blockchainexplorer-themetaeconomist

What is Blockchain Explorer?

2 January 2024

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A blockchain explorer, in short, is an online tool that allows you to view and analyze information relating to a blockchain, such as the blocks that compose it, transactions, addresses and related statistics. By blockchain explorer we mean a tool now considered indispensable for all those who intend to trade cryptocurrencies with well-founded hopes of not succumbing to market volatility. In fact, it is a real search engine that dedicates its efforts to the myriad of transactions that involve virtual currencies every day. Transactions which, when carefully analysed, can help provide a clearer picture of the situation and help traders to better direct their investments.

How the data is analyzed by Blockchain Explorer

Blockchain expolrer reference model is Microsoft explorer, with the difference that in this case the research work is limited to the universe of DLT (Distributed Ledger Technology) technology.

Thanks to its use it is possible to analyze and verify transactions, addresses, blocks and all other relevant data that refer to a specific cryptocurrency. In this guise it can be considered as a bridge between the data of a blockchain and its users. Within each of the blocks there are transactions, to be recorded and validated, a task that falls to the nodes. In order to be truly usable by everyone, however, it is necessary not only to analyze, but also to organize the data in question in a coherent manner. This is the task performed by a blockchain explorer.

The information analyzed in particular concerns the following aspects:

  • transactions, for which it is possible to check the history of any address present on the blockchain, monitoring exchanges in real time and being able to obtain an estimate of their total daily volume;
  • smart contracts, at least for the blockchains that support them to understand the real convenience of a stablecoin, for example, verifying any audits;
  • the Mempool, the waiting room in which transactions are collected before being introduced into a block and added to the chain;
  • blocks, with the possibility of reconstructing the history up to the so-called Genesis Block, the first ever. It is also possible to understand the size of the entire blockchain, the size of individual blocks, the number of average transactions for each of them, the average confirmation time and more.

Conclusions

Having good informations is pretty important for those who trade cryptocurrencies. Let's say that having information is essential. The data, however, is contained in the blockchains, within the blocks that compose them. The analyzes conducted on a public blockchain are widely exploited by many traders, even non-institutional ones. An approach based on data coming from the chain, similar to the fundamental analysis used in classical finance, combined with the observation of the graphs typical of technical analysis, can actually prove decisive for quality crypto trading.

SOURCE: TAG24

IMAGE CREDITS: Shubham Dhage

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