Simple Money Goal
  • Economy
  • Editor’s Pick
  • Investing
  • Politics
  • Stock
  • Top News
  • Economy
  • Editor’s Pick
  • Investing
  • Politics
  • Stock
  • Top News
No Result
View All Result
Simple Money Goal
No Result
View All Result
Home Investing

Web3 Firm Infura Recruits Microsoft, Tencent, and Others To Build Decentralized Infrastructure Network

by
November 15, 2023
in Investing
0
Web3 Firm Infura Recruits Microsoft, Tencent, and Others To Build Decentralized Infrastructure Network

Source: Pixabay

Microsoft, Tencent, and 16 other Web2 companies have partnered with blockchain software company Consensys, with the goal of decentralizing the Infura network.

The Infura network is currently the key point of access to Ethereum for much of the DeFi industry. With this collaboration, the companies seek to increase decentralization on Infura to prevent outages of the Web3 services that use it, such as the wallet service MetaMask.

In a press release issued today, Infura announced that the introduction of its Decentralized Infura Network (DIN) alongside the initial group of 19 partners marks a significant milestone in the ongoing process of progressive decentralization for one of the most widely used web3 API services in the ecosystem.

“We are immensely grateful to all our partners who have been part of the journey to build the Decentralized Infrastructure Network with us over the past year,” said E.G. Galano, co-founder of Infura and the project and technical lead for DIN. “Together, we have achieved remarkable progress and eagerly anticipate the continuation of this journey as we bring the power of DIN to Web3 developers and users.”

Consensys senior product manager Andrew Breslin told Cointelegraph that the significance of the partnerships was more about the goals of big-name firms aligning with Infura rather than “who they were.”

“The cost and complexity involved with running a service like Infura was kind of limiting in terms of who we could partner with to serve this traffic,” Breslin said. “Now there’s this huge flourishing ecosystem of Web3 infrastructure providers that can provide a service that’s complimentary to Infura.”

The DIN is positioned as a remedy to the centralization challenge faced by Infura. Presently, Infura is controlled by Consensys, meaning there is a single point of failure. DIN aims to address this concern by decentralizing the network, starting with a Q4 launch.

The DIN will debut with two initial features: failover protection on Polygon and Ethereum. This functionality enables users to redirect RPC (Remote Procedure Call) traffic from one DIN partner to another, ensuring continuous service in the event of an outage.

In the upcoming weeks, Infura users will have the option to opt-in to DIN’s failover protection, contributing to reduced centralization and increased uptime for decentralized apps and developers.

In its statement, Infura also announced that the first version of DIN would be “federated around the original group of partners announced today.” The company expects to welcome more members in the future and will also look to unveil a roadmap for the progressive decentralization of DIN.

“By contributing to DIN, we’re not just helping to stand up an open protocol, we’re architecting a revolution for developers where permissionless innovation becomes the norm,” said Austin Roberts, founder and CEO of Rivet, one of the Web2 firms collaborating with Infura. 

 

The post Web3 Firm Infura Recruits Microsoft, Tencent, and Others To Build Decentralized Infrastructure Network appeared first on Cryptonews.

Previous Post

Court Rejects Class Certification Request Against Robinhood in GameStop Meme Case

Next Post

WonderFi Subsidiary Bitbuy Acquires Bitvo, Owns Nearly Half of All Exchanges in Canada

Next Post
WonderFi Subsidiary Bitbuy Acquires Bitvo, Owns Nearly Half of All Exchanges in Canada

WonderFi Subsidiary Bitbuy Acquires Bitvo, Owns Nearly Half of All Exchanges in Canada

    Enter Your Information Below To Receive Free Trading Ideas And Latest News

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
    Israel recalls negotiators after reaching ‘dead end’ in Qatar talks
    Economy

    Israel recalls negotiators after reaching ‘dead end’ in Qatar talks

    December 3, 2023
    ‘Bone biographies’ reveal what life was like for Black Death survivors in medieval England
    Economy

    ‘Bone biographies’ reveal what life was like for Black Death survivors in medieval England

    December 3, 2023
    ‘A hero every day’: He joined Ukraine’s Maidan protests at 16. At 24, he died fighting Russia
    Economy

    ‘A hero every day’: He joined Ukraine’s Maidan protests at 16. At 24, he died fighting Russia

    December 3, 2023
    Surrounded by Russians and ready to die, this Ukrainian soldier called in an artillery strike – on his own position
    Economy

    Surrounded by Russians and ready to die, this Ukrainian soldier called in an artillery strike – on his own position

    December 3, 2023
    • About Us
    • Privacy Policy
    • Terms & Conditions
    • Email Whitelisting
    • Contact Us

    Copyright © 2023 Daily Trading Digest. All Rights Reserved.

    No Result
    View All Result
    • Economy
    • Editor’s Pick
    • Investing
    • Politics
    • Stock
    • Top News

    Copyright © 2023 Daily Trading Digest. All Rights Reserved.