What Is Solscan, and How To Read It

4.5K Solscan is a popular and efficient alternative to the official Solana explorer. It is free and enables you to search for any information on the Solana blockchain. Solscan is a data analytics platform that aids users in viewing transaction data on the Solana blockchain. To begin using Solscan, you need to install the Solidity compiler, clone the Solscan repository, and run the Solscan command with the path to your Solidity file as an argument. This article will answer the question, “what is Solscan?” and cover how to read it.

• Also learn about: How to buy Solana (SOL)

What is Solscan and How Does It Work? 

Solscan updates and scans transactions on the blockchain in real-time. To retrieve details about any transaction you’ve carried out on Solana, you need to enter the necessary information on the search bar. This can be the transaction’s cryptocurrency’s ticker symbol or contract address. After doing this, the website redirects you to the specific cryptocurrency’s main page, and you can further use the blockchain explorer feature to view transactions that have taken place on the blockchain network. The “Search” function can be used to find specific addresses, transactions, and smart contracts. Solscan processes over 180 million data requests from 2 million users each month. The blockchain explorer is suitable for beginners and experts in the cryptocurrency space. It is perfect for exploring the blockchain network of a cryptocurrency.

Advantages of Using Solscan

If you use the Solana network frequently or other blockchain networks, blockchain explorers like Solscan provide you with a perfect opportunity to check the transparency of a blockchain network. Some of the pros of Solscan as a blockchain explorer are:

• Clarity – Solscan helps you clarify transaction status on the blockchain. You can use it to keep track of cryptocurrency and crypto token transactions.
• Free access – Solscan is free to use! You may not even create an account before viewing transaction data. However, for a better experience, you can quickly and easily create a Solscan account.
• User-friendly layout – You can easily view essential information about the Solana blockchain from the homepage. You can also easily navigate your way around the Solscan explorer. It has a similar layout to Etherscan (Ethereum blockchain explorer).
• Quality features – Solscan has vital features that allow users access to critical information about Solana cryptocurrency, DeFi, and NFT ecosystems.

How to Read Solscan

On Solscan, you can track transactions, look up addresses, find tokens or view Solana’s DeFi and NFT ecosystem. Depending on which of these activities you want to carry out, there are different approaches.

How To Track Transactions

Copy and paste the transaction’s unique signature into the Solscan search bar and press “Enter.” Your smart contract contains the unique signature of a transaction carried out on the blockchain. This unique signature is a long string of alphabets, numbers, and other characters which can be used to verify a transaction. Once you click “Enter,” all details associated with that particular transaction ID will be displayed.

How To Verify Addresses

Verifying a wallet address is similar to the process of trading a transaction. However, you paste the wallet address on the search bar rather than pasting the transaction ID. Solscan displays all activities and transaction data related to the wallet. Verifying a wallet address before a transaction is essential to help confirm the validity of a project.

How to View NFTs

You can view NFTs in the Solana marketplace using either the NFT tab on the homepage or the NFT dashboard. Solana has a well-developed NFT marketplace.

How to Find Tokens

• Obtain the valid contract address of the token from CoinMarketCap or the official digital currency website.
• Paste it on the search bar on Solscan.
• Hit Enter.

Viewing DeFi Dashboard

Using the DeFi dashboard on Solscan’s Homepage, you can access the multiple decentralized exchanges available on Solana.

Risks Associated with Solscan

Solscan is a helpful tool, undoubtedly. However, it comes with risks and is not 100 percent guaranteed. Below are some of the downsides associated with Solscan:

• Solscan may give false positives – It may read an incorrect vulnerability in a smart contract. This will lead to the contract being rewritten and exposing it to even more vulnerabilities.
• Inaccurate reading – Because Solscan relies on a database of all known vulnerabilities to determine the vulnerability of a smart contract, a new vulnerability may go undetected b the blockchain explorer.
• Solscan is open-source software – Thus, it does not undergo the same scrutiny as other tools and could be vulnerable to bugs and security breaches.
• A security breach could be lethal – If hackers access Solscan, it can be used to launch an attack on the network.

The Bottom Line

Solscan is an essential tool for novice and experienced blockchain users. It is used by Venture capitalists like Alameda research and Solana ventures. Solscan is equivalent to Etherscan of Ethereum. You can learn about Solana vs. Ethereum here. It is your one-stop Solana blockchain explorer. There are usually many numbers and codes that make a blockchain look daunting, but Solscan makes it a whole lot easier. There are a few other alternatives to Solscan, like Solanascan and Blockchain. Depending on what you want to do, these alternatives might suit you better. It is necessary to note that while Solscan has proven effective over time, critical care should be exercised when using the tool. It is not 100 percent accurate. Aside from the analytical functions offered by Solscan, it also has enough educational resources for users to understand the Solana blockchain better. The platform is still developing and constantly adding new features to improve user experience.

Frequently Asked Questions