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Guide on Ethplorer’s Real-Time Notification System “The Watching Service”

Published February 4, 2021 | Updated February 5, 2021

Guide on Ethplorer’s Real-Time Notification System “The Watching Service”

Ethplorer, an Ethereum token viewer, is introducing a new free tool for registered users, the Watching Service, a press release on Jan 19 reveals.

What is the Watching Service?

The Watching Service adds to the explorer’s repertoire of tools, cementing its position as a leading Ethereum browser, keen on improving user experience. 

According to Ethplorer, the Watching Service is a real-time notification system that issues alerts to users tracking inbound or outbound transactions relating to a specific address or even contract. The flexibility and the depth of the tool makes it the first in the watching space since no other services offer the same for free.

Despite being a free tool, its message limit is high. Users can receive up to 1,000 Telegram and 500 email notifications every day. This is a real benefit for users who are actively tracking addresses and contracts but wouldn’t wish to spend more on transcription costs. The Watching Service is better than solutions offered by competitors which have lower limits and limited features.

The solution comes in handy for Ethereum users, and token holders keen on creating alerts, tracking addresses, and token contracts depending on their varied needs.

ethplorer

The Watching Service has several features, including custom email and Telegram notifications for transactions to or from a selected address or token contracts. Users can also enhance the service to create a filter for incoming and outgoing transactions tied to a monitored address or address. 

Ethereum is the leading smart contracting platform, with thousands of projects launching every day. There are more than 200,000 tokens. Out of this, over 2,600 tokens with a combined market cap of $104 billion are traded at CoinMarketCap in one way or another. The Ethplorer widget, in real-time, displays this figure . A majority are based in Ethereum, leveraging its vibrant ecosystem to harness value while building solutions to resolve various real-world problems.

Step By Step Guide On How To Enable Notifications

The flexibility of the Watching Service and its handiness also mean there are different ways of setting up notifications. Here’s are three ways of how it can be done:

 1. From your Ethplorer, open the token contract or address you wish to track. Thereafter, click the “Watch” button and select whether you would like to receive notifications in email or Telegram.

Or,

 2. In any Ethplorer’s page that features the token contract or address, hover the mouse over it and an eye icon appears. Click it and add the contract or address to your Watch List.

Or,

 3. Navigate to your profile page and select the “My addresses/txs” tab where on the right you’ll see the “add address” link. Click it and add any token contract or address to your Watch List.

Earning Management

It can be tedious for traders, investors, and developers involved in Ethereum to track several projects simultaneously. The Watching Service launch is also timely. It comes when institutions are closely monitoring Ethereum and its projects, sizing them for possible capital injections.

Registered Ethplorer can now use the tool to track transactions from or to addresses or contracts of interest. When used together with other platform tools, like the tagging feature, a user can easily monitor payments sent to an address or even monitor airdrops or influencer account activity. 

ethplorer

This comes in handy, especially for developers or even merchants who receive their payments in ERC-20 tokens. Instead of manually refreshing your explorer, eager to know the state of your transaction, users can add their address to the “watch List.” 

Once payment is received, a notification is immediately sent to the user’s Telegram handle or the specified email address. Users can also distinguish transactions using the tagging feature, identifying the source of the funds, the amount sent, and the time of confirmation.

Securing Funds

The Watching Service is also essential for security reasons. 

Over time, some of the leading ERC-20 based tokens have been gaining traction and are cumulatively more valuable than ETH. Projects like Chainlink, Synthetix, Uniswap, and most DeFi projects are valuable, commanding high market caps. Their rising valuation makes them a target. 

Users can therefore become victims of phishing attacks or accidentally lose their private keys. The address holder can, in near real-time, receive notifications of outgoing transactions. 

Because all notifications are nearly instantaneous, it is possible to react to unauthorized transactions, stopping agents from wiping clean balances of an address, keeping funds secure.

Investment Management

Investors can also use the Watching Service to monitor the addresses of a project. 

The tool can issue alerts whenever tokens are being distributed, allowing for timely collection ahead of the masses. Ethereum has a low throughput. Popular airdrops often lead to a scramble that causes the network to congest, leading to high Gas fees. Using the Watching Service allows users to get ahead, claim their tokens before fees rise. 

Traders following investors can also filter out junk by monitoring the bags of leading influencers and advisors. This can be done by disabling notification without prices, keeping out the distraction and unnecessary chatter.

ethplorer

To ease tracking, their addresses can be tagged and added to the watch list. Whenever there is movement either to an exchange or a swapping protocol like Uniswap, the Watching Service will issue a signal.

The Watching Service supplements the Bulk API monitor. The tool launched in late November 2020 and can simultaneously track millions of addresses and portfolios. With rising DeFi valuation and the increasing popularity of DeFi, Ethplorer is releasing tools to serve its client base, rounding up all its Ethereum-related activity in one place.


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Disclaimer
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About Author
I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.
Achal Arya 419 Articles
I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.
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