Infura, a ConsenSys firm offering an extensive suite of blockchain or distributed ledger tech (DLT) developer tools, reveals that it’s introducing the public release of its Ethereum (ETH) transaction relaying service, called Infura Transactions (ITX).
As noted in a release shared with CI, ITX makes sending transactions a lot easier for the developer “such as handling stuck transactions, managing nonces, and gradually bumping the tip to entice block producers to prioritize their transaction.”
Although Ethereum Improvement Proposal or EIP-1559 have helped decentralized application (dApps) developers avoid overpaying gas fees to “get their transactions mined most of the time,” ITX helps “prevent fee overpayment when the Ethereum network is significantly congested,” the announcement explained.
Dapps may have to re-publish transactions with a “higher fee” if the network gets congested with too many pending transactions, or manage their own transaction queue to “make sure high-priority transactions are mined first and don’t collide with their other transactions,” the release noted.
These considerations tend to burden dApp developers, while increasing overall costs and “uncertainty” for their end-users.
Tae Oh, Gluwa Founder and CEO, has confirmed Gluwa’s integration with ITX.
“Infura Transactions will help Gluwa Wallet users achieve an improved user experience, with users expected to pay 10-15% less on average for ETH transactions following the integration.”
ConsenSys and Infura are focused on supporting ongoing efforts to offer the “easiest and most accessible tools for developers on Ethereum.” Infura’s dynamic gas price escalation algorithm and real-time fee adjustments “ensure transactions are processed quickly and at the best price.”
With ITX, all developers will be able to:
- Pay the “best gas price when the Ethereum network is congested.” Infura’s dynamic gas price escalation algorithm and real-time fee adjustments “for a transaction’s tip ensures it is processed quickly and at the best price.”
- Avoid dropped transactions. “Ensure your transactions are always picked up by the network as ITX will periodically republish your transactions with competitive gas prices.
- Rely on ITX-managed transaction queues.” Save the “hassle of manually managing your transactions.” ITX “organizes all transaction queues in descending order with the highest fee first.”
- Transact on Ethereum without holding ETH. Flexible payment schedules “allow enterprises to transact on the Ethereum network without holding ETH on their balance sheet.”
As noted in the update, ITX aims to pave the way for developers inside large and complex enterprises “to build new products and services on the Ethereum mainnet.”
At present, many enterprises might be reluctant to develop solutions on the blockchain “because of tax and regulatory requirements for holding crypto-assets.” But with ITX, enterprise developers can “transact with prepaid accounts without holding ETH on their balance sheets and letting Infura manage their transactions” the announcement noted.
Michael Godsey, GM and Head of Product at Infura, stated:
“Sending transactions on Ethereum can be a huge barrier to a high quality user experience. Moreover, direct interaction with the ETH token can be a non-starter for many companies. ITX not only solves these but helps reduce cost of transactions while completely removing the need to actively manage your transaction after you have sent it. ITX further solidifies Infura’s position as the leading web3 developer tools provider, solving the needs of both web3 native developers and Enterprises looking to evolve their business.”
Ben DiFrancesco, CEO of Scopelift and Umbra, added:
“Infura Transactions is a huge win for us. There are a lot of tricky aspects to making a production-ready relayer service. ITX makes sure the transaction gets mined at the cheapest possible price while ensuring it never gets stuck or dropped from the mempool. We just make a few calls to the ITX API and it does all the hard work for us. We can now focus our time on what makes Umbra Cash unique for our users.”