Homework-Task 1 || Blockchain Wallet- Chapter-1 by @sapwood
Answer: At first, we should have the concept of what a block explorer is. In this process, I will be sharing with you multiple block explorers and show you exactly how you can take advantage of them. Lets begin this lesson by defining first what a block explorer is.
| A block explorer is a type of tool that can provide information on the contexts of individual blocks and transactions that are found on a blockchain. |
At this moment there are 8413 currencies that are being tracked by coinmarketcap. If you are interested in finding out about any of those for example let's say you want to talk about stem coin, you must click on that cryptocurrency from search option.
You can also find here explorer option and there is a list of block explorers for steem blockchain.
We can see different transaction that are actually using stem blockchain and you can do the same for multiple cryptocurrencies. Just merely need to go to the coinmarketcap and select the cryptocurrency you want to go for.
Q.How do I check the number of confirmations?
Answer: Blockchain is a chain of blocks. Blocks plays vital role in transactions. To be exact, blocks contain transactions. Confirmations are simply the number of blocks added to the blockchain with your transaction also being added to it. Lets say, I want to check a bitcoin confirmation of my transaction. To perform that, I will go to https://blockchain.coinmarketcap.com. I need to put a transaction id (for example:a81383b5320c476527924618f610b91162bd40d637bf45b7ff5896346b1d15a4) then click on search.
The number of confirmations on this transaction is seen. One confirmation means one block has added to the blockchain. The number of confirmations will keep increasing as more blocks are added.
Q.How do I find the transaction hash, sender address, receiver's address, network fees of a particular transaction?
Answer: To find out all these informations, I will visit https://blockchair.com/bitcoin first and then put a trxid (for example:a81383b5320c476527924618f610b91162bd40d637bf45b7ff5896346b1d15a4) and hit the search option.
Transaction Hash: A transaction hash is a unique set of characters that is given to every transaction that is verified and added to the blockchain.
Sender & Receiver's address: Sending and receiving is one of the main building blocks of blockchain. To send and receive bitcoin, you need to have a wallet where you need to put the public address of the sender and recipient.
Network fees: The work of validating transactions and adding them to the blockchain is done by miners. They spend vast amounts of computing power and energy doing this for a financial reward. This function is called network fees.
Q.How do I check whether a wallet address is valid for a network or not(using Block explorer)? Examples?
Answer: A blockchain address is a unique sequence of numbers and letters and functions very much like an email address. It refers to a specific destination on the network where cryptocurrency can be sent to, and it can be used only once. The idea is to give a person a unique address every time he or she is to receive crypto.1
To check the validity of a wallet, at first visit https://www.blockchain.com/search and let's assume a address is 1Mz7153HMuxXTuR2R1t78mGSdzaAtNbBWX and hit the search option. Here is the result:
That means, the address is valid.
Let's assume a address is 1Mz7153HMuxXTuR2R1t78mGSdzaAtNbBWY and hit the search option. Here is the result:
That means, the address is not valid.
Regards:
Cc:
@steemcurator01
@steemcurator02
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Thank you so much for doing the homework task. I appreciate your effort.
As described, the easiest way is always Coinmarketcap or Coingecko to find the list of explorer(s) for any Blockchain. The user just need to search the coin name in Coinmarketcap and then look for the list of explorers by clicking on Explorer.
Sending and Receiving are the financial use case of a Blockchain, they are not the building Blocks.
The Building Blocks are- root of trust(genesis block), immutability(can't be erased), an ordered Blockchain(each block contains the hash of previous block & timestamp), append-only( you can only add a block, can't delete a Block), etc.
Each wallet is having a key pair- public key & private key. A public key is derived from the private key and the public key, in reality, is lengthy and complex, to make it simple and easily usable for the common man, it is hashed into a simpler form and thus the wallet address is derived from public key using a suitable hashing algorithm (the hashing algorithm may vary from one blockchain to the other).
You are right, but it can be used for more than once. For security reasons some people use it once, but you may continue using it multiple times, it is up to you.
You got it right. A valid address will always reflect in the explorer when you query, whereas an invalid address won't.
Thank you so much.
@sapwood
Thanks a lot for going through my homework. Hopefully, I will do better next week.
Thank you too.