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Web3 Developer Platform Alchemy Releases Transaction Simulation Product
The simulation will help reduce the chances of transactions becoming susceptible to scams.
Updated Jan 25, 2023, 10:17 p.m. Published Jan 25, 2023, 2:00 p.m.
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Alchemy, a Web3 developer platform firm, released a new “Transaction Simulation” product designed to make initiating and sending crypto transactions more user-friendly.
Users are often susceptible to scams because of a lack of understanding about where they are sending transactions. Chainalysis, a blockchain analysis firm, recently released a report that blockchain users in 2022 lost nearly $5 billion to scams. Alchemy says its simulation kit aims to build a sort of safety mechanism that lets users ensure their transaction data is correct and that the transaction is going to the right place.
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Developers will have “the tools to incorporate simulation in their products,” Bastien Moyroud, a product engineer at Alchemy, told CoinDesk. Moyroud added that the goal is “to empower users to have more visibility in terms of what's happening.”
The new product features three new APIs: “Asset Changes,” “Execution Simulation” and “Bundle Simulation.” They’re available on the Ethereum, Polygon and Arbitrum blockchains. (The first two APIs are available already, and the third will go live next week.)
How does it work?
With the first API, the simulator is able to tell with a transaction what is going in and out of the user's wallet, offering an extra sense of security.
The second API gives developers a readout on certain data based on the execution simulation.
The third API allows developers to bundle transactions and allow them to execute them sequentially (so one transaction will move automatically after the other).
Read more: Alchemy Supports Another Ethereum Scaling Solution. This Time It’s Optimism
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