IoTeX Joins Coinbase’s Rosetta to Simplify Blockchain & Exchange Integrations
At IoTeX, we believe in an open, safe, and human-centered future. Ever since our founding in 2017, IoTeX has been deeply committed to the open-source movement and “radical transparency”. Today we’re excited to take the next step to further expand the openness and possibilities of our platform— welcome Coinbase’s Rosetta to the IoTeX Network!
Developed by Coinbase, one of the world’s leading cryptocurrency exchanges, Rosetta is an open-source spec and toolkit that makes integrating with blockchains and exchanges simpler, faster, and more reliable. This specialized middleware opens the door to new IoTeX integrations with Coinbase and a growing network of Rosetta-friendly blockchains and exchanges. Rosetta introduces new node, exchange, and wallet APIs that will bring IoTeX to the next level — more integrations, more possibilities!
What is Rosetta?
The goal of Rosetta is to standardize how blockchains interact, making it easier to integrate and interact with blockchains. Rosetta dramatically speeds up the time it takes exchanges, such as Coinbase, to integrate with new blockchains and protects customer funds by ensuring specific security conditions are met. Rosetta also makes it easier to build cross-blockchain applications such as block explorers, wallets and Dapps. Instead of writing custom parsing/code for individual blockchains, Dapps can use a blockchain‘s Rosetta framework to read on-chain data and construct transactions in a standard format, minimizing repeat-work and simplifying maintenance.
Coinbase’s guide to Rosetta, including technical docs, can be found here.
Rosetta for the IoTeX Network
Writing new blockchain integrations is complex and often repetitive for developers due to non-standardized APIs and interfaces. Integrating a blockchain with another blockchain/exchange requires that both entities speak the same technical language — how they deploy nodes, recognize accounts, process deposits, broadcast transactions, and more. Without proper handling, faulty integrations can cause network downtime and misappropriation of funds. This is where Rosetta comes in: to make future integrations standardized and secure for IoTeX developers.
Rosetta provides a clean, accessible interface for both read and write operations, enabled by the Rosetta Data API and Construction API. As of mid-August, IoTeX has submitted and validated our Data API & Construction APIs, making IoTeX fully Rosetta ready! Explore more of the technical details below:
➡️ Rosetta Data API: provides the ability to access blocks, transactions, and balances of any blockchain in a standardized format. More details on IoTeX’s Rosetta Data API repository can be found via the link below:
➡️ Rosetta Construction API: provides the ability to write new data to a blockchain in a standardized format. IoTeX’s implementation is stateless, operate entirely offline, and supports detached key generation and signing. IoTeX’s Rosetta Consturction API repository can be found via the link below:
The above are implementations of rosetta-sdk-go, which is a collection of packages for interacting with the Rosetta API. The integration details and full Github codebase for IoTeX Rosetta gateway can be found via the link below:
What’s Next?
IoTeX supports Rosetta’s vision to promote the adoption, collaboration, and wide-spread use of different blockchain solutions. As the Internet of Things (IoT) begins to make strides in a number of exciting industries, the role of IoTeX will become increasingly important in the larger crypto-universe. With Rosetta, the unique and powerful capabilities of IoTeX will be able to spread to new networks, exchanges, and users around the world.
Rosetta removes technical obstacles associated with Coinbase exchange listings, Coinbase Earn, and Coinbase Custody — we look forward to exploring these opportunities in the future. For now, IoTeX will continue to contribute our insights and technical expertise to make Rosetta and other protocol integration frameworks even better.
About IoTeX
Founded as an open source platform in 2017, IoTeX is building the Internet of Trusted Things, an open ecosystem where all “things” — humans, machines, businesses, and DApps — can interact with trust and privacy. Backed by a global team of 30+ top research scientists and engineers, IoTeX combines blockchain, secure hardware, and confidential computing to enable next-gen IoT devices, networks, and economies. IoTeX will empower the future decentralized economy by “connecting the physical world, block by block”.