One of the main advantages of decentralized platforms is transparency. A smart contract can be opened in a blockchain explorer and inspected: how much money, who's the owner, what functions. In this guide, we'll show how to do this.
What a blockchain explorer is
BscScan is a site that shows everything happening on the BNB Chain network. Every transaction, every contract, every wallet — all open. If a project doesn't show its contract in the explorer, that's already a bad sign.
Link: bscscan.com.
Our contract — as an example
Let's start with practice. Here's the WinWinUSDT contract address:
Copy this address and paste it into the search on bscscan.com. The contract page will open.
What to look at: step by step
Here you see the contract balance (how much USDT it holds), total transactions, creation date and creator address.
Full list of all operations through the contract. You can open any and see: who sent, who received, how much, when.
Here you can call read functions for free: get the matrix entry price, user data, owner address, project wallet address. Nothing is signed, no money is spent.
Functions that change the contract state: registration, level activation, parameter changes (owner only). They require signing a transaction and gas.
What to check in any contract
1. Is the code verified
Next to the contract address there should be a green check mark "Contract Source Code Verified". This means the code is published and matches what actually runs on the blockchain. If there's no check — you don't know what's inside.
2. Who's the owner
In the Read Contract section, find the function owner(). It returns the owner's address. Compare it with the address the project officially declares.
3. Are there withdrawal functions
In Read Contract or in the source code, look for functions named:
withdraw()— withdraw fundsrescueToken()— rescue tokensemergencyWithdraw()— emergency withdrawalsetOwner()— change owner
The presence of such functions is not a death sentence. You need to see what they do. For example, rescueToken in WinWinUSDT can only withdraw "foreign" tokens (accidentally sent to the contract), but cannot touch users' USDT.
4. Booby-trap check
Dangerous functions to avoid in others' contracts:
mint()— printing new tokens (devalues existing ones)pause()— freezing all operationsblacklist()— blocking individual addressessetTaxFee()— transaction fee that can be raised up to 100%
Our contract doesn't have these functions. If it did — you'd see them in the source code and could draw your own conclusions.
How to view the source code
- Open the contract page in BscScan
- Go to the Contract tab
- Click Read Contract — you'll see the list of functions
- Return to the Contract tab and click Code — you'll see the Solidity code itself
- Look for keywords:
onlyOwner,transfer,require
If a project refuses to verify the contract or hides the code — that's a huge red flag. Real decentralization starts with open code.
What such verification gives
The ability to read a contract gives you real independence from project promises. You don't believe words — you look at code. If the code says "the owner has no access to funds" — that's how it is. If the code says otherwise — no presentation will change that.
We have an open contract because we have nothing to hide. Anyone can verify it — and that's right.
Summary
- BscScan — the main tool for verifying contracts on BSC
- Look for the green verification check — without it there's nothing to see
- Check the owner and dangerous functions — mint, pause, blacklist
- Read the source code — even superficially, keywords say a lot
If something in our contract is unclear — ask in support, we'll explain.