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.
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