What Cryptocurrencies?
In this article, I will focus on how to monitor blockchain. Of course, I will not describe all the available tools. I will limit myself to those that are most useful. I will add one more thing … These tools will only serve those cryptocurrencies that I considered the best investments in 2023.
Breakdown of Monitoring Tools
Indeed, cryptocurrency blockchain monitoring tools are software applications. So to say, they are designed to track and analyse transactions on blockchain networks, and … Blockchain technology operates on a decentralized ledger system. This system is open to the public. As such as, monitoring tools are essential to ensure the integrity of the network. Moreover, they are prevent fraudulent activities, and enhance the security of the system.
There are various types of cryptocurrency blockchain monitoring tools. Each with different functionalities and capabilities. Some of the most popular monitoring tools are as follows:
Block Explorer
These tools allow users to explore and search blockchain transactions, addresses, and blocks. They provide a graphical user interface (GUI) that displays data in an easy-to-understand format.
Transaction Monitoring Tools
These tools allow users to track individual transactions, set alerts, and monitor transaction volumes. They also provide real-time notifications and alerts when specific conditions are met.
Node Monitoring Tools
These tools allow users to monitor the status of blockchain nodes, including their uptime, connectivity, and activity. They also provide alerts when nodes go offline or experience technical difficulties.
Wallet Monitoring Tools
These tools enable users to monitor cryptocurrency wallets, including the movement of funds in and out of wallets. They also provide alerts when transactions exceed predefined limits or when funds are sent to suspicious addresses.
Market Monitoring Tools
These tools track cryptocurrency prices and market trends, enabling traders and investors to make informed decisions based on market data.
In addition to the above tools, some monitoring tools also provide advanced analytics and data visualization features. These tools enable users to gain insights into blockchain networks, detect patterns and trends, and identify potential vulnerabilities.
Overall, cryptocurrency blockchain monitoring tools are essential for ensuring the security and integrity of blockchain networks. They provide valuable insights into blockchain activities, enabling users to detect and prevent fraudulent activities, monitor network health, and make informed investment decisions.
At this time we have different tools and some of them have one or more monitoring features.
How to Monitor the Blockchain In Practise
Especially with tools like this one, monitoring bitcoin blockchain was never so easy. So I definietely recommend try it.
In case of Ethereum it’s one of the best well-known tool for monitor blockchain. Am I surprise ? No.
Besides another top cryptocurrencies, is Binace Coin with great monitor blockchain tool.
As well as that, you looking for good monitor blockchain for Polygon here you are.
I need to mention about Litecoin and following monitor blockchain. Simply to say so – it’s very good tool for Litecoin investors or traders.
It should be noted Tron and it’s monitor blockchain. Why not use it ?
As well as that, Ethereum you can monitor by Blockscout tool, for Ethereum Classic is monitor blockchain, too.
Clearly, for Atom is one of the best monitor blockchain, so why not use it.
Without a doubt, for Monero on of the best monitor blockchain.
Indeed, Quant can be monitor there without big trouble.
As well as, Solana use this monitor blockchain that Trust Wallet you can monitor there as well.
Deep Dive Into Monitoring Tools
Obviously, in this section, I have chosen one tool whose functions I will show in more detail. What tool are we talking about ? Of course, this is Mainnet from the Ethereum cryptocurrency.
Let’s come back to first explorer view.
So, view after clicking View All Blocks is clear and intuitive.
Obviously, in this moment you can see more in details list of information about blocks in Ethereum. So dig deeper and click in one of the blocks to see in details what is happend in this block.
Especially, on the image you have all information what are needed.
First, Start from Block Height. Thought, Size and Hash and finishing with Miner Reward. After that let’s come back to main view Ethereum explorer.
On the top you have search bar with information (Search for address, token symbol, name, transaction hash, or block number). All this parameters you can use to find intresting for you information. On pictures from this website you can not see it.
You can find from search bar address or by clicking on of the last Transactions (then you are limited to panel last transactions).
After clicking in details of Address you see something like this.
Indeed, under details of Address you see options like this. So, let’s see what’s happen after clicking Coin Balance History.
Obviously, you have information only about Coin Balance from specific Address. Remember that !
This practical example how to monitor blockchain in case of Ethereum is very informative.
What’s More You Should Know about Monitor Blockchain
Furthermore, if you are interested in using blockchain monitoring tools, here are some important things you should know.
Different Tools Serve Different Purposes
As I mentioned before, there are various types of blockchain monitoring tools, each with different functionalities and capabilities. Before choosing a monitoring tool, it is important to identify your specific needs and select a tool that aligns with them.
Some Monitoring Tools Require Technical Expertise
Importantly so, some monitoring tools may require technical expertise to set up and use effectively. If you are not familiar with blockchain technology or technical concepts then … You may need to seek assistance or training to use these tools properly, indeed.
Real-time Monitoring Can Be Resource-intensive
Real-time monitoring of blockchain transactions can be resource-intensive, particularly for high-volume networks. You may need to allocate additional computing resources or invest in specialized hardware to support real-time monitoring.
Data Privacy and Security are Critical
When using blockchain monitoring tools, you will have access to sensitive data about blockchain transactions and users. Without a doubt, it is important to ensure that your monitoring tool is secure and that you comply with relevant data privacy laws and regulations.
Tools are Constantly Evolving
As well as, blockchain technology evolves, new monitoring tools and capabilities may become available. Obviously, staying up-to-date with the latest developments and trends in blockchain monitoring is important to ensure that you have access to the best tools and practices.
In summary, blockchain monitoring tools (how to monitor blockchain) are essential for ensuring the security and integrity of blockchain networks. To use them effectively, you should identify your specific needs. The best when you have technical expertise or seek assistance. Be prepared to allocate additional resources, prioritize data privacy and security, and stay up-to-date with the latest trends and developments.
Summary
Without a doubt, blockchain monitoring tools are very helpful tools. In article the was a lot about Ethereum monitoring tool Blockscout.com. Obviously, with the help of these tools, we can check the current state of the network in the blockchain. Additionally, our transactions in the blockchain are transparent, thanks to this type of tools. So, by definition, blockchain is a network whose transactions are irreversible. Which doesn’t mean we can’t view transaction details. The described tools available in the top 10 cryptocurrencies for 2023 are invaluable tools. When working with the blockchain, these tools should be used almost on a daily basis. In author opinion, how to monitor blockchain is crusial knowledge about cryptocurrency.
Finally, I would like to add that I have not described tools for broadly understood on-chain analysis here. An article devoted to this type of tools elsewhere.
