Elrond Adds The Rosetta API Framework Developed By Coinbase To Accelerate Protocol Development And Ecosystem Growth
We are happy to announce that we have integrated the Rosetta API specifications. Rosetta is an open standard purposely built for blockchains that acts as a common language between different systems, which brings us two important advantages:
- Third-party developers can easily integrate with Elrond
- Our own developers can focus on advancing our protocol & tools
The growth of both the Elrond protocol and the connected ecosystem of applications will thus accelerate significantly.
At Elrond we support Rosetta out of the belief that it has the potential of becoming for blockchain applications what USB is for hardware devices - an industry-wide standard that reduces interoperability friction between different types of vendors and products.
True to our design goal of providing Elrond API consumers with a single-chain perspective of our sharded architecture, we have built the Rosetta specifications into the Elrond API Proxy component.
Our proxy acts like an automated switchboard that automatically directs outside requests to the correct Elrond shard and returns the relevant information to the caller. By adding the Rosetta specifications, our proxy is now able to respond to requests that were not specifically created with Elrond in mind.
This makes it almost trivial to integrate our blockchain with other applications that also adopt the Rosetta specifications. Some current examples include exchanges, wallets, and OTC desks, and soon any kind of enterprise application.
If you are looking to learn more about the technical details and how to integrate Elrond into your application, please read our post in the Rosetta community and share your feedback.
Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
Rosetta is an open standard designed to simplify blockchain deployment and interaction. With an explicit specification to adhere to, all parties involved in blockchain development can spend less time figuring out how to integrate with each other and more time working on the novel advances that will push the blockchain ecosystem forward. In practice, this means that any blockchain project that implements the requirements outlined in this specification will enable exchanges, block explorers, and wallets to integrate with much less communication overhead and network-specific work.
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