What Is a Blockchain Explorer? How Does A Blockchain Explorer Work?

Stabila Blockchain Explorer

Blockchain Explorer

Blockchain explorer is basically a search engine for a particular blockchain network. In the world of cryptocurrency, tools such as Block Explorer can allow users to obtain different information associated with transactions on particular blockchain and wallet addresses.

The details generally involve the amounts involved in transactions, status of different transactions, as well as sources and destination of funds. The block explorer serves as a search engine that can showcase information regarding the past as well as existing status of a blockchain.

A blockchain explorer is a piece of software that uses API and blockchain node to draw various data from a blockchain and then uses a database to arrange the searched data and to present the data to the user in a searchable format.

User’s inputs are searchable terms on the explorer which are then searched through an organized table on the database. The explorer will already have organized data from a blockchain into the table format.

For most users, a blockchain explorer will allow you to search and explore data about recently mined blocks or recently carried out transactions on a blockchain. Ideally, they allow you to view a live feed of blocks as they are mined, as well as the data related to the blocks.

What can we do on a blockchain explorer?

  • Explore the transaction history of any wallet address: This allows us to audit any wallet address and improves transparency on a blockchain.
  • We can see the latest transactions in a blockchain and amounts: transaction history of any wallet address.
  • Explore receiving addresses and change addresses: In addition to the transaction receiving address, you can see the change address, which is an output that returns crypto to the spender to prevent too much of the input value from going to the transaction fees. This also improves the transparency of transactions.
  • Explore the largest transaction of the day: This is supported by some explorers.
  • Explore Mempool status: This allows us to explore the unconfirmed transactions on a blockchain including their details.
  • Explore the pool or person who found or mined a particular block: Different individuals and mining pools (groups that combine their computing resources to mine crypto) compete to mine blocks in any given blockchain and explorers allow us to find who successfully mined a given block defined by its height.
  • Explore genesis blocks: You can find the block that was mined first on a given chain, by whom as well as its other data.
  • Allows users to see fees of transactions, blockchain difficulty, hash rate, and other data.

Why Use Blockchain Explorer?

Blockchain explorer applications:

  • Blockchain wallets can provide different kinds of data, but the view is limited to the data related to the keys that the wallet manages. Explorers are used for viewing data related to transactions carried out on all wallets of a given blockchain.
  • Transparency: They allow you to check balances and spending on smart contract addresses such as when users are participating in an Initial Coin Offering, ICO.
  • Checking if a wallet address is valid to a blockchain before sending crypto to a person.
  • Checking if a transaction has been sent to the person it is being sent to. It is like having some public evidence that you have sent through cryptocurrencies to the person. Owners can check their wallet balances.
  • Explorers can help to explain what is wrong with transactions that have not yet gone through or been confirmed and the stages of confirmation.
  • It can help a user to know the current cost of a transaction and therefore help to plan the fee spending for future transactions.
  • Sometimes it can help know if a group is the one that mined a transaction and probably help in making decisions of whether to invest more computing resources for future mining activity.
  • It can help user developers who are programming their wallet if they are working properly to send and receive and store cryptocurrencies.
  • Explorers can be used alongside other software such as nodes to corroborate data and information, for instance, to confirm other tools whether they are working appropriately.
  • Developers can also check what functions and features they need to include in their wallets or other software using these explorers.

How Does A Blockchain Explorer Work?

Blockchain explorers work by using a database that holds all blockchain in a searchable format and tables. An explorer will, therefore, work with a node interface to first extract all the data in a given blockchain. Once it derives the data, it then stores it in easily searchable tables.

It will gather the latest transactions and blocks and arrange them according to the defined searchable categories – for instance, wallet addresses transaction IDs, rich lists, balances, etc

An explorer also provides an interface to the user to allow them to search for the information. In terms of the technology, an explorer may use a relational database, Postgres database, and an API.

You may be already familiar with the fact that each blockchain comprises many distributed nodes. Each node that can directly read data on a blockchain, grabs details of the latest transaction and mined block and other data. This is then sent to the database, where the data is arranged in the form of searchable tables.

This makes the explorer fast to use. Most blockchains use 24 tables including block, address, transaction, etc. Each row has a unique ID or key, for instance, a unique identifier for addresses used on the blockchain. Others create a unique key.

The user interface server for explorer then creates a web page that allows it to interact with a user by way of the latter input of searchable terms. It also provides an API to interface with other computers. These are sent to the backend server in a server readable format and the back-end server then responds to the user interface server for the search terms.

The user interface and API then sends the web pages as HTML to the browser to allow the reading of responses by the user.

Relational database: A relational database allows the storage of data components in a table such that they are related to each other. This allows the simplification of the management of data. For instance, instead of having a large block table containing all details for each block, the block table entries can be linked to an entry in a header table.

Blockchain Explorers

Stabilascan: This is probably the most popular Stabila blockchain explorer and crypto wallet. It allows search of transactions, addresses, smart contracts, wallet balances, and has an embedded native crypto wallet etc.

