On January 25th, 2023, the Web 3.0 development platform Alchemy launched a Transaction Simulation API that, according to the announcement, will be the “solution” for rampant crypto scams.
The product is purportedly designed to empower developers with a tool to project the impact of transactions before they are executed on the blockchain. The Transaction Simulation will reportedly present users with a transparent preview of transactions to ensure they perform as expected.
A thread by the official Twitter account for Alchemy revealed that the product is being integrated by a list of Web 3.0 players, including Rainbow, Instadapp, Pocket Universe, and more.
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“Alchemy’s Transaction Simulation API will give Rainbow users a simple way to preview their transactions and understand exactly what will be transferred.”
Alchemy aims to present users with a safe transaction experience and to foster confidence in executing their transactions in the current crime-intensive climate.
A crime report published by Chainalysis on January 12th, 2023, revealed concerning insight that illicit crypto activity volumes have reached “all-time highs” due to a surge in sanction designations and increased hacking activity.
Alchemy wrote that more than 4.5M transactions occur on the blockchain daily; of those transactions, they opined that 99% of users are not completely educated on the technicalities of smart contracts. The tweet further stated that in 2022, more than $5B was lost in crypto scams, hence the inspiration behind the Transaction Simulation API.
According to the official Alchemy website, Transaction Simulation offers the following benefits for users:
The tools may enable users to spot anomalies in transaction data ahead of time, predict the outcome, and take action on any necessary adjustments to yield the desired results. In essence, users will be able to spot a scam before it happens and avoid the financial implication of completing the transaction.
The API can potentially impact the volume of scams and increase the degree of safety concerning blockchain transactions.
Crypto scams are a substantial risk for traders, and the increasing occurrences and volumes raise concern. It could greatly benefit the public to have an effective safety mechanism to protect their assets.
Read more about Alchemy’s Web3 development on Polkadot:
Alchemy Partners With Astar Network to Accelerate Web3 Development on Polkadot
Read more about scams in the crypto space:
6 Most Dramatic Pump and Dump Scams in Crypto History
See original on DailyCoin
Source: Cryptocurrency - investing.com
