How to Read the Block Explorer
A step-by-step guide to understanding BscScan and similar block explorers.
Block explorers are key to understanding cryptocurrency and blockchain on a more intermediate level. They enable us to be more independent as a crypto investor and have the edge over users who don't understand them. In this guide, we will focus on the block explorer of Binance Smart Chain, but the concepts can be easily applied to other explorers such as Etherscan.
(A) Homepage of BscScan
(A1) Here you can enter a wallet & contract address and transaction hash/id here. BscScan will then return detailed info about them (A2) A very useful section where you can find important info about BSC (A3) Get more info about the latest blocks (A4) Get more info about the latest transactions
The addresses used in this guide are randomly selected and are not associated with any team member.
(B) More details about an address
(B1) Here is an overview of the address. You can see how much BNB the user has. By pressing on the field next to "Token" you can also see which tokens he has and how many of them (B2)
Smart Contract: It is simply a program that runs on the Ethereum blockchain. It's a collection of code (its functions) and data (its state) that resides at a specific address on the Ethereum blockchain.
(C) More details about a contract
The info you find here is very similar to address data but with the addition of the "Contract" tab. There you can find the contract code, read its data and interact with it. Besides that, you can also read the transaction histories and balances.
Developers of a contract usually upload the code to BscScan. BscScan will automatically verify if the uploaded code matches the contract on the blockchain. When it does, it will mark the contract as "Contract Source Code Verified" (D). That doesn't mean the contract is secure and trustworthy, but it still means the developers have less to hide.
(D) Contract tab
There is a wide variety of different kinds of transactions, but in this guide, you can find two different types that will help you understand different ones.
The user with the address 0x1735794f80b1e94fac5da2bdf19fd86e99a72441 sent 2 BNB to 0x0838c49b0380bbf40bfd3f98b4ff68402db34d18. The transaction has the hash/id of 0x5b05e21bf63fe9e84580cc38298470c51e7cbed3186f5a82a69f11f74a9b7017. You can find it here.
Every token on BSC (besides BNB) is a smart contract. The user with the address 0x1735794f80b1e94fac5da2bdf19fd86e99a72441 sent 483 FEED token to 0x67d66e8ec1fd25d98b3ccd3b19b7dc4b4b7fc493. The transaction has the hash/id of 0xf8dc09d206bee157381c29b6f607e623fd76491705fac5e6f038a71828f594ad. You can find it here. Most details are the same but there are some key differences:
It is important to note that you have to "decode" the input data before being able to read it properly.
Congratulations! Now you know how to find your way through a Block Explorer. This guide is not covering every detail but is a good fundament to explorer BscScan in more detail!