The team at Aventus Network, a layer-2 blockchain protocol that aims to bring scalability, lower costs and speed to Ethereum or ETH-powered transactions, recently explained why they think block explorers (where you can see all crypto transactions) are “the key” to creating a more transparent and “trustless” DLT ecosystem.
Aventus Network notes in a blog post that blockchain or distributed ledger tech (DLT) has the potential to “usher in a new era of transparency, creating a trustless world that rewards good behavior by leaving nothing hidden in the shadows.”
Aventus adds that transparency, “by a long way, is the best regulator of behavior.” According to the platform’s developers, transparency is made possible on blockchains or DLT networks with block explorer tools such as Etherscan for Ethereum and Aventus’s Block Explorer.
The Aventus team also mentions that in a blockchain-focused world with open access to many different block explorers, businesses will “compete on transparency.” Aventus claims that “the greater their transparency, the greater their appeal to investors and customers.” The developers also think that there will be “less need for costly, inefficient regulations that add the burden of manual processes.”
As noted in a blog by Aventus:
“In this new transparent world, there is greater access to reliable information, creating more efficient markets that better determine the market price and quality of goods and services. Business valuations can be accurately made taking into account a company’s capacity to manage its assets, debt, and equity, with investors having clear insight and oversight of everything from supply chain management to the management of assets.”
The Aventus Network developers pointed out that blockchain-based security tokens will be able to represent ownership of shares, artwork, and even real estate (like they already do). This will give owners and investors “immutable oversight of ownership and transaction history.” All registered or recorded on a blockchain, “all tokens and transactions, including the underlying assets they represent, are transparent and visible to anyone,” Aventus added.
“Each activity on a blockchain is its own transaction. Transactions are combined into blocks in a chain and recorded on the digital ledger. A block explorer is a search function tool, like a blockchain search engine, that lets every participant on a blockchain search for transaction information on that chain.”
Aventus further noted that the recording of blocks (and transactions contained therein) are immutable (or cannot be changed or altered) and visible to everyone, which helps with “creating a transparent, trustless world.”
They also mentioned that a common or typical block explorer that many have now used is Etherscan — which is a widely-adopted Ethereum block explorer that allows everyone to explore the Ethereum blockchain for cryptocurrency (ETH) transactions, digital currency addresses, virtual tokens, and crypto prices.
As explained by Aventus, “when you make a transaction on Ethereum, you can immediately check its status and your ownership of assets is directly linked to your address, provable to anyone with a simple search.”
Aventus Network developers added:
“Similarly to Etherscan, the Aventus Network (AvN) has just introduced its own block explorer on its own network that lets businesses and decentralized platforms build on Ethereum without the typical limitations of scale, speed, and cost. The Aventus Network Block Explorer acts as a window into the AvN blockchain and allows users to see all historical transaction data and blocks as they are created and validated. It also allows Aventus Validators to see the transactions fees they are earning from staking the Aventus Token to AvN nodes.”
Alan Vey, an alumnus of Imperial College, London, is the Co-Founder and CEO at Aventus Network Services, which is a layer-two blockchain protocol that allows businesses and decentralized protocols to develop apps on Ethereum without the usual limitations of scale, speed, and cost.