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LibreScan, one of the first multi-chain Decentralized Blockchain Explorers (DBE), is now available for public use.

Users can anonymously self-host LibreScan for tracking Ethereum, Binance Smart Chain, or any EVM-compatible blockchains on their own devices. The developer community is encouraged to contribute to this open-source project by connecting their preferred Layer 1 or Layer 2 blockchains to LibreScan.

The collapse of FTX serves as a compelling illustration of the crypto community’s dependence on centralized entities and tools, including centralized exchanges and blockchain explorers such as Etherscan or BscScan. The sudden downfall of FTX, a top 10 centralized exchange, had a profound impact, affecting not only over a million registered users who were unable to access their funds but also causing significant disruptions in the broader cryptocurrency market.

This incident underscores the precarious nature of relying solely on centralized platforms for trading and tracking blockchain and cryptocurrency transactions. 

The foundation of blockchain technology is decentralization. Unfortunately, the reality is that most of the crypto community relies on centralized services like Etherscsan or BscScan. Blockchain explorers, while invaluable for monitoring transactions, are centralized points of access to blockchain data.

According to website analytics tool Similarweb, the two most used centralized block explorers, Etherscan and BscScan, are in the top 7,000 visited websites globally, with 22 Million total monthly visits in August 2023.

Centralized blockchain explorers not only monitor their users, linking their wallets to IP addresses but also represent a critical point of failure. Imagine waking up one day unable to access these explorers to track your blockchain data. If a government were ever to seek to prohibit cryptocurrencies, they could effectively disable these services, cutting off access for up to 99% of users, as there would be no graphical user interface available.

The crypto community must carefully weigh the trade-offs between convenience and decentralization to ensure the long-term resilience and security of the ecosystem. 

LibreScan offers a solution that enables users to run their self-hosted blockchain explorers while maintaining anonymity. It also provides users with 24/7 access to a graphical blockchain explorer interface if major blockchain explorers become unavailable for any reason.