In terms of blockchain development, Ethereum remains as the main network. Nevertheless, this network involves high gas fees making developers and users search for alternatives. This is where Binance Smart Chain (BSC) comes into play, popular for the low fees and fast transaction times. One tool for BSC development is BscScan

Do you want to know about the BSC scanner, the tokens it supports, and how it is used? Keep reading!

BscScan: What is it?

The BscScan is the leading block explorer when it comes to the Blockchain BSC (Binance Smart Chain).  It was created by the same team behind Etherscan, a block explorer for the Ethereum blockchain.

Anyone with internet access can use it because it is free of charge and it has different functions. For instance, you can use the BscScan if you need to:

  • Research the supply of cryptocurrencies and tokens.
  • Read, search and interact with smart contracts placed on a blockchain.
  • Identify the most recent blocks added to the blockchain.
  • Keep track of DeFi projects built on the BSC blockchain.
  • Search and check the balance of any transaction, wallet, or access the whole transaction history.

The main objective of the BscScan is to bring transparency to the public using the BSC blockchain. This is done by indexing it and making it searchable. Furthermore, it decreases cases of fraud and financial theft because all the rates would be recorded and stored. 

BscScan token: What tokens are supported in this ecosystem?

It must be mentioned that the BSC ecosystem supports three types of tokens: 

  • ERC-1155 tokens

Therefore, users can search and track information about them through the BscScan. For example, users can obtain data such as the market capital, the number of holders, the volume, the compatibility of the asset with other chains, etc.

What is BscScan used for and how does it work?

In this section, we are going to explore more in-depth how BscScan transactions, NFTs, and Yield farming works on BscScan.

BscScan Transactions

The BscScan works similar to the Google search we all know. You can find the search button easily and simply type the ID or wallet information of the transaction on the search box and click ‘search’. It will automatically scan your database and display all the transaction information. This includes transaction amounts, dates, balances, transaction fees, the status of the transaction, etc.

Another way to find transactions is by typing on the search bar the transaction hash, the unique transaction ID is represented by a group of random characters and numbers. 

If you make the search through the Transaction Hash, you could obtain information such as:

  • Transaction status: It could be shown as failed, pending or successful. 
  • Block position: it specifies when the block was registered and when it was validated in the blockchain. 
  • Value of the transaction: It could be displayed in USD or BNB. 
  • Fee of the transaction: It is displayed the interest percentage that was paid.
  • Personalized notes (if any): On each transaction can be added a personal message.

All the personal information displayed on these searches, like the name of the person who initiated the deal or the receiver of the operation, is hidden. This ensures security for the parties involved in the transaction.

Also, for people who want to start a transaction, the BscScan offers useful information such as the price of BNB Coin, charts, market capitalization, most recent blocks, and other crucial data. This data is always up-to-date because it is refreshed every second, increasing its accuracy.

Are NFTs supported? 

This block explorer is compatible with non-fungible tokens, also known as NFTs. On BSC there are NFT projects that can be tracked using the transaction hash, wallet address, or NFT smart contract on the search box. 

You must consider that BscScan does not have the capability to show the art of the non-fungible tokens. Thus, the user will need to use another service provider or marketplace that supports NFTs and see the project acquired through them.   

BscScan Yield Farming

On the BscScan Dashboard, there is a section called ‘Yield Farms List’ that shows users the top and last farming opportunities. On the page, it will also be displayed the links to the websites, the number of holders, and the total capital. However, before making any investment, you must do your own research for those projects on the list that you are interested in. You can do this by visiting the social media or blog of the project and verifying that the token is certified by the BscScan platform.

 

In conclusion, BscScan is a useful blockchain explorer if you are on the Binance Smart Chain network. It is useful to learn how it works like the tools offered on this platform could allow you to be competitive even in periods of extreme volatility.