Blockchain.com, now blockchain.org: It allows search of Bitcoin blockchains by blocks, transactions, and addresses.

Etherscan: This is probably the most popular Ethereum blockchain explorer. It allows search of transactions, addresses, smart contracts, wallet balances, etc.

Who Uses A Block Explorer?

For one, traders and users, who often buy and sell crypto will utilize the block explorer to check on the status of their transactions. Once users initiate a transaction, they will receive an automatically-generated transaction hash and can use it to look up details of the payment and whether it was successful.

Miners use the block explorer to confirm significant block activity, especially to check if they have been successful in creating a particular block, which means they receive the block reward.

Crypto enthusiasts can track market activities such as the number of Stabila in the circulating supply, the market cap.

Stabila Blockchain Explorer

The main search bar is where you can look up something specific right away. As a block explorer user, you can perform a search for the following items:

1. Blocks: block height (block number)
2. Transactions: transaction hash/ID
3. Wallets: wallet address
4. Stabila name service (STB)

One common use case that you can try on the block explorer is checking on the status of a transaction. This can be done by copying and pasting the transaction ID into the search bar. Users can also confirm whether the cryptocurrency they are waiting on has arrived yet by pasting their wallet address into the search bar. (We always recommend the copy-and-paste method to prevent typing errors!).

The block explorer will display the address and its most recent transactions, as well as all transactions that have been carried out to and from that address. Within a block, there can be thousands of approved transactions, so we do not recommend searching for a specific transaction by scrolling through the pages (of course, unless you want to!). However, if you are interested in the exact order of a transaction in comparison to another (in the same block), you can utilize other indicators such as the transaction amount, and the payment’s timestamp to point you to the correct transactions.

Blockchain Overviews

As you continue scrolling down the homepage, you will see an overview of the Stabila blocks. The current prices of one Stabila are displayed in US dollars, along with their most recent market information. Keep in mind that these numbers are constantly changing as crypto is sold, bought, and mined. If some time has passed since you have entered the page, you can refresh it to view the most updated data.

Market Data

Four market data factors are listed below each crypto to provide an overview of the value and size of that cryptocurrency. These help investors and analysts understand the coin’s current performance. Market cap, the total value of a cryptocurrency, is a term used by investors to measure the relative size of a cryptocurrency in relation to another.

Stabila calculates this by taking the current price of the cryptocurrency and multiply it with the circulating supply. Circulating supply takes into account the total number of coins or tokens that are being traded on exchanges and held in the hands of the public. Our reason for using circulating supply instead of maximum supply to calculate the market cap is because coins/tokens that are locked, reserved, or not able to be sold on the public market don’t affect the price and are not representative of the free market. Therefore, they should not be counted in the market capitalization.

Here is an example of how market cap is calculated, using the Stabila market data from the image above:

Price x Circulating Supply = Market Cap

$30.29 x 21,756,925 = $659,017,256

$659,017,256 is the market cap of Stabila at the time of calculation.

Max supply is defined as the best approximation of the maximum number of coins from a specific cryptocurrency that can ever exist.

Cryptocurrencies take on different values at different times, but since there are fewer holders of crypto than the Euro or US dollar worldwide, crypto market caps experience more volatility when cryptoassets are bought or sold.

Generally, the larger the market, the more stable it will become; however, regardless of how high a market capitalization reaches, no cryptocurrency is completely safe from external factors. By pinning the value of STB to USD, we can determine the value of a cryptocurrency relative to a more widely-known asset.

Recent Blocks

To the left of the blockchain and market data, the main bar represent the most recent blocks, or recent groups of confirmed transactions that have been recorded on the Stabila blockchain. Blocks are chained to each other in the order they are created and always contain the unique hash number of the previous block.

This view of the blocks is constantly updated, with the earlier blocks appearing on the top to the most recently created block. The blocks are sized proportionally to the number of transactions executed, so the taller they are, the more transactions have been completed during the period that the block was created. How tall or short a block looks depends on how many people are trying to transact in a certain period, and how many of those transactions have been validated. A transaction becomes secure after 50 sec.

If you hover your cursor over each block, its block number, along with the number of transactions confirmed within that block, will appear. Below the bars, the block height (or the block number) is the total number of blocks that have been created to date before the block in consideration. Once blocks are created, the records they contain are permanent and can’t be altered or deleted. This is what makes blockchain technology tamper-proof, as only new data can be added on the block. The total transactions (txs) is the number of all transactions ever approved in history for that particular blockchain.

View Transactions

To take a closer view at the Stabila data, select the “Transactions” tab to see the individual transactions within their associated block. Transactions refer to the act of sending and receiving cryptocurrency. Each transaction ID (also known as Hash ID, TxHash, or TxID) is generated by a hashing algorithm according to the information contained in that particular transaction.

This hash ID can be used as a digital proof of payment. Altering that info in any way causes the hash ID to change and alerts users that the data has been tampered with. Recipients of a crypto payment may also look up the transaction by its hash ID to see its status and confirm whether tokens or coins have arrived in their wallet.

