Checking Litecoin transactions - blockchain explorer Litecoin (ltc) explorer

The Litecoin blockchain is a group of blocks that are connected into a chain and form a single database with publicly available information about transactions in the cryptocurrency network. The mentioned blocks contain information about the transfer of Litecoin from one user to another, namely information about previously carried out transactions and future transactions. Entries in the chain form a single list, in which a new mark refers to old transactions, up to the first block of the chain.

The peculiarity of the chain is that confirmation of the operation does not occur immediately, but with a delay (after six blocks). Below we will look at how to check a Litecoin transaction and what services allow this work to be done. Users often ask questions about how to track a litecoin (ltc) transaction and how to check a litecoin wallet.

What is Block Explorer: Quick Answer

Block Explorer is a tool used to view all cryptocurrency transactions on the Internet.
Specifically, to view all current and past transactions on the blockchain. It provides the user with hash rate information. It also tells us the transaction growth rate and provides other useful information.

If you are new to the crypto industry, then you have already heard the term “Block Explorer”. Block Explorer and its data may seem confusing at first, but once you get the hang of this tool, you'll realize how powerful it is in the cryptocurrency ecosystem.

This article will help you understand what Blockchain Explorer or Block Explorer is, how it works and how to use it. Before we learn about Blockchain Explorer, let's look at a few things you need to know about cryptocurrencies and blockchain in general.

Almost all cryptocurrencies such as Bitcoin, Ethereum, Litecoin and many other altcoins use blockchain to conduct transactions.

Blockchain is a technology that is an ever-growing set of blocks that store transaction data.

Blockchain is an immutable, distributed, decentralized and secure digital ledger. Because this digital information is available to anyone online, it becomes transparent and immutable. Anyone can check the balance of any public address, and view any transaction details on the blockchain. How to do it? Block Explorer will help you.

How does the Litecoin blockchain work?

Litecoin is a fork of Bitcoin, that is, it was created in its image and likeness. The Litecoin blockchain works in the same way as the blockchains of other coins. Miners search for a new block that meets the requirements and include transactions in it, charging a fee for it. Unlike the Bitcoin network, where the time interval between blocks is 10 minutes, in Litecoin this time is reduced to 2.5 minutes.

Getting a deal onto the blockchain is only half the battle. Next, confirmation awaits her.

It doesn't happen right away. Before this, the blockchain must increase by six blocks, which takes 15 minutes. This measure is necessary to prevent repeated spending of funds. If the transaction is a payment for goods and services, two blocks are enough to confirm, that is, 5 minutes.

The seller can independently regulate the number of blocks required to confirm the transaction. If the purchase is inexpensive, it makes sense to reduce the number of blocks for the sake of speed and convenience. Wallet balances are updated only after the transaction is confirmed. If for some reason it was not confirmed, the funds will be returned to the sender's account.

What is Block Explorer?

Block Explorer is a website or tool that allows you to explore blocks, view wallet addresses, network hashrate, transaction data, and other key information on the blockchain.

Block Explorer is simply a search tool. Just like you use web browsers to browse and search for information on the Internet. Block Explorers allow you to view blockchain data. These are search engines created specifically for searching blockchain blocks.

Each cryptocurrency that relies on its own blockchain will also have its own Block Explorer. Therefore, you should use Block Explorer, created specifically for this cryptocurrency. For example, using Bitcoin Block Explorer, you will not be able to explore the Ethereum or Litecoin blockchains. For Ethereum you will need Explorer Ethereum, and for Litecoin you will need Explorer Litecoin.

How can you speed up litecoin transactions?

To increase the Litecoin transaction speed, you can do the following:

1. Set a high commission. This always works on cryptocurrencies that use algorithms for confirmation (PoW). It is more profitable for miners to take a more expensive operation from the memory pool for inclusion in a new block.
2. Transfer a large amount. With regular payments between wallets, the Litecoin transaction time can be reduced by combining several small payments into one large one, so the user will increase his status and is guaranteed to speed up the transaction.
3. Reduce the number of confirming nodes. In this case, you need to understand that verification of the Litecoin transaction will go faster, but the fewer nodes, the greater the risk of malicious actions leading to the loss of coins.
4. Open personal data. Most often used when shopping in online stores.
5. Transfers through centralized platforms. This is how crypto exchanges work - internal payments between clients occur without using the blockchain.

Block Explorer for Bitcoin

Below we list all Block Explorers for Bitcoin cryptocurrency:

blockchain.com/explorer is a convenient browser. All you need is to insert the desired tracking wallet or TXid:

READ

Transactions Hash ID (TXID) - what is it and how to find the transaction ID

blockchair.com is a popular explorer not only for Bitcoin, but also for many other cryptocurrencies. It is very similar to the first one, all you need to do is paste the wallet address or TXid:

explorer.viawallet.com is a less popular browser. Allows you to track several more coins besides BTC:

Jaxx

The official website of the manufacturer is https://jaxx.io. The Jaxx multi-currency wallet is a product of the Canadian company Kryptokit.

