Blockonomics introduces the next generation of Blockchain explorer

Blockonomics is multi-service bitcoin blockchain data aggregator, and the first to implement several useful applications, including an estimated confirmation time for bitcoin transactions.

Simply browsing to a transaction, using a transaction ID number or public address, will allow users to quickly see an estimated time for one confirmed transactions.

Although the times are only an estimate, Blockonomics is the first blockchain explorer service to attempt such a useful application, and the differences between Blockonomics and previous blockchain explorers don’t end there.

The Blockonomics wallet watcher also allows anyone to track transactions and balances, for all of their public bitcoin addresses in one place. All you need is the public addresses that you want to watch, including xpub addresses from HD wallets, and you can keep up with their aggregated balances and histories. However, there is a limit to how many addresses you can track for free.

The majority of services on the website are completely free to use, but members have access to the single paid upgrade. The business model seems to be simply charging for wallet watchlists with more than 50 addresses, which is the limit for their free service. It costs $3 USD for 100 addresses, $5 for 200, and $9 for 500, all payable in bitcoin only.

“Blockonomics wallet watcher requires only your public bitcoin address, we never ask for your private keys. All features are accessible to guest users without signing-up.” -Blockonomics

The site consists of a tabbed panel, which some interesting functionality, and acts as an accounting package, like Quicken or Mint, but for your bitcoin wallets.

You start by simply adding all of the public addresses you have, and then labels to individual addresses, allowing for easy sorting. Once inside the tracking dashboard, you can see total amounts for addresses, or individual histories, and sort those tags with one click. This part of the dashboard is especially well done.

A free API is offered to all members, allowing anyone to build quick apps that can do blockchain searches and interface with their wallet watcher. Expect to see apps in the future that can deliver the estimated confirmation time while doing a simple search, or access your personal Blockonomics wallet from somewhere remote.

Another especially handy application inside the members area is the free transaction fee optimizer. Like 21.co’s Bitcoin fee predictor, the Blockonomics wizard helps you decide how much you should pay in fees for that next bitcoin transaction. A major improvement that makes it very specific, and therefore more accurate, is the ability to choose the amount  that you plan to spend, and indicate which bitcoin addresses you plan to send it from.

It takes that information and determines, very specifically, how much you should optimally pay for a 10, 30, or 60-minute transaction, while taking into account the current network delays.

The suggested transaction fee can change in size quite a bit, most noticeably when choosing different sending addresses. It’s apparent that the source address, or addresses, that you send your bitcoin from makes a big difference in transaction speeds or miner difficulty.

Even when not signed into the site, Blockonomics offers an official-looking transaction receipt that it can generate from any transaction ID number. Versions of the receipt can be sent to both the payer and the payee for any bitcoin transaction.

There is one potential drawback to using their services, using their wallet watcher may not be ideal for your financial privacy. Those concerned about keeping their transaction history hidden wouldn’t ideally want all of their public keys tied together into one account like this, as it gives hackers or other bad actors a single place to see your entire net worth and transaction history all bundled together. Doing so negates the reason you generate new bitcoin addresses per transaction, at least it would if your watching wallets there were made public.

Therefore, someone hacking the Blockonomics website could find out everything about your expenses and income in one tidy package. Other than that one small consideration, Blockonomics’ various services are highly useful, and their site is one you’ll want to bookmark for future use.