Etherscan is one of the hot topics nowadays in the crypto world. Every crypto lover wants to know what is etherscan, so if you are one of them then you are at the perfect place. Today here at BlockchainBiome we are going to share all about etherscan. In today’s era, everything is digitalized. Be it education, shopping, banking, teaching or anything that you name. For availing all these services, people provide something for exchange. It would be right to say that people give in their personal details in exchange for these services. All the passwords and financial information are exchanged widely to obtain digitalized services.

People often think that by providing their details, they are just sharing it with a computer. But that is not it. All our personal data and financial information are largely stored on some third party computer devices. These are piled up in clouds and servers that are owned by giant companies like Google, Amazon or Facebook.

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Not just that, but these companies hire specialists who are trained to secure, store and maintain such pieces of information. No matter how hard they try, often securing these information bits is undoubtedly a difficult task. There are millions of hackers who try to invade the privacy. It is no big deal for them to steal or even change these information bits. This is also done by certain government agencies.

Sure, the internet can be blamed for this. Brian Behlendorf, the creator of Apache Web Server describes this as the “original sin” of the internet. Some greatly favor this statement by Brian.

So now introduced is a technology called blockchain. A blockchain is a collection of financial information in which all the transactions made are recorded publicly and chronologically. The Ethereum is the newest addition to this system.

What is Ethereum?

Ethereum uses the advancements of a blockchain and replaces those third-party internet servers and hosts who capture, store and modify the personal data. It is a step towards securing the personal information available with the clouds and servers.

What is Etherscan?

Etherscan

Etherscan (official website here) is one of the leading block explorers of the blockchain belonging to Ethereum. A block explorer is simply a search engine. It gives users the ability to perform hassle-free transactions. The users can easily look up and confirm all the transactions they make on the Ethereum blockchain.

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Etherscan is independently operated by a team of trained and specialized individuals. These specialists work on various decentralized information scattered around the internet that Ethereum makes possible.

The Etherscan has a public database which is thoroughly indexed. Once indexed, it is made available at their official site. Their one and only mission are to promote blockchain transparency. They do so by indexing and making all the transactions searchable.

Etherscan is often confused with a wallet service provider. But that is not how it works. With Etherscan, there lays no control on the transactions made. Also, there is no power with it to change or manipulate any of the information bits.

Etherscan – A deeper insight

Ethreum’s conceptualization started in 2013 and was first implemented in July 2013. Unlike the Bitcoin, Ethereum is pretty fast and can process about 15 transactions per second.

For the working of Etherscan, two components hold great importance. These two components are:

  • The public key
  • The private key

If carefully noticed, they are a string of numbers on the credit card. This string is of great importance as it helps the bank determine where the money must be sent once the card is swiped.

The public key and the private key serve the same purpose. They are identification numbers that identify where the debits must be funded. These two keys are scrambled string of letters and numbers and are linked by cryptography.

The public key is sent to others so that they can send you the money. If the transaction involves ether (coins) then the people sending you ether must be given an address that is again a string of characters. In order to spend those ether’s, you will be required to sign over the funds under your private key.

The private key must be held only by you and is not to be shared. In simpler words, it is like a password. It is very similar to the pin that one uses to unlock funds while using a credit card.

Solutions Offered by Etherscan

Etherscan offers its users along with the help of Opiria to directly contact the consumers or to gather their personal data via a direct link by the companies rather than by contacting those data brokers who don’t keep anything confidential to itself.

Therefore, it allows the following solutions by providing an open marketplace that ensures and enables:

  • Consumers personal data, which they can control and know with whom they are sharing.
  • Proper compensation to the consumers for providing personal data.
  • No middlemen are present so, direct delivery of consumers data to companies.
  • Motivates consumers to take the decision by sharing personal data to companies.
  • Which in turn helps companies to create new innovative products to provide better services to its consumers.
  • Quick and easy access and delivery of personal data.
  • Devices through which data can be shared easily such as- wearable devices, smartphone usages, web-browsing etc.
  • No fear of mishandling of data.
  • Provides an open marketplace and fully transparent services to sell and buy personal data.

Digging Deeper Etherscan

Giovanni P. et al. supports the above assumptions by stating that consumers can willingly provide personal data only if they can have the access to control over their data collection and its usage. Even the Federal Trade Commission supports these views by allowing consumers to be compensated for sharing their data with others.

This vision is possible with the help of etherscan token and the block-chain based Opiria-platform which secures personal data, compensate consumers for sharing their data and develop a currency which expresses the value of it. Now, the demands of personal data become directly proportional to the value of PDATA Tokens. And the best thing about this ecosystem is that it functions without any control or without the help of any central authority.

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The greatest advantage is its highly efficient secure trading of data and the complete data privacy of consumers.  Consumers according to their choices can grant permission to the companies to allow access to their personal data. It thereby boosts confidence and creates a relationship of trust by providing and ensuring their security and also paying them for their usage of personal data by the companies. Thus, this token which binds this economy between consumer and company is referring to as etherscan.

They are challenging the current opaque, unprotected and uncontrollable ecosystems which misuse’s and stole consumers personal data without compensating them. So, it is better to place trust in rather than becoming a victim of data brokers who offer’s you nothing but takes away your everything.

Learning More about Etherscan

Who doesn’t want to earn money in the form of rewards or tokens? What if we can seal the deal by sharing our personal data to the companies established worldwide? For those who don’t want to risk their privacy by revealing their personal history and also to earn simultaneously from these in the form of the blockchain, here is the good news!!!

Yes, now you truly would be the benefactor without even compromising your personal data. In simple terms, with blockchain, all your dreams come true of hiding your identity from the world. Because by using consumers personal data, the companies can increase their marketing strategies and sales activities to target or rather to compete with other market-holders in the marketplace.

It gives a transparent experience to both the consumers and the companies because there are no middlemen in between their strategic link. It is also true that through the use of block-chain technology, there can neither be any loss to the consumer nor to the company. Consumers can exert their choices because after all- without your (consumer) choice, no one can steal, refer to or use your personal data.

Today, there are several such tokens that will help in the regulation of the following.

Wrapping up Etherscan Review

Etherscan is a lot more than just a wallet that allows you to go for the advantages you are looking for all this time. They are not going to keep a record of one’s private keys in any manner and the whole idea of devoting the time and energy in the content will be clear as it comes up in the coming time.

If you like this Etherscan review here at Blockchainbiome then don’t forget to share this with your crypto lover friends too.

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