Jaxx is a cryptocurrency wallet available for download on 7 platforms:

• Windows;
• Apple;
• Linux;
• Android;
• iOS;
• extensions for Chrome and Firefox.

The wallet has a very beautiful, easy and completely understandable interface. Access to all necessary functions (send, receive, check balance, select currency, etc.) is well thought out and competently implemented. There are no questions.

There are complaints about the speed of Jaxx. Many people note specific errors in the application. But it does have a built-in ShapeShift exchange service: you can complete the entire currency exchange process in just 10 seconds.

The wallet's private key is stored only on your device, which means it is highly secure. You don’t have to worry about the reliable safety of all your savings. By backing up your Masterseed (secret phrase), you can easily restore communication with your wallet if you lose access to the device on which it was installed.

Blockexplorer.com, blockcypher.com, btc.com and blockchain.com – what to choose?

Just like we have various web browsers and search engines to find information on the Internet, there are many Block Explorers available for each coin. This can be either an officially created Explorer, one developed by the community, or one that is maintained by some individual organizations. If you try to search Block Explorer on Google, some of the results displayed are blockexplorer.com, blockchain.com, blockcypher.com and btc.com.

These are some of the most popular Block Explorers designed for exploring (viewing blockchain information) Bitcoin. They are the most reliable and well proven. However, there are not only them, but also dozens of other Block Explorers for Bitcoin.

In addition to learning about blocks, some of these websites offer useful tools such as wallet, statistics, market data, widgets, and API services. We won't explain all these additional features here, nor will we go into technical detail about how these services retrieve data from the blockchain. Instead, we'll explain the use of these services and show you some cool things you can do with Block Explorer.

Development prospects

The Litecoin cryptocurrency confidently remains in the TOP 100 of the cryptocurrency rankings, although recently it has been gradually being pushed down from the top by young ambitious projects. This year, Litecoin has been overtaken by coins such as Solana, Cardano, Dogecoin and even Shiba Inu. However, the popularity of the last two tokens is a temporary phenomenon.

When the crypto rally ends, those who deserve it will remain at the top, and LTC has already survived more than one crypto winter. Since new ASIC models are being released for the Scrypt algorithm, it means there is a demand for them. Developers should think about how to further increase network capacity and more actively look for partners in the real sector of the economy. By the way, just recently, one of the largest cinema chains in the United States, AMC Theaters, began accepting LTC cryptocurrency as payment for movie tickets. And at the beginning of October, fake news flashed online that the LTC coin would be accepted in stores of the world's largest wholesale and retail platform Walmart. The market reacted to this with a sharp rise in the rate and if the news had been true, then Litecoin probably would not have fallen below $200. So it all depends on the marketing policy of the Litecoin Foundation and the general situation in the digital currency market.

The main thing is that the authorities of Western countries do not decide to follow the example of China and Turkey. When official crypto-dollars and crypto-euro appear after the crypto-yuan, some will think about it. However, distributed networks can exist parallel to state-owned cryptocurrencies, just as they successfully coexisted with regular fiat.

Latest Blocks and Latest Transactions

Whichever service you choose, the first thing you will notice on the main page is a list of the most recent blocks and transactions.

Once a miner solves a block, it will be added to the blockchain and all Block Explorers will update this information in real time. Depending on the service, this table displays the following information: block height, transaction hashes, block age, total number of transactions involved in the block, block size, reward and creation time.

Additional ways to speed up litecoin transactions

The listed methods for speeding up Litecoin transactions are configured by the user independently, but at the moment the network itself has become faster due to SegWit and Lightning Network (LN) technologies.

In the first case, there was simply an increase in the block size, which made it possible to put more information into it than provided by the Bitcoin algorithm, and the Lightning Network (LN) is worth considering in more detail.

LN establishes a direct connection or “corridor” between the sender and the recipient, which allows you to reduce the commission to a minimum or even do without it.

The information is included in the decentralized storage marked “temporarily” until the recipient “closes” the transaction with coins credited to the balance or the sender cancels the payment. If funds are deposited, the information is included in the block and the data on the blockchain becomes immutable.

Search for a specific block and view all its transactions

The block and transaction feed displayed on the main page will be the same for all Block Explorers. However, depending on the service, the information displayed will be limited. If you want to know more detailed information, you need to study a specific block. You can either click the block link or enter the block height number directly into the search field in Block Explorer.

This page now displays information about the specific block you are viewing. When you examine a particular block, most Explorers display a summary of the block and its transactions. The summary contains the following information:

1. Number of transactions per block
2. Estimated Transaction Volume
3. Commission amount
4. Total coins that participated in block transactions
5. Block reward, weight, size, version
6. Who solved the block
7. When the block was solved
8. Nonce, Merkle Root
9. Hashrate of the current block
10. Hashrate of the previous block and hashrate of the next block

Following the summary, you will find information about every single transaction that occurred in that particular block. This section displays the Bitcoin addresses and transaction IDs of each individual transaction. By examining this information, you can easily understand how many Bitcoins were sent, what address they were received at, and where they were sent from.