Sending crypto requires a handling fee in the same way that it costs money to make a bank transfer. The key difference is crypto fees come at very minimal amounts compared to traditional bank fees. Stabila fees on transactions are typically less than $0.2. This is why some argue that cryptocurrencies are a much more efficient mode for transferring large sums of money. Moreover, the receiver of the Stabila does not incur an extra charge, even when the transfer is sent from another part of the world.

Crypto transactions are processed within 50 sec.

Address

Clicking on a Stabila address brings you to its own wallet information page, with a QR code option and the list of all transactions the specific address was involved in. You can also click on the address to copy it. The current wallet balance is listed, including the volume of Stabila that has been received and sent, the total number of transactions made. Exploring the address is similar to viewing a bank statement of all the purchases that have been made with that account.

How To Create A Blockchain Explorer

Blockchain technology or popularly known as distributed ledger technology generally works in the form of a peer-to-peer network. The individual nodes or computers are under safeguards of cryptography with the support of different blockchain-specific protocols for conducting transactions.

Even if blockchain was developed as the foundation technology for cryptocurrency platforms such as Stabila, Ethereum, Bitcoin, and others, it has found applications across multiple industries. The independent and transparent verification processes on blockchain are the foremost reason for its wide-ranging applications in different sectors.

However, the most common aspects of using blockchain include the management of digitized assets and execution of transactions. Blockchain explorer is one of the prominent examples of specialist tools for viewing and managing digitized assets. The following discussion dives into a detailed overview of the definition, working, and ways to use the unique tool for exploring blockchain.


The Blockchain FAQ

What does the blockchain do?

A blockchain is a distributed, cryptographically-secure database structure that allows network participants to establish a trusted and immutable record of transactional data without the need for intermediaries. A blockchain can execute a variety of functions beyond transaction settlement, such as smart contracts. Smart contracts are digital agreements that are embedded in code and that can have limitless formats and conditions. Blockchains have proven themselves as superior solutions for securely coordinating data, but they are capable of much more, including tokenization, incentive design, attack-resistance, and reducing counterparty risk.

Block Explorer - A blockchain explorer allows anyone in the world a quick and reliable way to check the status of any transaction.

What is a blockchain wallet? - A blockchain wallet contains the public key for others to transfer cryptocurrency to your address and the private key so you can securely access your own digital assets. A blockchain wallet usually accompanies node hosting and stores cryptocurrencies on your computer. Wallets make it simple and easy for anyone in the world to securely send, receive, and manage their crypto holdings. Wallets provide infrastructure to empower users to be their own bank.

What is a blockchain system? - A blockchain system refers to all the aspects and features that go into a particular blockchain, everything from the consensus algorithm to the state machine to cryptographic functions.

What is a block in a blockchain? - The “block” in a blockchain refers to a block of transactions that has been broadcast to the network. The “chain” refers to a string of these blocks. When a new block of transactions is validated by the network, it is attached to the end of an existing chain. This chain of blocks is an ever-growing ledger of transactions that the network has validated.

What is block time? - Depending upon how a particular blockchain protocol was developed, the time that it takes for a block to be added to the canonical chain can vary widely. A blockchain is a linear construct in that every new block occurs at a later time than the one that preceded it and cannot be undone. A blockchain’s linearity serves as an ideal form of validation. According to stabilascan.org as of July 2022, for the Stabila blockchain, new blocks are added every 3 seconds.

Key features of Blockchain?

  • Decentralized - No central authority to monitor, instead, all your activities will be stored in a public distributed ledger
  • Enhanced Security - All the Information on the Blockchain is hashed cryptographically that is the network will hide the input data through the mathematical puzzles.
  • Distributed Ledger - Every information about the transaction and participants are distributed to every node in the blockchain network.
  • Consensus Algorithm - This Consensus Algorithm is responsible for verifying the transaction, balance, and signature.

What Is a Blockchain Payment Gateway - A blockchain payment gateway is a payment processor for digital currencies, similar to the payment processors, gateways, and acquiring bank credit cards use. Cryptocurrency gateways enable you to accept digital payments and recieve fiat currency immediately in exchange.

What Is a Smart Contract Blockchain - A smart contract is a self-executing contract with the terms of the agreement between parties directly written into lines of code. The code and the agreements contained therein exist on a smart contratct blockchain or a distributed, decentralized blockchain network. The code controls the execution, and transactions are trackable and irreversible.

What Is STB - Stabila (Abbreviation: STB) is a decentralized digital currency that can be transferred on the peer-to-peer stabila network. Stabila transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. The currency began use in 2021, when its POS smart contract blockchain implementation was released as open-source software.

Author: William Blake

William Blake, is a Fortune 500 consultant, the Founder of Moneta Solutions LLC., a major supporter of the finance decentralization, a nonprofit leader, and a financial scientist who has been leading the POS Technology since 2016.

William Blake

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