If you’ve been in the crypto space, Binance has witnessed many changes. Born in 2017, it has since risen to become the largest exchange in the world by trading volume.
Then, Binance created its blockchain in 2020. Known as BNB Smart Chain (BSC), this layer 1 chain caters to smart contracts. Today, we talk about BSC’s block explorer, BscScan, and its functions. First, let’s define what is BSC Scan.
Introduction About BscScan
As stated, BscScan is the default blockchain explorer for the BNB Chain. It’s like EtherScan for Ethereum. To learn more about blockchain explorers, you can refer to our previous research.
Source: BSC Scan
To put it simply, it provides an interface where you can view all transactions and interactions on BSC. In addition, it provides a suite of other functions as well. We will go through some examples later.
Is BscScan Safe?
Now, as a crypto user, it is important to check if a program or website is safe before using it. For BscScan, it is safe to use for 2 reasons:
- It was created by the team who developed Etherscan. This means the team is trustworthy with a good reputation.
- It does not require a connection to your BSC wallet to use. Hence, there is no chance BscScan can acquire your funds.
However, do note that fake websites could impersonate BscScan to steal your funds. Hence, always do a cursory check. Make sure the URL you’ve accessed is “bscscan.com“.
How Does BscScan Work?
Basically, BscScan is a simple analytics platform. You can consider it like a search engine for BSC. It keeps track of all blockchain transactions on the BSC network in real-time. As a user on BSC, if you’ve just made a transaction, you can check if it has gone through successfully. Of course, this is not all that BscScan can do.
What Is BscScan Used For?
Let’s look at 2 basic functions on BscScan. This is a must-know for BSC users.
1. Exploring an Address: The first thing you need to learn on BscScan is to explore an address. Every wallet has its own on-chain address. Once you enter a wallet address into the search bar of BscScan, you can access information like:
- BNB Balance
- Types of BEP20 tokens held and their balances
- Transaction data – ID, methods, sender info, recipient info, value, etc.
2. Exploring a Token: In this platform, any developer can deploy their token on BSC. However, note that there are many fake tokens with similar names to legit tokens. Hence, it is always wise to copy the token address through Coingecko for BSC. Then, check it on BSC Scan to confirm its legitimacy.
Moreover, you can check the smart contract of the token in BSC Scan to verify it like in the picture below. To know the token’s contract, you can extract it from CoinGecko or CoinMarketCap. In the picture below, here is an example:
After you copy the token’s address, you need to go to BSC Scan and copy it in the top bar to verify.
You can refer to the guide here for more information on identifying malicious contracts.
3. Viewing BSC Statistics: You can also use BscScan to view BSC key statistics. One such statistic would be gas price data. This allows you to know the current gas prices for executing transactions on BSC. Other statistics provide an overview of the health of the BSC network. Examples include data for daily transactions, unique users, and so forth.
4. Verifying smart contracts: Decentralized applications (dApps) are common on the BNB Chain. As a BNB Chain user, you can verify smart contract legitimacy directly on BscScan. This can protect you against loss of funds. To do this, you can enter the smart contract on BscScan verification.
What Is BscScan Contract Verification?
Put simply, this feature allows developers to make their code open-source and verifiable. In return, developers will receive a tick checkmark on their contract interface. This allows for transparency between developers and users. In addition, other developers or auditors can also view the code to ensure it’s safe to use.
Also, users can verify that a smart contract does what it is supposed to do. They can do so by inserting the compiled code on BscScan. Internally, it then compares this input with the source code running on BSC. In general, we recommend this for technically adept crypto users. “Degens” who indulge in high-risk Defi plays should use this verification method to check project contracts.
To conclude, I hope you’ve found this article useful in helping you navigate the BSC blockchain. Moreover, I hope you’ve learned more about a block explorer’s functions. This knowledge will not only help you on the BNB Chain but also on many other smart contract blockchains with their native block explorers.
For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.
Find the most undervalued gems, up-to-date research and NFT buys with Altcoin Buzz Access. Join us for $99 per month now.