The crypto market is a wide berthed investment space that has not only proven itself worthy in the world of finance but was able to propose a way of conducting business that was not known to people earlier. The point of contradiction with the crypto market or the idea of decentralization began earlier when Bitcoin was launched in 2009. People were too narrow-minded to see the significance as well as the use cases of decentralization and blockchain technology because they were addicted to or kind of affiliated with a centralized mechanism for everything.
If there were no physical infrastructures and buildings such as banks, stock markets, or other such financial institutions, then no business could be conducted at all; this was what those who went completely against the idea of decentralization thought in the first place. Bitcoin proposed a digital way of conducting business with no intermediary between the sender and receiver, and the whole process was thoroughly automated.
Due to the limitation of its use and people not coming to terms with this new concept, decentralization got a bit totalled. But in 2012, some kind of boom could be seen within the crypto market as Bitcoin began to soar, and many other altcoins were launched as well to give the flagship cryptocurrency some sense of competition. Today decentralization and blockchain technology have reached a place where these can coexist with conventional financial models and propose a wide array of use cases as well.
This technology can be used in healthcare, education, and to sort out and arrange data at the government level for conducting political polls or even elections; it’s used in the world of finance is already an open secret, whereas it could enjoy multiple other use cases because the list would frankly go on. One such hidden aspect of decentralization and blockchain technology is data analytics.
People who are actively trading within the market want to make sure that their investment is sound and secure in whatever position they are subjecting their money to. Data analytics play a significant role in making sure that all kinds of mistakes, errors, and the possibility of the investment going bad are already minimized if not ruled out completely.
Covering the same prospect as discussed above, we will be discussing SolScan, which is an alternative to Solana blockchain explorer. With the help of this amazing tool, you would be able to get your hands on all kinds of data such as what kind of transactions are being commenced, contracts that are profitable, type of accounts that are present on the blockchain medium, and many other types of data which would otherwise be extremely difficult for you to find to get your hands on.
Getting yourself the very knowledge that is used to troubleshoot or fix multiple errors across the Solana blockchain, it is important that you have access to a blockchain explorer and full knowledge about its working. Along with the SolScan, you also get access to decentralized finance and a non-fungible token dashboard along with the analytics platform, which would help you to better browse whatever data or information you are looking for.
The API of SolScan can also be utilized for the sake of developing customized feeds that will only be available to you because of being personalized. You can find all such information and more in the header of the website should you choose to visit it to gain more insight into what SolScan originally is and what it can do or offer you.
Introduction to SolScan
SolScan works on the prospect of a proof of stake consensus mechanism where the project developers are able to build their own decentralized apps and smart contracts along with multiple crypto tokens of their own choosing. It is just like developing a separate blockchain environment that can do either a few of these or all of these, depending upon the final outcome that you want from the project itself.
Once you have developed the chain, you must have a proper system to be able to access the blockchain data, and this system has to be intuitive because otherwise, it would be extremely difficult to jump to and from multiple settings covering different aspects of the network itself. For the Solana blockchain, this intuitive setting is delegated to a dedicated blockchain explorer by the name of SolScan.
Let’s take a look at some of its features, how you can utilize these, and other basic tutorials, which would definitely get you up to speed to not only utilize the product on a better note but also to gain further insight into how the overall aspect of blockchain environment works. You can use SolScan for the sake of finding a particular strand of data, information that is present on the Solana blockchain itself, if you don’t want to use the official Salona explorer on account of it being obtuse, less intuitive, or extremely difficult to manoeuvre through then you will find that SolScan is much more of a standard when it comes to being convenient, efficient and easier to use.
The complex arrays of data could be arranged in such a manner by SolScan that these become easily readable; you don’t have to find a translator or any such material for the sake of getting some insight from the data, as SolScan can do it for you right then and there. You can explore anything that ever happened on the chain dating back to the very moment when the chain went live.
This includes but is not limited to all crypto transactions that took place on the blockchain, addresses of the users involved, smart contracts, or any information present within the blocks, along with information on the native as well as altcoin tokens that were or are presently part of the chain. You don’t have to sign up or create an account for the sake of utilizing the benefits of SolScan, but if you want enhanced functionality and want to explore the extent of this technology, then it is recommended to create an account and get your project in the works.
How is SolScan Different from Others?
If you are, in fact, interacting with a blockchain network, then it is important to have a blockchain explorer on your side because otherwise, how do you plan on getting through multiple aspects of the network itself? Sometimes you have to find the most recent data about the transactions made, sometimes, it is about smart contracts, and other times it is a completely different element that needs to be located, and a blockchain explorer is going to help you to do just that.
Suppose there is a scenario that you have staked a particular number of crypto tokens within the network to get rewards in return, but you aren’t getting any, or you have commenced a transaction and are not sure about the final outcome, such as whether it was approved or not. In these instances, having a blockchain explorer is going to do wonders for you because you can then navigate abruptly about these elements and get to a final verdict about what happened.
