• Home
  • Business
  • Companies
  • Economic
  • Management
  • Marketing
  • Partnerships
  • Services
Tuesday, January 26, 2021
Business System Guide
Advertisement
  • Home
  • Business
  • Companies
  • Economic
  • Management
  • Marketing
  • Partnerships
  • Services
No Result
View All Result
Business System Guide
  • Home
  • Business
  • Companies
  • Economic
  • Management
  • Marketing
  • Partnerships
  • Services
No Result
View All Result
Business System Guide
No Result
View All Result
Home Business

BITCOIN WORLD: DEMYSTIFYING A BLOCK EXPLORER

by Nala Samir
5 months ago
in Business
0
BITCOIN WORLD: DEMYSTIFYING A BLOCK EXPLORER
153
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

A block explorer is simply a blockchain search engine that allows you to access specific information in the blockchain. The data could be about the transacted amount, sources, destination or status of the transaction.

In a nutshell, block explorers are the google of cryptocurrencies. They are useful in virtually accessing the information on the blockchain, transactions, wallets, the current network hash rate, the activity on blockchain addresses and other helpful information.

How does a block explorer work

To understand a block explorer, you need first to understand what a blockchain is. The activities that a crypto blockchain carries out are known as transactions, and they occur when users transfer cryptocurrencies to or from wallet addresses.

Every piece of this information is on record on a digital ledger known as a blockchain, stored in blocks. Blocks are a group of transactions that were processed and verified by a third party which can be an individual or a group known as bitcoin miners.

A block explorer is a software that uses a blockchain node and API to access various information from a blockchain. It then uses a database to arrange the searched data to present it to the user in a searchable format.

The block explorer uses the user’s searching words to search in an organized table in the database. The explorer will already have organized the information on the blockchain into a table format.

In simple terms, block explorers are like windows observing what is happening in the blockchain world and also allows you to view the activities when you search.

Who can use a block explorer?

Traders/ users

These are people who often buy and sell cryptocurrencies, and they use block explorers to check on the status of their transactions. When users initiate a transaction, they receive a confirmation which is an automatically generated hash, and they use it to search the information of the payment to verify if it was successful.

Bitcoin miners

Bitcoin miners are people who solve complex math problems concerning cryptocurrencies to earn bitcoins. They use a block explorer to confirm a blockchain activity by ensuring that every single transaction they make is legitimate, which means they will get a bitcoin reward.

Crypto enthusiasts

Any crypto enthusiast can use a block explorer for tracking bitcoin activity in the market such as the number of bitcoins on circulation in the market, and the amount of energy one requires to mine a bitcoin.

On the block explorer, they can compare market data and blockchain transaction, which is typically the underlying factor or driver for market activity.

What does a block explorer allow you to do?

  • It allows you to view or explore the history of transactions of any wallet address.
  • It allows the user to verify any wallet address, thus increasing the transparency of a blockchain.
  • It also helps you explore the largest transaction of the day.
  • It allows you to confirm the receiving addresses or the change address. The change address is a tool that returns the crypto to the sender to prevent too much value from going into the transaction fees hence improving its transparency.
  • It also lets you check unconfirmed transactions on the blockchain known as mempool status and their details.
  • A block explorer allows you to check the bitcoin miner(s) who successfully mined a particular block.
  • You can also view genesis blocks or the block that was first mined on a particular blockchain and by whom.

the bottom line

A block explorer enables you to view all kinds of data associated with a particular blockchain.

