What is BscScan?
BscScan is a blockchain explorer specifically for the BNB Smart Chain. It is also used as an analytics platform. It’s been developed by the same team as Etherscan, which is a block explorer for the Ethereum Blockchain. It was launched in 2020 and while still very young, it seems to be growing in popularity with time.
You can think of the explorer as a search engine similar to Google. Only on this you can search the transaction you make and verify it.
However, that’s not it. Here’s all you can do:
BscScan uses 🔍
Here are the five solid uses:
1. Look up transactions and check their progress
2. Verify new blocks added to the blockchain
3. Verify smart contracts
4. Find wallet addresses
5. Research supply of tokens and other cryptocurrencies
How it works ⚡️
Finding transactions on the BscScan website is very simple. You only need a transaction ID or wallet address involved in that transaction and you can access all necessary information.
These transactions can also be searched by using the transaction hash. A hash contains a string of different letters and numbers that come in handy when tracking a transaction.
🔮 Further reading: How to use BscScan – Binance Smart Chain
The explorer is also compatible with NFTs and their smart contracts with BEP-721 and BEP-1155 being the most common NFT standards. A popular NFT project on the BNB Chain is the BakerySwap NFT.
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BscScan can not portray the art in NFTs users will need a separate NFT marketplace or service provider to see the art but it can represent the token ID, transaction history and interact with smart contracts, etc.
After the launch of the BscScan platform, it is now much easier for the users of BNB Chain to get updated with the analytics of their assets.
Does BscScan support NFTs?
BscScan majorly works with ERC-721 tokens which makes it easily and fully compatible with NFTs as well. Binance Smart Chain itself has multiple NFT projects under its belt and the users can easily look them up through transaction hash or wallet address.
However, one thing that BscScan can’t help you with is understanding token designs. In order to see the artwork and what kind of tokens you are acquiring, you will have to connect with an NFT marketplace.
Types of users that can benefit from BscScan
BscScan can be used by anyone who is interested in the Binance Smart Chain ecosystem. It provides insights into the performance of the network, tokens, and transactions, and can be a useful tool for learning about blockchain technology.
Here is a list of different types of users that can use BscScan to their benefit:
- The Binance Smart Chain allows traders to use BscScan and get an in-depth understanding of a token’s tokenomics. Not only does this help a trader sell or buy a token, but it also helps them make data-backed and data-driven decisions.
- A number of smart contracts are created on the Binance Smart Chain. Figuring out which smart contract is legit can be difficult. BscScan comes in handy in this regard. Thus, it is a great tool for developers as well. This could be done through BscScan Contract Verification, an excellent feature.
- Researchers and those who are into data and making inferences can greatly benefit from BscScan because it allows you to track the overall growth of a token, find a pattern, identify trends and get real-time data whenever you want.
- BscScan is not just for commercial purposes. Normal users and token holders can also benefit greatly from this tool. It can make predictions about your held tokens and can also show you helpful price charts to help you make an informed decision.
In conclusion, BscScan can be used by various users. Its key aspects are its functionality and data insights which make it an important tool for staying informed and making informed decisions.