Block Explorer
By CoinGecko | Updated on Nov 03, 2020
Block explorer refers to application or websites which display information and status of transactions of a given public blockchain network. They usually do this by running their own nodes (they become part of the network), and then index information that may be relevant to the users. This opens up access to the data of a blockchain and allows regular users to look at progress of transactions or verify that a transaction has occurred without needing to run a node themselves.
Related Terms
Mining
It is the process of the miners verify and adding transaction recors into a block.
Lightning Network
It is the "second layer" or an off-chain of payment protocol that operates on top of a blockchain. Payments on this network do not need block confirmation and it will be instant.
Cold Storage
Offline storage of cryptocurrencies which is arguably safer as they also require physical access (eg. hardware wallet, paper wallets)
Dutch Auction
A Dutch Auction, also know as an "inverted" auction, starts off with high asking price that decays over time until a pre-determined floor price.
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