The main feature of blockchain is its transparency, where the status of transactions is public and can be viewed by anyone.
However, many people may not know how exactly to check the status of transactions. The website “Etherscan” makes this possible.
Etherscan allows you to check wallets, transactions (processing information), and other information contained in the Ethereum chain. This article describes Etherscan, which allows you to view blockchain transactions, its main functions, and how to use it, with images.
- 1 What is Etherscan?
- 2 How to use Etherscan
- 3 Let’s take a closer look at Ethereum with Etherscan
What is Etherscan?
Etherscan is a website that allows you to view the various wallets and transactions contained in the Ethereum blockchain.
Simple and easy-to-understand UI
One of the reasons why Etherscan is often used is that it is simple, yet has a wealth of functions that reach deep into the system. As you can see from the actual screen, the UI itself is simple, but necessary information is clearly described.
Support for many standards
There are actually many different standards for tokens issued on the Ethereum chain.
Etherscan supports all four of these standards, which are currently the mainstream. Etherscan supports all four of these standards.
The reason for the existence of these various standards is that the “smart contract” feature in Ethereum allows for complex transactions that go beyond simply sending and receiving tokens. For example, ERC20 allows for the issuance of “governance tokens,” in which tokens are used as voting rights for project decision-making, and for crowdfunding-like uses in which funds are raised through the sale of tokens and returns are distributed to buyers.
Many better standards are still being proposed and implemented for Ethereum in terms of convenience and security. Etherscan, which currently supports four mainstream standards, is likely to implement the browsing function for any new standards that may emerge in the future.
How to use Etherscan
Etherscan has many functions. This section describes some of the most frequently used functions.
Etherscan has a wallet verification feature that allows you to view assets on the Ethereum chain stored in a crypto asset wallet searched by wallet address. As an example here, let’s check the wallet of Vitalik Buterin, one of the Ethereum developers.
To check the contents of the wallet, enter the wallet address in the search form on the home page and click the search button. The wallet address of Mr. Vitalik Buterin is “vitalik.eth”.
Wallet addresses ending in “.eth” are made easy to understand using a service called ENS (Ethereum Name Service). Originally, a wallet address is a random string of about 30 digits starting with “0x”. Since this address is very difficult to remember, it can be simplified by using ENS.
When you search for Mr. Vitalik’s wallet address, you will find “Resolved Address” in the search results. The string here is the original wallet address. So let’s click on this address and check the wallet information.
Here you will see a summary of the assets in your wallet. The “Balance” item shows the amount of Ethereum assets, “Value” shows the amount of assets in US dollars based on the current market price, and the pull-down “Token” item can be clicked to see the type and amount of tokens in the wallet.
You can also click on the wallet icon in the lower right corner to view your assets in more detail.
Looking at ①, we can see that it differs from the asset value shown earlier. This is because this value is the total amount including tokens other than Ethereum. We can see that the wallet contains a total of $11,557,333.10, or 6431.781839 ETH in Ethereum equivalent, including non-Etheriam assets.
Further down, you can see the specific type and amount of tokens.
For example, the top item ② “Asset” is Ethereum, ③”Quantity” is approximately 4092.4586 ETH, and ④”Value” is $7,353,779.81. Looking further down the list, we can see that there are various types of tokens in the wallet, including “ERC20” and “KyberNetwork”.
In this list, it is also possible to check the order of the items in ascending or descending order by clicking on the name of the item, such as “Asset” or “Quantily.
Scroll down further and you will see ① “Liquidity Pool Assets” and ② “NFT Assets”.
The “Liquidity Pool Assets” is the liquidity of the tokens you provide to the decentralized exchange (DEX), which is very complicated and we will not go into details, but you can earn commissions on the DEX by providing this liquidity. In this wallet, for example, in the top item, you can see that we provide liquidity in the “LTI” and “DAI” tokens to an exchange called “Uniswap V2”.
Also, if you look at the “NFT Assets” section, you can see that the wallet contains NFTs for the project “POAP”, which is covered by the ERC721 standard, and by clicking on an NFT, you can view more details about the project, including its URL and the NFT price.
The transaction history of the wallet you are looking at is shown here.
For example, the transaction at the top of the list has an “Age” of “44 mins ago,” which means that it took place 44 minutes ago, and the address listed in the “From” column indicates that 0.000002 ethereum was sent, as shown in the “Value” column. 000002 ethereum was sent from the address listed in “from”.
You can also click on the leftmost “Txn Hash” item to see further details of that transaction. The details of the transaction are explained in more detail in the next section.
A transaction is a transaction made on the blockchain. Each transaction is assigned a unique value called a “transaction hash,” which can be used to search for transactions.
As an example, let’s look at a transaction in which money was transferred from Vitalik Buterin’s wallet to the decentralized exchange Uniswap V3. The hash of this transaction is “0x9846ec9e063cea51cc50bca3a8d52874bcd7029d072df89b81928a6b226fc99c”.
Enter this string in the form on the top page to search.
Details of the relevant transaction are now displayed. Various information is displayed, but let’s pick up and review only the main items.
The “Status” item indicates the current status of the transaction. In the case of “Success” shown in the image, it means that the transaction was completed without any problems. Pending” indicates that the transaction is in process, and “Fail” indicates that the transaction has been canceled due to insufficient gas (transaction fee) or other reasons.
This item contains a summary of the transaction that took place in this transaction. The contents show that 124.84377…ETH (Ethereum) was swapped to 250,500 USDC (USD coins) on a decentralized exchange called “Uniswap V3”.
These two items indicate from whom the transaction was made and to whom.
First, “From” shows the source of the money. In this case, we know that “vitalik.eth,” which is Mr. Vitalik’s wallet, is the source of the money.
Next, “To” shows the destination. The address “Contract 0x68_….” is listed here. The address “Contract 0x68” is listed here. The address marked “Contract” is called a “contract address” and is the address of the wallet used by the program to perform the transaction. Here, the wallet address used for program processing on the “Uniswap V3” exchange is listed. Below that, you can see that the program transfers Ethereum to several more wallets for transaction processing.
Transfers of Ethereum incur a fee, and this section shows the fee charged for the transaction. It appears that this transaction cost 0.00298977 Ethereum. Note that the dollarized values listed to the left are shown with reference to the rate in effect at the time this transaction took place.
Viewing Token Information
Etherscan also allows you to view basic information about the various tokens traded on the Ethereum chain. Let’s take a look at the procedure.
As an example here, let’s check the information of “UNI”, the token used in the decentralized exchange “Uniswap”, which was mentioned earlier. First, enter the token name in the form on the top page.
Entering “Uniswap” or “UNI” or something similar will automatically pull down a list of possible search results.
Select “Uniswap(UNI)” that appears at the top of this page to see the details. Let’s take a look at the displayed contents in turn.
Here you will find an overview of the tokens.
Price” is the current price, “Max Total Supply” is the number of tokens on the market, “Holders” is the number of wallets holding tokens, and “Transfers” is the total number of transactions that have taken place.
② Profile Summary
This section includes the address of the “contract wallet” used by the trading program, the website of the organization issuing the tokens, and various social networking accounts.
This section shows the transaction history of the tokens.
As when checking transactions, you can check the transaction hash and see when the transaction was made, from whom, to whom, and for how much.
Let’s take a closer look at Ethereum with Etherscan
So far, we have introduced three main features of Etherscan.
The Ethereum chain, which allows various transactions in virtual currencies and NFTs, will continue to offer new services in the future.
Let’s use Etherscan to check transaction history and other information, and acquire knowledge to handle it correctly.