For any cryptocurrency, blockchain explorers are required. BscScan is the Binance Smart Chain’s blockchain explorer. It was created by the same team that created Etherscan. The tool goes beyond a block explorer because its capabilities include an increasing number of features and services.
What Is BcsScan
BscScan is a BNB Smart Chain Block Explorer and Analytics Platform. It is the main explorer for the BNB Smart Chain. A block explorer is a search engine that allows users to look up, confirm, and authenticate transactions on the BSC blockchain with ease.
BscScan was created by the same team that created Etherscan. It includes an analytics tool for Binance Smart Chain, as well as a slew of other useful features. By exploring the menus or using the search box at the top of the platform, you can look up wallet addresses, transactions, smart contracts, and much more.
BscScan’s visual interface is remarkably similar to Etherscan’s. To keep the platform as simple as possible for newcomers, there are no superfluous bells and whistles. The blockchain explorer becomes more valuable to its users as its functionality and features increase and improve. Through BscScan, the Binance Smart Chain has been indexed and made searchable through a user interface, giving everyone clear access to the ecosystem.
BscScan allows you to create an account in the same way that Etherscan does. You mustn’t have an account to use the feature, but it can be useful for developers. Furthermore, BscScan does not serve as a wallet service; consumers will have to rely on third-party services for that. Existing wallets such as MetaMask, TrustWallet, and others, can be linked to BscScan.
Why You Should Use BscScan
BscScan’s main advantage is that it can assist you in navigating the blockchain. You can easily troubleshoot fundamental difficulties and queries if you have a basic understanding of how to use them.
Knowing how to search up a smart contract on BscScan, for example, is a useful ability for anyone who uses DApps. If the DApp’s API is unavailable, you can check if their smart contracts have been confirmed and even interact with them directly. However, on-chain data encompasses more than simply smart contracts and simple transactions.
You could, for example, set up whale alerts to keep track of significant transactions. A huge amount of BNB moving into an exchange may indicate that a sale is imminent in some situations. You may even follow the wallets of the DeFi protocol’s creators to see if their tokens are moving.
How To Use Bscscan
You can use BscScan for tasks such as finding transactions, finding smart chain yield, finding the average gas price, etc.
Let’s look at how to use the explorer to perform these tasks.
Finding transactions
BscScan is similar to other block explorers when it comes to looking up a transaction. You just need the transaction ID and the wallet addresses involved in the transaction.
BSCScan can provide any transaction details, including the amount, date, block number, balances, transaction fees, status, and more.
When inputting information for a wallet address, users will see its balance based on the value of BNB (Binance Coin) and USD. However, under the “Token” category, BscScan also supports BEP-20 and ERC-721 token balances.
Using BscScan’s Transaction Hash is a pretty typical means of finding transactions. Binance Smart Chain transactions are tracked using this hash, which is a string of letters and numbers. When you enter a transaction hash into BscScan, you’ll get a lot of important information about the transaction.
BscScan can show you whether a transaction is pending, successful, or unsuccessful. The transaction value is shown in both BNB and USD.
Finding smart chain yield
The yield farming dashboard from BscScan displays all of the best current farming prospects. To find it, hover over the [Resources] button and select [Yield Farms List] from the drop-down menu.
On their dedicated websites, you can view the most recent farms, where to find them, and how they operate. Yield farming (also known as liquidity mining) is a method of generating cryptocurrency from your existing holdings.
You can produce yield on Binance Smart Chain by using platforms like PancakeSwap. BSC is great for smaller participants to enter the yield farming sector and earn their fair portion of the available crops because fees are inexpensive compared to alternatives like Ethereum. However, be cautious because there are a lot of phony projects out there. Always DYOR and never gamble with money you can’t afford to lose.
Finding the average gas price
To find this, hover over [Resources], then click [Chart & Stats], followed by [Average Gas Price Chart]. The average gas price chart will be displayed, which is used to compute the gas fee that users pay for BSC transactions.
As previously stated, the fees at BSC are relatively inexpensive. 1 gwei in BSC equals 10-9 or 0.000000001 BNB. With a 6.5 gwei average gas price, sending 10 BNB should cost less than ten cents. Even if you send ten or a hundred times that amount, it should only cost you 20 cents.
Checking smart chain unique address count
If you want to estimate roughly how many users the network has, BscScans’ unique address count is an appropriate metric to use. To do this, hover over [Resources] and select [Chart & Stats] to find the total number of unique addresses. Then select [Chart of Unique Addresses].
So, if a blockchain has 100 unique addresses, would that imply that it also has 100 distinct users? No, multiple addresses can be made by anyone. Even if they did, we wouldn’t run out of addresses for a long time thanks to the wonders of cryptography. Even so, determining if those addresses are associated with the same entity would be difficult.
As a result, we know that anyone can create several addresses, and this metric undercounts the number of users. Nonetheless, the number of unique addresses might provide an approximate estimate of the network’s expansion.
Checking daily transaction amount
This graph depicts the total number of Binance Smart Chain transactions on a certain day. You will see this in the [Charts & Stats] area.
While some smart contracts require more transactions to execute than others, this graph can nevertheless give us a sense of the network’s activity and if it’s crowded. It’s also a sign of a robust, developing network, which BNB investors can leverage.
FAQs On BscScan
Is BscScan compatible with NFTs?
BscScan is entirely compatible with non-fungible tokens because it allows users to track ERC-721 tokens. Binance Smart Chain, like Ethereum, is home to a number of NFT-focused projects due to its cheaper costs and overall efficiency and throughput. BscScan allows users to search up their NFTs by using the transaction hash, NFT smart contract, or wallet address.
The blockchain explorer, on the other hand, is incapable of showing the art contained within that non-fungible coin. To see the artwork, users must connect to a marketplace or other service provider that supports the NFT token standard, and then project the token they have obtained. BscScan will show the token ID, the NFT project, the transaction history, and the smart contract interaction.
How do you use BscScan?
Provide the transaction ID or wallet address linked to the transaction in the search box to see the transaction details including transaction amount, date, block number, balances, transaction fees, status, and more.
What is the difference between Etherscan and BscScan?
BscScan works for Binance Smart Chain while Etherscan works for Ethereum.
Final Words
In general, you can BscScan to do the following:
1. Look up transactions to see how far they’ve progressed
2. View the most recent blocks that have been added to the blockchain
3. Verify the balance of your wallets, as well as any transactions you’ve made
4. Use the blockchain to find, read, and interact with smart contracts
5. Find out how many tokens and other cryptocurrencies are available
