REVIEW: Etherscan -- your window into the Ethereum world
Product background
Etherscan.io is like a detective for the Ethereum blockchain. It helps you keep tabs on transactions happening on the Ethereum network, kind of like a search engine but for blockchain – think of it as an independent Ethereum-based block explorer. The Etherscan app keeps track of blockchain transactions on the Ethereum network. The app then displays the results like a search engine.
Etherscan is not an Ethereum wallet, nor is it a wallet service provider. Users don’t receive an Etherscan wallet when they search the Ethereum blockchain on Etherscan. It's more like a window into the blockchain world, where you can peek at transactions.
So, let's say you've sent some Ethereum to a friend, but it hasn't shown up in their wallet yet. You can use Etherscan to check the details of that transaction and see what's going on which may give you peace of mind if transferred funds have not yet appeared in their wallet.
But here's the thing – to track activity on your Ethereum wallet address, you'll need to connect it to Etherscan. No worries though, it's all free.
First impressions
Upon visiting the Etherscan website, users are greeted with a clean and intuitive interface.
The homepage offers a plethora of features, including the ability to explore Ethereum blocks, transactions, addresses, tokens, and even decentralised applications (DApps). Whether you're interested in monitoring the latest transactions on the Ethereum network or checking the balance of a specific wallet address, Etherscan has you covered.
Key Features
Etherscan offers a comprehensive suite of trackers that cater to the diverse needs of users within the Ethereum ecosystem. Whether users are interested in monitoring transactions, exploring smart contracts, tracking tokens, or analysing network activity, Etherscan provides powerful tools and insights to facilitate their exploration and understanding of the Ethereum blockchain.
- Transaction Tracker: One of the core features of Etherscan is its transaction tracker. Users can easily search for specific transactions by inputting transaction hashes, wallet addresses, or even transaction IDs. The transaction tracker displays comprehensive details about each transaction, including the sender, recipient, transaction amount, gas fees, and timestamp. This tracker is invaluable for users who want to verify the status of their transactions or investigate the movement of funds on the Ethereum network.
- Address Tracker: Etherscan also offers an address tracker that allows users to monitor the activity of specific Ethereum addresses. Users can input wallet addresses into the search bar to view transaction history, token balances, and other relevant information associated with the address. This tracker is particularly useful for individuals or businesses that want to track their own wallet activity or monitor the activity of other addresses for research or security purposes.
- Token Tracker: With the proliferation of tokens on the Ethereum blockchain, Etherscan provides a dedicated token tracker that enables users to explore and monitor various ERC-20 and ERC-721 tokens. Users can search for specific tokens by name, symbol, or contract address to access detailed information such as total supply, holders, transfers, and contract interactions. This tracker is essential for token investors, developers, and enthusiasts seeking to gain insights into token distribution and usage.
- Smart Contract Tracker: Etherscan's smart contract tracker allows users to explore and analyse Ethereum smart contracts deployed on the blockchain. Users can search for specific contract addresses to view contract details, source code, bytecode, and transaction history. Additionally, the tracker provides information about contract interactions, including function calls, events, and internal transactions. This tracker is indispensable for developers, auditors, and researchers interested in auditing, monitoring, or interacting with smart contracts.
- Block Tracker: The block tracker on Etherscan enables users to monitor the latest blocks mined on the Ethereum blockchain in real-time. Users can view block details such as block height, timestamp, miner address, transaction count, and gas limit. Additionally, the tracker provides a list of transactions included in each block, allowing users to explore transaction details within the context of specific blocks. This tracker is beneficial for users who want to stay updated on the latest blockchain activity or analyse block propagation and mining rewards.
- Network Tracker: Etherscan's network tracker offers insights into the overall health and performance of the Ethereum network. Users can access real-time metrics such as network hashrate, difficulty, block time, and uncle rate. Additionally, the tracker provides historical data and charts to visualise network trends and fluctuations. This tracker is essential for miners, node operators, and network participants who want to monitor network stability, congestion, and overall health.
Signing up
The sign-up process on Etherscan is refreshingly straightforward and user-friendly. Unlike many other platforms that require extensive registration forms and account creation, Etherscan does not have a traditional sign-up process. Users can freely access and explore the platform without the need to create an account or provide personal information.
This approach offers a hassle-free experience for newcomers and eliminates barriers to entry for users who simply want to browse blockchain data or track transactions. By removing the requirement for sign-up, Etherscan prioritises accessibility and convenience, allowing users to quickly access valuable information about the Ethereum blockchain without any unnecessary steps.
Overall, the absence of a sign-up process contributes to the platform's simplicity and ease of use, making it an attractive choice for individuals seeking to engage with Ethereum blockchain data without any additional obligations.
However, signing up for an Etherscan account does give users access to additional features. These features include the ability to track addresses and receive notifications whenever a transaction occurs. Developers may also sign up to gain free access to Etherscan’s blockchain explorer data and application programming interfaces (APIs).
Thus, users with accounts can add their addresses to the “watch list” on the block explorer to monitor or track their investments. Users can also set alerts so that they’re notified of every incoming transaction via email. Etherscan also provides API services for developers so that they can create decentralised applications.
Pros
- Easy API The Etherscan API provides access to a variety of data. Overall, it is user-friendly. Due to its simplicity, it became a vital tool for developers creating decentralised applications (Dapps) on Ethereum
- Detailed data The Etherscan tool provides information about the Ethereum network entirely, including smart contracts’ and transactional pieces of information. This is useful for developers in terms of creating applications that run on top of the Ethereum blockchain. Additionally, it is beneficial for end-users since they can make informed decisions regarding their transactions.
- Real-time updates Within the Ethereum ecosystem, the Etherscan tool provides real-time information on transactions, smart contracts, tokens and blocks. Since it is simple to use, end-users can easily track the status of their transactions and keep up with most recent updates.
- Token tracker Etherscan’s token tracker shows information on ERC20 tokens on the Ethereum blockchain. If a user wants to check out the main characteristics of divergent ERC20 tokens or keep up with token balances, this component is useful.
- Smart contract verification Etherscan comes with a specific tool that enables developers to check the source code of their smart contract. In other words, this serves as a guarantee that the smart contract’s code matches the bytecode on the blockchain, dismissing security issues.
Cons
- Privacy issues A public blockchain explorer also means that anyone can look up the transactions’ specifics and wallet addresses on the Ethereum network. This brings up particular privacy problems that may concern users that want a high degree of privacy and anonymity.
- Reliance on Ethereum Because Ethercan depends on the Ethereum network, it may experience some of the blockchain’s main drawbacks. For example, it can face network congestion and slower transaction speed.
- Data accuracy The Etherscan tool depends on the data accuracy kept on the blockchain. Even though Ethereum is usually seen as a safe blockchain, there might be some inconsistencies from time to time.
- Low token support Etherscan is primarily focused on the Ethereum blockchain. Since it mostly functions as a search engine, it provides only a fraction of support for additional cryptocurrencies. Some users may see this as a disadvantage.
