Blockchain, Decetralization, Block Explorer-Steemit Crypto Academy Season 4 -Homework Post For Task 4

in SteemitCryptoAcademy3 months ago

Hello great steemians welcome to my homework post for task 4 season 4, special appreciation to
@yousafharoonkhan for this wonderful lecture really understandable.

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Designed in canva

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Question 3

What is a block explorer? And what is its purpose and use? Search for different cryptocurrency block explorers and list them below. At least five different crypto currencies. Also explore the transaction of a crypto coin on block explorer and explain with the help of screenshot.

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Block Explorer

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source

Block explorer’s where created with the aim of being a search tool, in the crypto world a block explorer like the name implies explores the block, in more understandable terms it searches and relays information concerning transactions in a block or blockchain allowing the user detailed and easy to understand information regarding the cryptocurrency leading to a transparent system. Block Explorers are particular to a cryptocurrency that is to say one block explorer cannot be used to check transactions for all if not some cryptocurrencies.
Block Explorers has simplified cryptocoin information access.

It’s Purpose and Use

The block explorer being a search tool for a blockchain has numerous functions,
A few include;
Search for block related data ; A block explorer can search wallet address,transaction hash and block numbers inputed in it’s search bar.

Address Information; A block explorer is used to view detailed information of a particular address including the amount of crypto both sent and received, transaction history both old and new, time stamp, merkle root, difficulty, height etc

● In general, a block explorer is used to search informations related to a coins transaction and also the date a block was mined.

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Cryptocurrency Block Explorers

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Knowing the function of block explorers the following are a few cryptocurrencies with their block explorers.

Litecoin (LTC)

The cryptocurrency litecoin is an altcoin created by Charlie Lee was launched in the year 2011 and was made similar to the popular bitcoin.

The following are it’s block explorers;

Blockcypher
Blockchair
CryptoID
Explorelitecoin
Token View

Etherum (ETH)

The etherum altcoin was created by Vitalik Buterin and Gavin Wood and released in the year 2015, it runs on a decentralized blockchain as most cryptocurrencies.
The following are it’s block explorers;
Etherscan
Etherchain
Blockchair
Blockscout
Ethplorer

Tether (USDT)

This particular crypto is referred to as a stable coin as they are not volatile like the altcoin and have a market value equal to a currency.
It’s Block explorers include;
Tether Explorer
Cryptoground
Tronscan
Etherscan

Bitcoin Cash (BCH)

BCH is successful altcoin which was created in the year 2017 to transfer data faster and also has a low transaction cost. It was created as a result of a split from the original Bitcoin.
It’s Block Explorers include;
Blockchain Explorer
Token view
Blockchair
Bitcoin.com

Binance Coin (BNB)

Created by Changpeng Zhao in 2017 the Binance coin is a type of crypto currency used as a token in the Binance exchange trading platform.
It’s Block Explorers include;
Bsc scan
Mint scan
Bitquery
Blockchair

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Transaction of a cryptocoin on block explorer.

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To be able to explore a cryptocoin transaction I first have to identify the coin I want to explore and search it’s block explorer.
For this instance, I would explore litecoin on its block explorer having listed a few I would be using the Blockchair.

The above link takes you directly to the litecoin explorer but the Blockchair explorer also contains some other crypto currency as shown in the image below.

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Image From Blockchair

Step 2

After opening the block explorer tool from the first step you would get access to different information on the dashboard relating to litecoin. Including;
●Transaction fee
● Addresses
● Transactions
● Market Cap
● Blockchain Size
● Latest Block
● Hash Rate
● Difficulty
● Circulation
● Network nodes
● price etc

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Images From Blockchair

Step 3

You can search a particular address or hash but since I do not have anyone in mind, I would use a random transaction for this instance.
clicking on a random transaction, It shows information like amount transacted, transaction status, sender , recipient etc

Click on transaction
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Image From Blockchair

Then I clicked on a random hash
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Image From Blockchair

Information displayed below
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Image From Blockchair

Step 4

Searching for a litecoin address, you type it in the search bar. To show an example I would use a random address.
First click on address,
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Image From Blockchair

Then I choose a random address,
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Image From Blockchair

The Image below shows the various information displayed

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Images From Blockchair


Conclusion

The block explorer is a really great tool in the crypto world as it makes the collection of information regarding a coin easier to search, access and comprehend. This search tool allows transparency in the blockchain.

Thanks for reading.

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