Transparency is a key concept of cryptocurrencies. One of the big promises of multichain explorer is that it levels the playing field by not limiting information to a few people in privileged positions of control.
But what does that really mean? Can you find out how many bitcoins your neighbor owns? How do you view and verify public data yourself? That's exactly what we'll show you in this article. Please note that we focus on Bitcoin, but you can also find dedicated blockchain browsers for Litecoin, Ethereum, Binance, and almost all local blockchains.
Read on and learn how to create a blockchain browser and what is a blockchain browser
What is a Blockchain browser?
Blockchain solves this problem by introducing the concept of public transparency, where information is available for people to view by anyone at any time. With blockchains such as Bitcoin and Ethereum, all information is publicly visible by design, which is useful when transactions (or Txs) and contracts need to be easily identified and verified.
A Blockchain browser is like a search engine that displays information about the past and current state of the blockchain. This can be useful when you want to track the progress of a specific payment or check the balance and history of an address. Anyone with an Internet connection can use a browser to view all transactions on the public blockchain.
How does a block browser work?
Every blockchain will have a command line interface (CLI) for interacting with the database and viewing the network history. However, the CLI browser is not a user-friendly experience for the general public. That's why most blockchains will also have a browser with a graphical user interface (GUI) that displays the information in a more user-friendly format.
Let's take a closer look at what we can expect to see here:
-Price: Aggregated dollar price information across multiple markets. In most cases, the price depends on the provider of the feed and does not represent the spot price on a particular exchange.
- Estimated hash rate: An estimate of the computing power that miners currently use to secure the blockchain. It can be seen as a proxy for proof of work (PoW) blockchain security.
- Transactions: The number of unique transactions confirmed in the last 24 hours. For confirmation, the transaction needs to be included in a verified block (a block successfully mined).
- Trading volume: Measures the total value of the output (in BTC) confirmed on the blockchain in the last 24 hours. Due to the way Bitcoin works, this total also includes unused output that is returned as change to a "spending" wallet.
- Volume (estimated) : Estimates of actual volume (in BTC) are transferred between unique wallets. It is the transaction volume (above) minus the estimated value of the output returned as a change in the spending wallet.
- Memory pool size: The memory pool size tracks the total size (in bytes) of transactions waiting to be included in a block. It is a proxy for the amount of activity on the blockchain and can be used as an indicator to quickly confirm the cost required.
- Latest block: List of confirmed blocks, from latest to oldest. It includes details such as block height, timestamp, miner name (if known), and block size. You can click Block Height to discover information about the transactions contained in the block. Clicking Miner displays information about the miner's address for that block. The miner's public address may be a known mining pool address. If you don't know what a mining pool is, check out this article.
-Latest Transactions: indicates the list of valid transactions submitted to the memory pool. Similarly, transactions are unconfirmed until they are included in a verified block.
Blockchain Browser is a useful tool for leveraging the open and transparent nature of the public blockchain. They provide useful information about the state of the network, including transaction and address history. This makes it easy to track and verify.
However, this emphasis on full openness and transparency can lead to mapping the history of transactions and addresses, known as chain analysis. This can expose the anonymous nature of the address, especially for users who tend to use the same address multiple times (not recommended). Other public blockchains strike a different balance between transparency and privacy.
Now that you have a general understanding of how to create a blockchain browser and what a blockchain browser is, play with it yourself. You may be surprised at the secrets you discover!
