New Venture with Major Altcoin Support from Ethereum: Crypto is Now Easier! - Coin Bulletin

robot
Abstract generation in progress

Ethereum (ETH) Foundation and its partners have announced the launch of the "Open Intents Framework" initiative to simplify and standardize blockchain transactions.

Ethereum Foundation and other organizations have launched a new “public interest initiative” called “Open Intents Framework” to facilitate and standardize blockchain transactions.

In the world of blockchain, the concept of "intents" (intentions) is gaining increasing attention, allowing users to express desired outcomes on the blockchain more simply. This new model aims to facilitate transaction execution by moving a part of the process outside the chain, especially in interchain transactions.

In traditional methods, users have to provide step-by-step instructions such as transaction fees (gas settings), data calls (calldata), and specific contract interactions, while in the "intents" approach, the user only specifies the desired outcome. For example, a user stating a request like "I want to buy the maximum amount of DAI with 1 ETH on the Ethereum network on the Arbitrum network" delegates the technical details of the transaction to a third party.

This new framework serves the goal of reducing the complexities in the crypto world for Ethereum developers, especially as activities spread across various Layer 2 (L2) networks, improving the user experience.

Great support from leading L2 networks

“Open Intents Framework”, was developed in conjunction with the Ethereum Foundation, the universal messaging layer Hyperlane, and the foundation's open node service system Bootnode. Leading L2 networks such as Arbitrum, Polygon, Optimism, ZKsync, and Scroll have started supporting this new standard at launch.

In fact, "intents" have been used in major applications such as Uniswap and CoW Swap for about a year. However, there was no standard for these transactions yet.

The statement emphasized that the integration of “intents” is still a complex and resource-intensive process, while standardized infrastructures, for example, custom solvers, can reduce adoption barriers and promote wider collaboration across the ecosystem.

ETH-0.48%
ART35.56%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
0/400
No comments
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate App
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)