basic ideas

• BscScan is a blockchain explorer that allows users to easily track transactions, check wallet balances, and interact with smart contracts on the BNB Smart Chain (BSC).

• It also offers a range of features such as monitoring conversion rates, tracking BEP-20 tokens, and checking the number of unique addresses.

• These metrics can help users measure network activity, determine network congestion, and evaluate token performance, which can be useful for investors, traders, and blockchain developers.

the introduction

We often discuss the idea that public blockchains are open to the public, meaning that anyone with an address can interact with them. But did you know that software development on blockchains is also open to the public? Anyone with the necessary expertise can deploy their own decentralized application on a blockchain, and there is nothing stopping them from doing so.

This has led to an increased pace of development in the decentralized finance (DeFi) sector. The BNB Smart Chain (BSC) is still a young blockchain, but it has already seen impressive growth. You may be wondering: impressive growth in what way? Well, there is a huge amount of publicly available data on the chain, making it easy for traders and investors to track the network’s activity.

If you want to access this data on the chain, a blockchain browser like BscScan is the easiest way to find everything you need.

What is BscScan?

BscScan is a blockchain explorer developed by the same team behind Etherscan. It offers an analytics platform for the BNB Smart Chain, and has many other great features as well, which may provide useful information if you want to follow DeFi projects built on the BNB Smart Chain.

You can also use BscScan browser to:

1. Search for transactions and check their status.

2. View the latest blocks added to the blockchain.

3. Check your wallet balance and transactions.

4. Search for smart contracts published on the blockchain.

5. Conduct research on tokens and other cryptocurrencies offered.

All this information is available without creating an account and is completely free, and the blockchain explorer shows all this information in a simple way that is easy to browse.

What are the advantages of using BscScan?

BscScan Explorer is the product of the trustworthy team behind EtherScan, the popular block explorer on the Ethereum network. Aside from its good reputation, BscScan can help you navigate the world of blockchains. With basic knowledge of how to use it, you can quickly solve basic problems and answer queries.

For example, knowing how to search for a smart contract on BscScan is a useful skill for anyone using decentralized applications. You can see whether their smart contracts have been verified and interact with them directly through BscScan (which can be useful when the decentralized API goes down). But there’s a lot more information on the chain than just verifying smart contracts and underlying transactions.

For example, you can set up notifications for whale activity to monitor large transactions. In some cases, a large influx of cryptocurrencies into an exchange is an indication of a massive sell-off coming. You can even track the wallets of founders of a DeFi protocol to see if they are moving their tokens between accounts. Below, we’ll dive deeper into some of the most commonly used tools and metrics you can look for with BscScan.

How do I know the average conversion rate on BNB Smart Chain?

First, hover over the [Sources] button, then click [Charts & Statistics], and finally click [Average Conversion Price Chart].

You will now see a chart of the average conversion rate used to calculate the conversion fees that users pay for transactions on the BNB Smart Chain.

As mentioned earlier, the BNB Smart Chain charges relatively low fees, with 1 gwei equaling 0.000000001 BNB on the BNB Smart Chain. With an average transfer rate of around 3.5 gwei, sending 100 BNB should cost less than 10 cents. In fact, sending ten times, or even a hundred times, that amount should cost you no more than 30 cents.

From the transaction history, we can see that some people have been paying higher transaction fees than usual. Perhaps some users are sticking to their old habits while using Ethereum or other blockchains. But that’s not necessary, the BNB Smart Chain is still far from congested, so if network conditions remain stable, 3.5 gwei should be enough to make a simple transaction.

How do I find the number of unique addresses for BNB Smart Chain?

The unique addresses metric on BscScans is a great metric if you want to estimate the number of users on the network. You can find the unique addresses metric by hovering over [Sources] and clicking [Charts & Statistics]. Then click [Unique Addresses Chart].

So, if the number of unique addresses on a blockchain is 100, does that mean the network has 100 unique users? Of course not! Anyone can create multiple addresses, but thanks to the magic of cryptography, even if they did, the available addresses wouldn’t run out for long. And even then, it would still be difficult to know whether these addresses belong to the same entity.

