Etherscan, replicates the functionality for the BNB chain. Some explorers provide more advanced analysis, such as Nansen, which offers in-depth crypto market statistics for a fee. Chainalysis, another prominent tool, enables users to trace the flow of money across multiple wallets, providing invaluable insight for law enforcement agencies in their pursuit of criminals.

Conclusion:

Blockchain explorers like Etherscan allow users to navigate through the transparency of cryptocurrency transactions. With the ability to track funds, access transaction details, and interact with smart contracts, these explorers offer a comprehensive understanding of the blockchain ecosystem. By harnessing the power of these tools, users can uncover the intricacies of the cryptocurrency market and make informed decisions based on transparent information.