Related Posts

Difference between forensic watermarking and visible watermarking
Business

Difference between forensic watermarking and visible watermarking

January 26, 2021
Why Issue Preference Shares Instead of Common Shares
Business

Why Issue Preference Shares Instead of Common Shares

January 19, 2021
Why Crime Scene Cleaners Orange CA Are What You Need Right Now
Business

Why Crime Scene Cleaners Orange CA Are What You Need Right Now

January 16, 2021
What You Need To Know About The New Car Insurance Scheme
Business

What You Need To Know About The New Car Insurance Scheme

January 14, 2021
How Does The Car Insurance Calculator Work
Business

How Does The Car Insurance Calculator Work

January 14, 2021
How Much Will You Be Fined When Driving Without Insurance
Business

How Much Will You Be Fined When Driving Without Insurance

January 14, 2021
  • Trending
  • Comments
  • Latest
Why You Should Hire An Extended Development Team

Why You Should Hire An Extended Development Team

January 16, 2020
What is the difference between PHP, Ruby on Rails and Python?

What is the difference between PHP, Ruby on Rails and Python?

February 1, 2020
Company Uniforms Don’t Always Have to Be Pretty

Company Uniforms Don’t Always Have to Be Pretty

February 20, 2020
The Benefits Of Operating In a Healthy Working Environment

The Benefits Of Operating In a Healthy Working Environment

January 17, 2020
Difference between forensic watermarking and visible watermarking

Difference between forensic watermarking and visible watermarking

0
Small Business Details to help you get Began

Small Business Details to help you get Began

0
Economic Development Assistance Revives the American Dream

Economic Development Assistance Revives the American Dream

0
Small Company Marketing Ideas – Three Strategies for Success

Small Company Marketing Ideas – Three Strategies for Success

0
Difference between forensic watermarking and visible watermarking

Difference between forensic watermarking and visible watermarking

January 26, 2021
Photo by Kevin Bhagat on Unsplash

Photo by Kevin Bhagat on Unsplash

January 25, 2021
Why Issue Preference Shares Instead of Common Shares

Why Issue Preference Shares Instead of Common Shares

January 19, 2021
Why Are Students Heading Toward Canada For Higher Qualifications?

Why Are Students Heading Toward Canada For Higher Qualifications?

January 19, 2021

Recent Posts

  • Difference between forensic watermarking and visible watermarking
  • Photo by Kevin Bhagat on Unsplash
  • Why Issue Preference Shares Instead of Common Shares
  • Why Are Students Heading Toward Canada For Higher Qualifications?
  • Crucial Differences Between A PDF And Word File

Archives

  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • April 2019
  • March 2019
  • March 2017

Recent Posts

  • Difference between forensic watermarking and visible watermarking
  • Photo by Kevin Bhagat on Unsplash
  • Why Issue Preference Shares Instead of Common Shares
  • Why Are Students Heading Toward Canada For Higher Qualifications?
  • Crucial Differences Between A PDF And Word File
January 2021
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728293031
« Dec    

Site Navigation

  • Home
  • Business
  • Companies
  • Economic
  • Management
  • Marketing
  • Partnerships
  • Services
Business

Difference between forensic watermarking and visible watermarking

The piracy of DRM-protected content using cam-recording can be prevented by two video-watermarking solutions: Forensic watermarking and visible watermarking. Watermarking ...

January 26, 2021
Technology

Photo by Kevin Bhagat on Unsplash

There’s no denying the value of an attractive, functional website in today’s marketplace. A professional website has a multitude of ...

January 25, 2021
Business

Why Issue Preference Shares Instead of Common Shares

A company can use many ways to raise capital or funding for projects, campaigns, products, or expansions. The most common ...

January 19, 2021
News

Why Are Students Heading Toward Canada For Higher Qualifications?

Choosing where to study abroad can be daunting for most international students. Many considerations need to be analyzed apart from ...

January 19, 2021
Technology

Crucial Differences Between A PDF And Word File

Since the introduction of the Internet, electronic files have been steadily rising in popularity. It has come to the point ...

January 18, 2021
  • Home
  • Your Inquiry

© 2020 Business System Guide. All Rights Reserved.

No Result
View All Result
  • Advertisement
  • Contact Us
  • Homepages
    • Home 1
    • Home 2
    • Home 3
    • Home 4
    • Home 5

© 2020 Business System Guide. All Rights Reserved.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In