Web3 Developer Platform Alchemy Releases Transaction Simulation Product

The simulation will help reduce the chances of transactions becoming susceptible to scams.

AccessTimeIconJan 25, 2023 at 2:00 p.m. UTC
Updated Jan 25, 2023 at 10:17 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Alchemy, a Web3 developer platform firm, released a new “Transaction Simulation” product designed to make initiating and sending crypto transactions more user-friendly.

Users are often susceptible to scams because of a lack of understanding about where they are sending transactions. Chainalysis, a blockchain analysis firm, recently released a report that blockchain users in 2022 lost nearly $5 billion to scams. Alchemy says its simulation kit aims to build a sort of safety mechanism that lets users ensure their transaction data is correct and that the transaction is going to the right place.

Developers will have “the tools to incorporate simulation in their products,” Bastien Moyroud, a product engineer at Alchemy, told CoinDesk. Moyroud added that the goal is “to empower users to have more visibility in terms of what's happening.”

The new product features three new APIs: “Asset Changes,” “Execution Simulation” and “Bundle Simulation.” They’re available on the Ethereum, Polygon and Arbitrum blockchains. (The first two APIs are available already, and the third will go live next week.)

How does it work?

With the first API, the simulator is able to tell with a transaction what is going in and out of the user's wallet, offering an extra sense of security.

The second API gives developers a readout on certain data based on the execution simulation.

The third API allows developers to bundle transactions and allow them to execute them sequentially (so one transaction will move automatically after the other).

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Margaux Nijkerk

Margaux Nijkerk reports on the Ethereum protocol and L2s. A graduate of Johns Hopkins and Emory universities, she has a masters in International Affairs & Economics. She holds a small amount of ETH and other altcoins.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.