MyEtherWallet, one of the major wallet providers for Ethereum (ETH) has revealed the launch of its own native and new open source ETH blockchain explorer, via an official tweet on Monday.
Still in Alpha
MyEtherWallet (MEW) announced that it would be releasing the EthVM, a blockchain explorer which has been in quiet existence on Ethereum’s testnet for a while and had been using the data from Ropsten network.
The wallet provider is now ready to push the alpha version of its blockchain explorer and banks on it, becoming a major competitor to EtherScan, the most popular and most used Ethereum blockchain explorer as of the time of writing.
MEW, however, warned its excited users that the new version of the EthVM is still in its alpha state, and could be liable to a few bugs and errors that had not been caught by its developing team.
“Keep in mind that it’s still in Alpha – please report any issues and suggestions, and help us improve the platform!,” the wallet provider tweeted, asking its users to provide feedback on what would be the beginning of another quest to dominate specific niches on Ethereum blockchain.
Why blockchain Explorers are Important
The importance of blockchain explorers are often understated, and this is probably because not everyone understands the total functional abilities of already popular explorers such as EtherScan and Bitcoin’s blockhain.info. EtherScan main selling point reads:
“Etherscan allows you to explore and search the Ethereum blockchain for transactions, addresses, tokens, prices and other activities taking place on Ethereum.“
However, the growing importance of blockchain explorers exceeds tracking transactions. Apart from keeping efficient transaction feeds, blockchain explorers also offer a range of useful but overlooked services.
Through most blockchain explorers, you can have access to simple tools such as biggest transactions of the day on the blockchain, and more serious tools such as tracking Mem pools, and double spend incidents. Other tools include tracking orphaned blocks— such as on blockchain.info— and block feeds.
Security of wallets is becoming more definite by the minute, and more crypto holders with access to cold storage wallets are increasingly choosing the later. Just like Ethereum Classic, a product of Ethereum’s conflicting hard fork— has been speculated to be under a 51 percent attack, Ethereum has been on the forefront of news media recently due to increasing news of successful phishing attacks on its blockchain.