Blockchain is an important concept which every crypto enthusiast must know. Blockchain is a technology ledger, where cryptocurrencies function upon. The best example is Bitcoin. If you know about what is the difference between a soft fork and a hard fork, then you will know about the latter crypto coin’s hard forks that were generated after the split in the blockchain. Bitcoin Cash, Bitcoin Gold, Bitcoin Diamond and Super Bitcoin are some of the examples that can be quoted. But today, the topic which we are going to focus on is not blockchain, but block explorer. Now, what do you understand by this term? Or have you come across this term ever before? If not, then learn it today.
Know About Block Explorer
When people are able to seek all the crypto transactions online through a tool, then it is known as block explorer. If you are abreast with blockchain regulation news, then you will know that all the past and current transactions on the blockchain are done by block explorer. It acts as a medium in providing information to the user about the hash rate of blockchain. Besides this, block explorer also reveals the transactional growth rate.
Block explorer can also be understood as an online blockchain browser that tells about the data of transactions and individual blocks. Because of this tool, it is possible to check the balances of addresses and can even track the past transactions. Take an example of Bitcoin Block explorer. It is an online blockchain browser where contents of the individual Bitcoin block a transaction history can be shown. While gaining your understanding of block explorer, you need to understand that this tool is not only applicable to Bitcoin but also for altcoins. Altcoins are those alternate cryptocurrencies other than Bitcoin. Whereas, Bitcoin is the first cryptocurrency that was developed by Satoshi Nakamoto on 3rd January 2009.
If you are a newbie to the crypto world, then the concept of block explorers might seem confusing for you. It is because they carry loads of data. But when you grip the exact meaning of what is it all about, then it becomes clear to understand. It is expected to see the latest blocks of blockchain on the block explorer. Whenever a new block is found by the miner, it will be listed after appearing on the network by the block explorer. If you want to know about size and transaction of a particular block, then all you need to do is just simply clicking.
Besides this, a link to past blocks can also be viewed by block explorer. Every particular block comprises a set of transactions and a specific hash. Most of the time, there is a need for block explorer for special blockchain or digital currency. It won’t be possible if you try out tracking the transactions of a cryptocurrency with a different cryptocurrency explorer. So it is necessary to have explorer that matches with particular digital currency.
So this is all about block explorer. In this article, we tried giving you an idea about what does this term means. If you haven’t been following Bitcoin news today, then you may find it difficult to understand at first. But when you start exploring it deeply, only then you will get to know about the meaning of the block explorer concept. Note that there is a special block explorer for every cryptocurrency. Avoid making the mistake of finding the transaction of Bitcoin on Litecoin explorer. It will match only to the particular chosen cryptocurrency. In short, block explorer reveals the information on cryptocurrency transactions and blocks.