What is Block Explorer and how to work with it?
What is Blockchain Explorer
The Block Explorer is a website for viewing blockchain and verifying transactions. It provides you with all the information you need about any transactions, including their status and validation time.
This data can be found in the block explorer:
- list of recent blocks and transactions;
- information about any transaction and its status (all outgoing and incoming transactions of any address);
- sender and receiver addresses (a transaction can have multiple senders and multiple receivers);
- graphs and statistics.
- The functions of blockchain researchers vary from service to service. Some resources have limited functionality and some have more advanced functionality.
How do I use the block guide?
After a transaction is made, a hash appears in the wallet - this is a personal identification number that is individual for each transaction. To find the transaction in Block Explorer - copy the entire hash string and paste it into the search box on the Block Explorer website.
If you visit the service immediately after sending money, you will most likely see an "Unconfirmed Transaction" status - this means that your transaction is waiting to be approved by the miners and included in the blockchain. In that case, you just have to wait for the transaction to get the necessary number of votes from the blockholders. After that, the status will change to "Successful Transaction". And if you can't wait - set a higher fee when generating the transaction - verification and confirmation will speed up significantly.
How does a transaction get on the blockchain?
When you need to send money, you first need to create a transaction, which is generated locally with a private key and then broadcast to a node. A node is a server that analyzes and stores all transactions that occur on the blockchain. Once your transaction reaches the node, it is automatically added to the mempool. A mempool is a pool of transactions waiting to be confirmed. It's like a truckload of cargo waiting to be delivered to its final destination.
The node then distributes your transaction to other nodes, and using a consensus protocol, they make a common decision whether to validate the transaction or not. At this time, Blockchain Explorer shows an "Unconfirmed or pending transaction" status.
The next step is for the miners to approve the transaction. They retrieve it from the mempool and include it in a block, which in turn is added to the blockchain. This process can take 10 to 30 minutes, and after that you will see in block explorer that the status of the transaction has changed to "Approved".
Terms in Block Explorer
To make your work with the service easy and comfortable - familiarize yourself with the terms that are used there.
- A pending or unconfirmed transaction is a transaction waiting to be confirmed by the miners and added to the block.
- A successful transaction is one that has been approved and moved to the block.
- A rejected transaction is a transaction with such low commissions that the miners will not add it to the blockchain. All you have to do in this case is transfer the funds using a higher commission.
- The recipient's address is the address to which you are sending funds.
- The sender address is your address from which you are sending the shipment.
- Mempools - Here you can quickly check how the network handles transactions by looking at the memory size. This is a measure of the remaining work - transactions waiting to be included in the block. If the mempool size increases - it means that the network is full, and confirmation may have to wait longer. In addition, network charges will increase.
This information is enough to easily check the status of your transactions and adjust them if necessary.
Block Explorer is a useful tool that helps you determine the status of your transaction and estimate transfer delivery time. This service allows you to track any cryptocurrency at any time. All you need to do is enter the hash of the transaction into the search field. And what's important - it's absolutely safe.
Read more: Cryptocurrency
This concludes our introduction to the auxiliary service and we wish you only confirmed transactions!