23 March 2022
The Onix Developers Team just announced their new slick and user friendly blockchain explorer. The new explorer provides a simple user interface to allow many more non-technical holders to lookup varios data on the Onix Blockchain. This enhances the transparency of the business and all real-time transactions can be verified from any user on the internet. We will take a look at the benefits of using a block explorer.
How you can use the Block Explorer
The main purpose of a blockchain explorer is to allow transparent tracking of all cryptocurrency transactions. You don’t have to wait for the confirmation that a transaction was completed. If it happened, you’d be able to see it on any block explorer.
P2P transactions can be conducted on the blockchain explorer but bear in mind that all transactions are final and refunds aren’t possible. Knowing this, the block explorer is the perfect utility to verify the recipient's address by looking up public information from that address, as well as a list of addresses it has been transacting with. This method is the best practice while sending and receiving coins to another address.
Investing in projects on the Onix Blockchain and verifying that the correct smart contract address or ICO address is legitimate. Using the block explorer, you can type the address of the project's smart contract or ICO address and view the public information regarding the total supply of the distributed coins as well as the number of addresses the coins have distributed to so far. Make sure to check the official registry for ORC Tokens before investing in any project.
Using the explorer, you can also look at the market data of the Onix Token to see the market cap and current circulating supply. Super Stakers can also find useful information such as the current block height, current difficulty, network weight and fees per Mb. The explorer also provides stats in the form of charts with data on daily transactions, the number of accounts and block intervals.
Calculate your yearly return on investment using the staking calculator provided by the block explorer. This provides investors and holders with real-time data on the % ROI depending on the total weight delegated to the staking pools. The percentage isn’t fixed and fluctuates depending on the amount of Onix allocated to the pools.
The Rich List or the addresses holding the largest amount of Onix can be found in the block explorer. Here you can verify the distribution of the coins and whether or not the project is a “rug pull” by the % of coins allocated to a single public address. Learning how to utilize the information provided by the explorer to analyze the tokenomics of a given coin can prevent losses on your investment.
Links:
https://dailycoin.com/what-is-a-block-explorer-and-how-to-use-it/
https://medium.com/@VerifiedICOs/using-a-blockchain-explorer-to-your-advantage-46e6f368375d
