A block explorer is a tool that people use to view all cryptocurrency transactions online. Specifically, to view all current and past transactions on the blockchain. It gives the user information on the blockchain’s hash rate. It also tells us the rate of transaction growth and provides other useful information.
In other words, a block explorer is an online blockchain browser which reveals the data of individual blocks and transactions. With the tool, we can monitor transaction histories and balances of addresses.
Block explorers exist for Bitcoin and also for specific altcoins. Altcoins are all the other cryptocurrencies apart from Bitcoin. Bitcoin is the oldest and most common cryptocurrency in the world.
Block explorer – packed with data
Most block explorers are so full of data that the display can be confusing at first. They can be especially confusing if you are new to cryptocurrencies.
You will see loads of data on the screen and initially make little sense of it all. However, as soon as you gain a better understanding of what everything means, it all starts to make sense.
A block explorer shows the blockchain’s latest blocks. If miners discover a new Bitcoin block, for example, the explorer will list it as soon as it emerges on the network.
If you click on a specific block, you will get more information about its transactions and size.
Today’s block explorers offer more features than many people realize. When examining a specific block, users can view the hash of every block, and generating these hashes is a complex process that grows more difficult over time
The block explorer will also show a link to previous blocks. Each bloc has a unique hash and also a set of transactions.
In most cases, you need a block explorer that is specific for a cryptocurrency or blockchain. You cannot, for example, track Bitcoin transactions with a Litecoin explorer. You need a Bitcoin explorer for that.
Block explorer – many uses
With a block explorer, you can explore recently-mined blocks and transactions in any block that has attached itself to the blockchain.
You can also check the history of any public cryptocurrency address. This means you can audit the numbers of transactions it received, check its balance, etc.
Some block explorers contain data on the biggest cryptocurrency transactions of the day. You can also find out which mining pool found the block.