MyEtherWallet Debuts Open Source Blockchain Explorer

decrypt.co 2020-09-16 15:30
Reading time: ~2 m

Blockchain explorers are an essential part of the cryptocurrency landscape. Now, MyEtherWallet is releasing a new open-source solution for the Ethereum chain to make it easier to understand exactly what’s happening on-chain.

MyEtherWallet, a web-based Ethereum wallet manager application, announced today the official launch of the EthVM blockchain explorer. The open-source blockchain explorer will theoretically allow developers to build their own interpretations of blockchain data as opposed to relying on closed-source solutions like Etherscan.

Decrypt Guide: How to use a Bitcoin, Ethereum or XRP block explorer

All transactions and activity on public blockchains like Bitcoin and Ethereum can be seen by anyone, allowing token transfers and smart contract operations to be verified. Block explorers transform the raw blockchain data into lists and charts that humans can actually read; users can interpret the contents of a blockchain without parsing too much code.

Blockchain explorers power many popular crypto-related services like the Expensive Ethereum Transactions and Whale Alert Twitter accounts. They are also vital tools for analyzing malicious attacks or other suspicious activity on a blockchain, like recent Ethereum Classic attacks that were examined using similar blockchain analysis tools.

108.83 ETH spent in Ethereum gas fees
Gas Price: 5,182,449 Gwei
Gas Used: 21Khttps://t.co/FOWRUUFbBP

β€” Expensive Ethereum Transactions (@HighGwei) September 1, 2020

MyEtherWallet was founded in 2015 as one of the first user-oriented wallet applications for the Ethereum blockchain. Since then, it has grown into a substantial resource within the Ethereum ecosystem. Beyond wallet accessibility, it also connects to services like Unstoppable Domains to sell .crypto domain names and DeFi lending services like Aave to let users access crypto loans and interest.

MEW began developing EthVM in 2019 and released a beta version on August 24. The open-source explorer will launch with user-friendly features, like a unified list of Ethereum and ERC20 token transactions and tracking of unique non-fungible tokens.

"At MyEtherWallet, we strongly believe that product diversity and community collaboration are important for the successful global adoption of Ethereum,” MEW Vice President Olga Kupchevskaya told Decrypt. ”We hope EthVM’s open-source approach and simple architecture will inspire more people to share their ideas about what Ethereum data processing should look like, as well as drive innovation by removing barriers to entry for developers.”

With new users attracted by DeFi, the open-source explorer offers another window into the world of on-chain activity. Greater access to blockchain data is valuable for new and seasoned crypto users alike, and the open-source EthVM addition should help foster novel ways of looking at data on the Ethereum blockchain.Β