Solscan Meaning
What Is Solscan?
Assume you’ve come across something you do not understand, what do you do about it? You search for it on the web using a search engine, right? Well, a blockchain explorer is the blockchain version of a web browser or search engine. Most blockchain networks have their own dedicated block explorers providing information regarding the blockchain’s activities and performance. For instance, Bitcoin uses Blockchain.com while Ethereum uses Etherscan and Ethplorer. Solana’s own block explorer is the Solana Explorer. So what is Solscan?
Solscan is the alternative block explorer to the official Solana Explorer for finding or extracting certain information on the Solana blockchain. It provides users access to real-time on-chain data, including wallet addresses, Solscan transactions, blocks, accounts, tokens, and smart contracts, among other things. It translates complex information into a human-readable format by breaking down the information in a non-techy way.
Through all of this data, the block explorer allows users to monitor the network’s performance, analyze market trends, and adjust their trading strategies. In other words, it enables users to analyze their cryptocurrency portfolio, inspect their transaction history, and monitor the performance of Solana validators.
How To Use the Solana Ecosystem Tracking Tool
The Solana Explorer substitute employs the same format as Ethereum’s EtherScan, which makes it user-friendly. All you need to do is access Solscan.io and enter a query in the search bar. The query can be a Solscan account, Solana transaction ID, or a particular token’s address.
Upon submitting your query, the website extracts data from the Solana blockchain and interprets it into a human-readable format. The result of your query is then displayed on the user interface. The displayed data may be transaction costs, account details (such as transaction history, account balance, etc.), circulating supply, Solscan addresses, number of validators, staking details, and so on, based on your input data. This information can be used to monitor validator performance, monitor market performance, and analyze portfolios.
So, why use Solscan?
For one, it is free-to-use and quite straightforward. Besides providing users with an intuitive user interface, it helps them get clarity on the crypto transactions they make and the mechanics of Solana’s dApps. Not to mention its tracking tools that give users insight into Solana and its DeFi ecosystem.