Introduction
If you are using Ethereum for more than just long-term holding or sending transactions, learning how to effectively navigate the blockchain can be highly beneficial. Etherscan is an excellent starting point to help you master the basics.
Most of Etherscan's features can be accessed without connecting a cryptocurrency wallet or creating an account. Next, we will explore the common uses of Etherscan and how to leverage this information.
What is Etherscan?
Etherscan is a blockchain explorer specifically designed to view public data on the Ethereum blockchain, including information on transactions, smart contracts, and addresses.
On Ethereum, all interactions are public, allowing you to browse Etherscan like you would a search engine. By entering a transaction hash (transaction ID), you can view all activities related to it, including tokens, smart contracts, and wallet addresses.
Do You Need to Register an Account to Use Etherscan?
Etherscan can be used without registration; however, creating a personal account offers additional features, such as setting transaction alerts, accessing developer tools, and creating data source notifications.
You can start using Etherscan simply by pasting a wallet address, transaction ID (TXID), contract address, or other identifiers into the search box. Users can query the desired information in the browser, focusing primarily on transaction details, addresses, timestamps, and amounts.
It’s important to note that Etherscan does not provide a cryptocurrency wallet. To conduct transactions, you will need a wallet such as the Binance Web3 Wallet, MetaMask, or Trust Wallet.
Why Should You Use Etherscan?
Understanding the detailed interactions with the blockchain can help you become more familiar with decentralized applications (DApps) and transaction processes. Mastering this knowledge aids in protecting your account security and identifying suspicious activities.
For instance, with the whale alert feature, you can receive notifications when a large amount of cryptocurrency flows into an exchange. While this speculation can be misleading, it may indicate a potential large-scale sell-off in the market. Additionally, you can monitor how project founders utilize project tokens. If developers abandon a project and sell off cryptocurrencies, being aware of these movements can alert you to potential fraud or exit risks.
Etherscan Search Box
At the bottom of the page, you can see a complete list of all transactions related to an address.
Etherscan Transaction History
Red transactions indicate the initial ETH sent, marked as received, showing that the address you queried is on the receiving end. At the top of the page, you can view the real-time balance of the wallet.
Etherscan Wallet Overview
How to Find Token Contract Addresses on Etherscan
If you frequently interact with smart contracts in decentralized applications (DApps), learning how to find token contract addresses on Etherscan will be very helpful. This will allow you to confirm that you are interacting with the correct smart contract. Additionally, when adding new tokens to your wallet, you will need the token's contract address.
To find a token contract address, you can visit Etherscan's token tracker page, which features a list of tokens for your review. You can also search on platforms like CoinMarketCap, CoinGecko, or the project's official website.
By default, Etherscan's token tracker sorts tokens by market capitalization.
Etherscan Token Tracker
Clicking on a token in the list will display its contract address, typically found in the "Other Info" section.
Etherscan Contract Interaction
You can click on the Write Contract option to directly interact with the UNI smart contract. This method is particularly effective when encountering technical issues or disruptions on DeFi platforms or DApps.
In other words, you can attempt to interact with the smart contract via Etherscan instead of relying solely on the project's website. Just make sure that the contract address you are using is correct.
Clicking on Connect to Web3 will allow you to link your cryptocurrency wallet, such as MetaMask or Binance Chain Wallet, to Etherscan for contract interaction.
Etherscan Connect to Web3
The simplest operation here is to perform a token transfer. For example, through the Transfer tab, you can send contract-related tokens from your linked wallet. The following transaction will send 1 UNI from the linked wallet to the pasted recipient wallet address. Ensure that the decimal places for the transfer amount are entered correctly.
Etherscan Transfer
Using the Withdraw tab allows you to transfer tokens from an address you control to another address.
Etherscan Withdraw
While most users may not need these advanced features, having a basic understanding can help you grasp how to access funds stored in smart contracts.
How to View Gas Prices on Etherscan
Gas prices are part of the transaction fees on Ethereum, determined by the blocks. Each block has a fixed fee, which can vary based on network traffic and data conditions.
Etherscan’s Gas Tracker page displays the amount and time variation of different gas prices. This is a very useful tool that can help you roughly predict network congestion and the fees you will need to pay when making transfers or interacting with smart contracts.
Conclusion
Etherscan is a free and user-friendly tool, making it ideal for gaining deeper insights into wallets or trading platforms. The functionalities provided by Etherscan are similar to those of other block explorers, such as BscScan, allowing you to easily apply these techniques on other platforms. Whether confirming transaction statuses or viewing smart contracts of DApps that interest you, Etherscan is an excellent entry-level tool.
Risk Warning
While the cryptocurrency market offers significant growth potential and innovation opportunities, it also carries a high level of market risk and price volatility. The value of crypto assets can fluctuate dramatically in a short period, potentially leading to substantial financial losses for investors. Additionally, the cryptocurrency market faces multiple risk factors, including technical risks, legal and regulatory uncertainties, cybersecurity threats, and market manipulation. We strongly advise users to conduct thorough research and due diligence before making any investment decisions and to consult professional financial advisors. All investment decisions are made at the user’s own risk. Thank you for your trust and support of Venkate!
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