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Ethereum Web3 Resilience Boosted By Infura’s Decentralized Marketplace: Report

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Infura, the Ethereum blockchain suite of APIs and developer tools, is about to take the Web3 ecosystem to new heights with its latest project, according to the February 7th report.

A decentralized marketplace of data providers aimed at preventing app crashes is being developed by Infura and promises to guarantee decentralized blockchains for years to come.

Infura Researcher Patrick McCorry explains that the new project will not be a separate blockchain but rather a marketplace connecting consumers of blockchain data with providers. 

It will be one of the initial providers on the network, alongside up to nine other providers who will work together to bootstrap the network and eventually grow the marketplace.

A Reliability Project for Ethereum’s Web3 Ecosystem

In a recent interview, McCorry emphasized that the goal of the decentralized Infura is to guarantee reliability and prevent any single point of failure in the Web3 ecosystem. 

The new marketplace will allow users to quickly switch to a new provider in case of an outage, making the Web3 ecosystem more resilient.

Furthermore, the decentralized Infura marketplace has the potential to be more censorship-resistant than its current centralized version. Providers will be spread across different geographical areas and operate under various jurisdictions, reducing the likelihood of censorship.

Web3 app developers widely use Infura to pull data from blockchains, and it is relied upon by many centralized exchanges for tracking deposit and withdrawal transactions. 

However, Infura has come under scrutiny for its centralization, as evidenced by the November 2020 MetaMask wallet app outage and inaccuracies in transaction data from centralized exchanges.

By developing a decentralized marketplace of data providers, Infura’s goal is to address these concerns and ensure the continued decentralization of blockchains. 

However, Infura and potential partners will discuss the project’s next steps at Ethereum Denver in late February or early March.

Nevertheless, its decentralized marketplace of data providers promises to boost the resilience of Ethereum’s Web3 ecosystem and prevent future Web3 app crashes. 

By spreading providers across different geographical locations and jurisdictions, the new project also has the potential to be more censorship-resistant.

Related Reading |  North Korea Breaks All Records For Crypto Thefts Of 2022 

Ethereum Tool Provider Unveils Plan For A Decentralized Protocol

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Ethereum tool developer Infura has outlined its vision to create a Decentralized Infrastructure Network in 2023, as per the Tweet.

This is to enable network nodes to run effectively so developers and users of apps like MetaMask don’t have to do it themselves. For Ethereum and other blockchains like Polygon and Near, this would be like Amazon Web Services.

“In the past, this complexity presented itself as a centralization hurdle as it restricts who can run such a service as part of a decentralized infrastructure network”, the blog read.

Access to Web3 products will be made available to “millions of future consumers” via this new network, “without disruptions and downtime due to a single point of failure,” according to a statement.

In recent years, several teams have overcome these technological, logistical, and financial hurdles. There is now a flourishing ecosystem of highly reliable infrastructure providers and this makes it the perfect time to take the next step in the journey toward progressive decentralization.

Infura, a part of ConsenSys, offers Web3 businesses the backend infrastructure they need to introduce their goods. It gives companies a method to connect to decentralized ledgers like Ethereum without having to manage their own nodes.

Joseph Lubin founded ConsenSys, which also runs MetaMask, the most well-known self-custody cryptocurrency wallet. Infura offers services to more than 430,000 developers globally and its competitors include Alchemy and Blockdaemon.

Apart from that, Infura is also exploring issuing a token, so clients could pay for usage, Galano said. Infura is already accepting applications from operators interested in joining its early access program.

Infura Handles Over 50% of Transactions On The Ethereum Network

“It helps solve one of the concerns about the centralization problem with Ethereum,” Eleazar Galano a co-founder of the startup said. “What we are doing is, when people are accessing the data it can be done in a decentralized way.”

Galano also claimed that more than 50% of transactions on the Ethereum network have at times gone through Infura.

Nevertheless, its proposal to offer a decentralized version of the service, in the first half of 2023, might therefore have major implications for Ethereum stakeholders. Investors and authorities alike are keeping a clsoe watch on that.