Functions of the BscScan service

13 September 2022
Functions of the BscScan service

Binance Smart Chain is developing exceptionally fast, and a special service, BscScan, has been developed to track the evolution. It is freely available and anyone can monitor the network’s metrics in real-time.

What is BscScan

BscScan is an analytical platform and explorer developed by the Etherscan team and used to track DeFi projects on the BSC. The explorer can be used to quickly retrieve publicly available information about blockchain activity. In this, it doesn’t require any specific knowledge to work with, and the basic data can be viewed even without registration.

The most commonly used tools in the explorer are:

  1. Profitability pharming dashboard. It helps to track pharming opportunities, a way to generate cryptocurrency with existing assets, learn how to access the most attractive projects.
  2. Average gas price graph. It can be used to calculate the average cost of a transaction on the Binance Smart Chain blockchain.
  3. Number of unique addresses. The tool gives an idea of the maximum possible number of blockchain users and the pace of network development.
  4. Daily number of transactions. This is an indicator of network activity and the probability of its overload.
  5. Token Tracker. Shows the most popular tokens by daily trading volume or market capitalization. If the token is not verified on BscScan, there is a high probability that it will turn out to be unreliable.

All data is displayed in a user-friendly form.

What BSCAN is used for

The explorer is designed to get information about the main processes in the blockchain. With BscScan, one can:

  • find transactions and check their current status;
  • check wallets’ balances and track transaction history with them;
  • view the last blocks added to the chain;
  • find smart contracts in the blockchain and interact with them;
  • explore current token offers.

For example, when searching for a smart contract, one can immediately see whether it is verified or not. It is also possible to connect alerts to find and examine profitable transactions, and access to transaction history allows one to quickly see all changes in assets.

The BscScan service allows users to protect themselves to a certain extent against scammers. It can be used to find out that an AKRA token is verified, certified, and therefore trustworthy.

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