Now we know that anyone can create many addresses, and that this metric overestimates the number of users. However, the number of unique addresses can give us an idea of ​​the growth rate of the network.

How do I know the daily transaction amount on BNB Smart Chain?

This chart shows us the total number of transactions made on the BNB Smart Chain on a given day, and is also available in the [Charts & Statistics] section.

While some smart contracts require more transactions to execute than others, this chart gives us an idea of ​​the network's activity and potential congestion, and is a good indicator of the network's strength.

What are the best performing BEP-20 tokens?

The token tracker page allows you to track the top BEP-20 tokens by market cap or daily trading volume. This will give you information on which tokens have recorded the highest cumulative value on the BNB Smart Chain blockchain, as well as which tokens have recorded the highest trading volume.

It is worth checking the token information displayed on the page, BscScan allows token/contract holders to update their token information, thus providing you with more details about the token. If the BscScan team has not verified the smart contract address of the token, it may not be trustworthy.

You will see many pegged tokens on this page, which are encoded versions of a coin or token that belongs to another blockchain. ETH pegged to Binance Chain is one example.

This means that you can buy, sell and trade the ETH version on the BNB Smart Chain without having to transfer your funds on the BNB Smart Chain to the Ethereum blockchain. In other words, the ETH staked on the BNB Smart Chain is a tokenized version of the original ETH, which belongs to the Ethereum blockchain.

Is BscScan compatible with NFTs?

Like any other digital asset available on the BNB Smart Chain, you can quickly and easily search for individual NFTs and their smart contracts. The BEP-721 and BEP-1155 tokens are the most prominent standards available for NFTs on the BNB Smart Chain, so let’s take a quick look at an example. Here’s the NFT PancakeSwap from the Pancake Squad collection:

If we copy the contract address (0x0a8901b0E25DEb55A87524f0cC164E9644020EBA) into the BscScan search bar, the contract creator and token tracker can be identified.

If you click on the token tracker link, you can check the total supply, number of token holders, and total transfers. We can also use the tabs below to take a closer look at each of these metrics and other details, such as supply and contract source code.

How do I search for BNB Smart Chain validators?

In simple terms, validators are the people who ensure that the Binance Smart Chain continues to operate. By holding BNB, they make transactions and confirm new blocks. In return for their services, they receive transaction fees generated from network activity.

The BNB Smart Chain is based on a consensus mechanism called Proof of Stake Authority, this consensus model can support the creation of blocks in a short time and requires less fees. You can check the top validators on the BNB Smart Chain in the validator leaderboard under the [Validators] tab.

What are the requirements for a validator? Actually, anyone can become a validator, but the requirements are quite strict, which is logical, as this could compromise the security of the network. If you want to read more about how to become a validator on the BNB Smart Chain, you can check out the official BNB Chain documentation.

How to Verify Smart Contracts on BscScan

BscScan users can enter the address of any contract to verify it and see if the code used is the same as the one on the blockchain. It’s easy to tell – you’ll see a green checkmark next to the contract on the toolbar, along with a notification [Contract source code verified].

Allowing users to independently verify and audit the code is an important feature, as it contributes to the transparency of the BNB Smart Chain ecosystem as a whole. You can also interact directly with smart contracts by connecting a cryptocurrency wallet like MetaMask.

Closing thoughts

Whether you are a seasoned DeFi veteran or new to the BNB Smart Chain network, learning how to use BscScan will help you better understand your journey into the blockchain world. However, remember that markets are unpredictable and prone to periods of extreme volatility. Therefore, doing your own research is crucial to your trading success. This research may include ensuring that the BscScan team has verified a token, whether the contract is open source and audited, and visiting the project’s blog or social media accounts to gain a clearer view of it. Also, be aware of the risks of participating in DeFi before entering the world.

Related Articles

• Introduction to BNB Smart Chain (BSC)

• What is BNB Chain?

• What do you know about the Etherscan platform and how to use it?

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