Block Explorer: Explained
The blockchain is an open and transparent public ledger that contains a record of every transaction included in it. Block explorers are the services, helping you track a transaction and giving valuable information on the overall state of the network.
A block explorer represents a website for viewing blockchain and checking transactions. It provides you with all the necessary information on any transactions, including its status and confirmation time.
These data can be found on a Block explorer:
- List of the latest blocks and transactions;
- Info on any transaction and its state:
(All outgoing and incoming transactions of any address and the total balance of it;);
- Addresses of senders and recipients:
(a transaction can have several senders and several recipients, not necessarily one at a time);
- Charts and statistics;
Not just a transactions scanner
The functions of blockchain explorers vary from service to service. For example, Blockchain.info, in addition to standard options, provides statistics and graphs of indicators of the Bitcoin network.
How to use a block explorer?
After making the transaction hash appears in the wallet. Click on the hash to see your transaction on the block explorer.
To check specific transactions from your own wallet or any other address just search for it using block explorer website.
Most likely, if you instantly visit Block Explorer right after sending money, you will see the phrase “Unconfirmed Transaction”. This means your transaction is waiting to be to be approved by miners and included in the blockchain.
At this moment you just need to wait till it gets enough confirmations. Once confirmed its status will change to the “Successfull Transaction”. If you need to send your funds faster – increase network fees.
How does my transaction get into the blockchain?
1. When you need to send money a transaction should be made at first. If you use Atomic Wallet all transactions created locally with your private key and then broadcasted to the node.
2. Node is a server that has a full record of transactions on the blockchain. Once your transaction comes to the node, it’s automatically added to the mempool.
3. Mempool is a pool of transactions waiting to be confirmed. It is like a truck with goods waited to be carried out to its final destination.
4. If other nodes see your transaction it will be also visible on the block explorer with a status “Unconfirmed or Pending Transaction”.
5. The next step: Miners approve your transaction. They just pick it up from the mempool and include it in a block. The block added to the blockchain and your money gets automatically transferred to the other address.
6. The full process for Bitcoin Blockchain often takes 10-30 minutes to get transaction included into the block. After it, you will see on a block explorer that the transaction status changed to “Confirmed”.
Pending Transaction – Transactions waiting to be approved by miners and added to the block.
Successful Transaction – Transaction that has been successfully added to the block.
Rejected transaction – transaction with such low fees that miners will not add it to the blockchain. It will not be visible on the blockchain. All you need to do in this case is resend funds using regular fees.
Recipient and Sender Addresses
The recipient address is the address you send funds to.
The Sender address is your address from which you send funds.
You can quickly check the way network handles transactions by looking at the size of the memory. This is an indicator of the remaining work – transactions awaiting inclusion in the block. As the mempool grows, it means the network is full, and transaction may have to wait longer. In addition, network fees will increase.
Is the number of blocks in the chain, counted between the last one and the first one.
Block explorer is a useful tool that helps you determine the state of your transaction and estimate arrival time. This tool allows you to track any cryptocurrency at any time. All you need is to input a hash or your wallet address in a search field. Remember that all your funds are safe on a blockchain! You can always track them in a block explorer.