One of the biggest advantages that the blockchain technology and the world of cryptocurrencies have introduced to the way of managing the economy and finances worldwide is the fact that these operations are open to everyone, that’s mean, any people at any time can consult any operation and know their status.
The way in which blockchain technology operates is already explained extensively in the previous article entitled What is blockchain technology? Where we expand the management of distributed accounting with which he works. It is a kind of huge accounting book where all operations are recorded publicly and unalterably.
How does a blockchain explorer work?
Precisely at this point of the public operations that everyone has access to within a blockchain is where the blockchain explorers come in. These are search engines as well as Google, Bing, Yahoo or any other known, unlike that they operate within the blockchain network to locate transactions, blocks, chains, addresses or any operation that has been given and of course, to know their details too.
The issue with these explorers is to learn to interpret the results that it throws so that they can be taken advantage of real. As with other search engines, there are several websites that offer this service, some will show more or less information and others will only be for a specific cryptocurrency while others will allow you to explore the blockchain of more than one of them.
What data can I obtain in a blockchain explorer?
You can usually get enough information about a block or some operation in a blockchain explorer, but the basic ones that you should always get are the block height or height, age, confirmation, list of transactions (identified by the acronym TX), reward, mined by or miner, size or weight of the transaction.
Next we will explain better how to interpret this basic data of the block chains so that you learn to use a blockchain explorer efficiently and you can take advantage of all the results if you want to perform any new operation within a specific chain: bitcoin, ethereum, dash, etc.
Basic information you get in a blockchain explorer
Block heigth: this point refers to a number that identifies a specific block with respect to the genesis of the blockchain or the first Bitcoin block that was mined, that is, it will normally be a very large number greater than 492800.
Age: is counted from the moment in which a block was accepted by a miner, although some think that it can be counted from the moment in which a user made the payment to make the transfer from one wallet to another, the real thing is that this operation It is not confirmed yet, that’s why you can’t count as your age until the block has been accepted.
Confirmation: You can consider the most relevant information (and also the most searched) in a blockchain explorer. The transactions can be confirmed, not confirmed or pending, this is what they indicate that they have been annexed or not to the blockchain as a new block, usually the confirmation process takes around 10 minutes, although the payments are made in a way immediate This definitive confirmation time is very short compared to the times of “traditional” financial transactions in any other type of financial system.
List of Transactions (TX): each block can contain more than one transaction, when a search is made in a blockchain explorer you can obtain the result of how many confirmed transactions exist in a specific block. Reward: every block or successful transaction has a reward in cryptocurrencies for those who have managed to mine it, this obviously is also registered in the blockchain and a blockchain browser can give that information that is relevant especially for those who want to dedicate themselves to mining.
Mined by: refers to the miner (or mining group) who came up with the information of a certain block and managed to solve the mathematical operation that made him find a valid token for the network. Size: weight of the transaction obtained together with the weight of each transaction included in the block, this information is always shown in bytes.
What do you think about this topic? Do you know any blockchain explorer that you can recommend?
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