All the information that you will be able to find on SolScan is rerouted from the Solana blockchain itself, so the accuracy of the data is top-notch. Using the SolScan platform or any blockchain explorer for that matter is going to provide you with a clearcut idea of how decentralized apps work and what about the transactions that are made within the network, such as what is their processing time and how long before a transaction is validated and subjected to a definitive block.
SolScan utilizes the same prospect as EtherScan, which makes it extremely convenient to work with; there are some users who would argue that the interface of SolScan is much more interactive and intuitive rather than the official blockchain explorer for Solana. The explorer itself is completely free to use, and on top of that, it contains multiple useful aspects, tools, analytical graphs, and lists that will help you no matter what you are going through or looking for.
You would also be able to find a complete list of multiple APIs that can help you to transfer data from SolScan itself with third-party blockchain explorers of your choice; this is if you don’t want to use or work with SolScan itself and prefer a third-party solution instead.
How to Find Addresses and Transactions on SolScan
One of the most incredible functions of SolScan is its ability to look up multiple transactions and addresses that have either been used to transact money, create smart contracts, or develop a decentralized app. If you have the correct hash, then you would be able to access a wide array of information on the network with complete accuracy and cross verification.
You can come around timestamps, transaction fees, confirmation for multiple transactions, multiple addresses that were used by the users engaging with the said transaction, and more. Every transaction that takes place on the Solana blockchain is recorded with a particular signature. This signature might look like a long string of multiple letters and numbers arranged in a haphazard manner. You need to copy this signature and paste it into the search bar provided by SolScan and simply hit enter.
Upon hitting the enter key, the explorer would look into literally millions of transactions and strands of data to provide you with the most accurate and feasible information against the hash number submitted. Below you will be able to find all the information pertaining to that specific hash number that you just entered.
There are three categories that you might come around, such as the overview, balance change, and the third one is token balance change. The overview category gives you insight into the signature of the transaction, which is an alphanumeric string that is assigned to individual transactions and is unique; it works as an identifier. Then next, there is the block number which represents the particular block on which your transaction is submitted.
The timestamp allows you to have a clearcut idea of when this particular transaction took place in the context of a particular date and time. The confirmation status tells you if the transaction is completed and has been processed or if it is still processing. The fee section tells you about the total transaction fee that was paid by the user for the processing of the said transaction. The balance change, along with token balance change tabs, will provide you with further data on the transaction with regards to the balance that was transacted and the overall change that was brought or subjected to the token balance for all the parties that were involved within the transaction itself.
As for the addresses, you can employ a similar method which would allow you to find more information about the individual addresses. Once you have an address on you, it can be anything from the address of a buyer or the rest of someone who sent or initiated a transaction or any other random address present on the Solana blockchain for that matter; you can put their address into the search bar and click enter to find more information about it. This will lead you to the complete overview of all the transactions that took place against that particular address or for a smart contract, including the information of the particular wallet from which the transaction took place.
Multiple sections will be made available before you into the individualized tabs, such as the overview section, where you would be able to find the current account balance and any transaction that has been initiated along with the timestamp as well. Not only this, but it will also showcase the block number to which this particular signature of transaction corresponds and, finally, the status of the transaction, such as whether it has been already processed and subjected to the block or is under processing. This can be extremely useful coming from a point where you have no prior information or data regarding a particular hash number and getting everything and verified data against that particular something.
Finding Tokens on SolScan
Suppose you have come around an individual who is willing to sell you a number of tokens for a price point that seems particularly questionable because it is far below what the market is offering at the moment. Now you obviously want to verify these tokens actually exist on paper and not in the mind of that particular individual who is trying to sell them to you because it could possibly be a scam.
You just need to head over to SolScan and enter the token details such as the address of the token that the person has provided into the search bar and press enter. If the address is indeed correct and you have submitted it without any errors, then you would be able to see complete information about that particular token giving you the present price of that token, the market cap of the token, total supply that is in works at the moment, holders of that particular token along with these social channels or social media platforms that represent that token originally.
If you are interested in finding out about the transactions that were done using the token, then you can also do so under the transaction tab, and it would lead you to overview multiple transactions that have been commenced for that particular token against a certain time period. This will give you a clearcut idea of whether the token itself is original and actually exist; on top of that, it will also tell you about the credibility of the token along with the overall interest that the market is potentially showing in the token at the moment. This way, you can come around with all the information you would ever require before investing your hard-earned money into it.
You can either reject the offer based on the information that you have found or accept the offer and make a decent return on your investment. If you root out SolScan from this whole equation, then you can’t even possibly begin to fathom the hurt or mental pain you would have to go through for the sake of finding all these particulars because, first of all, this information is strictly confidential and wouldn’t be made available on social media platforms or other Internet channels.
You have to have access to a particular blockchain explorer for a certain blockchain that will be able to find information like this but not all blockchain explorers are as intuitive and easy to use as SolScan. The very example of this is the original Solana blockchain explorer, which is barely being used out there in comparison with SolScan, which everyone out there is using at the moment. Remember that this blockchain explorer is presently free t use, and on top of it, you can also subject all of your previous search data from the original blockchain explorer of the Solana to this very explorer; the transition is very easy and straightforward.