The data displayed in Block Explorer is interconnected with each other. For example, from the entire list of transactions of a particular block, you can click on the identifier of a specific transaction and view more detailed information about it. The ID will display the height of the block in which the transaction occurred, the total number of confirmations, and a few other additional data. From there, you can click on the wallet address, go further and check its transaction history and balance.

Let's sum it up

Litecoin is successfully traded on all major reputable cryptocurrency exchanges, where it can be purchased for your own investment portfolio. Analysts are convinced that Litecoin will eventually reach the capitalization and value of the Bitcoin. The following determining factors speak volumes about this:

• Limited volume of emissions.
• The experimental use of innovative technologies with the subsequent integration of successful developments into the ecosystem, that is, Litecoin is one step ahead of Bitcoin.
• Popularity among the population (users) - it is known from authoritative sources that LTC has significantly displaced BTC on the darknet, where unauthorized trading of prohibited goods takes place.

The last factor for an investor can be decisive in deciding whether to buy LTC or not. The prospects for LTC are good.

We looked at what the LTC cryptocurrency is, the exchange rate of the crypto asset, and what its value depends on.

Network status: search for hashrate, difficulty, commissions and earnings

If you are a Bitcoin miner, then this is information that will be useful to you, and you will start using it constantly. Not all Block Explorers display this, but some, such as btc.com, provide more detailed information about the current network.

This section displays the network hashrate, difficulty, next estimated difficulty, and a bit of other network-specific information. For example, the current hashrate is 42.91 EH/s, which is equal to 42910000 TeraHash. This network data will help you estimate your mining income and the amount of fees required for a successful transaction.

Litecoin blockchain fees

The amount of commission in the Litecoin system does not depend on the value of the transaction, as is usually the case in payment systems working with fiat, but on its size in bytes. This is logical, because the more voluminous the information, the more resources are spent on processing it. But more recently, Litecoin developers introduced the ability to conduct transactions without commissions.

This became possible thanks to the introduction of the Lightning Network protocol. In the fall of 2022, the founder of the network, Charles Lee, received 0.01 LTC worth of litecoins from Jack Mollers, the developer of the new protocol. The operation was carried out without commission.

The technology is a channel that works, as it were, on top of the blockchain, allowing transactions to be carried out according to its own rules, namely, without charging a commission. Such transactions are carried out instantly, but the funds remain in the channel. Payment information will not be viewable on the blockchain until the recipient withdraws it from the channel. Only after this the operation will be recorded in the blockchain.

The Lightning Network is not new; it has been successfully used in other less popular cryptocurrencies. But for Litecoin it became a fresh breath of air. Thanks to its implementation, it was possible to attract the attention of investors. And the very opportunity to transfer money without commission is very attractive to users.

Studying the Genesis block and viewing the TOP list of wallets that own Bitcoin

Block Explorer allows you to search for any information about any block you want. You can even go to the first block, which was mined in 2009. You can check the difficulty of the Genesis block, the address of the wallet that mined it, and the reward it received. To find a Genesis block, simply enter 1 in the search bar in Block Explorer and it will display information about the height of block #1.

If you've always wondered which Bitcoin address holds the most Bitcoins, then using Block Explorer you can explore the most popular address by number of outputs and the 100 richest Bitcoin addresses. But please note that not all Block Explorers provide this option, and such a feature will not be available for privacy coins such as Monero.

In addition to this, here are some other details that you can view using Block Explorer: Viewing the largest transaction, Mempool status, double spending incidents, blockchain size, total transactions per day, lost blocks, and market capitalization.

We hope you found this article useful. If you have any questions about the topic of the article, ask them in the comments!

Ledger nano S

Official website of the manufacturer: https://www.ledger.com

Ledger Nano S is a hardware wallet created by the French company Ledger. At the time of release, its cost was 58 euros excluding VAT. Now its cost is 5,490 rubles. When starting a hardware wallet for the first time, the owner needs to go to the link https://www.ledger.com/start/ and follow further instructions on the website.

Ledger Nano S is a physical device that stores the private key of your e-wallet on a secure chip (ST31H320). When a transaction needs to be carried out, the key will not be imported into the computer or mobile device, the transaction will be signed inside a secure chip. The owner of Ledger Nano S will be able to confirm transactions by pressing one button on his device. You can use Ledger Nano S for 5 different crypto coins at the same time.

Ledger Nano S has very high security scores. Even if the wallet is physically stolen and falls into the hands of an attacker, it will be impossible to use it, since the PIN code will not be known. And the device, having detected an intrusion attempt, will encrypt all data and destroy internal cryptographic keys.

How to restore access to Ledger Nano S?

When you start the machine for the first time, the program will generate a secret phrase (BIP39), which contains 24 unrelated words. BIP39 is saved by the user on the data recovery sheet and, if necessary, entered into the program to restore access.