Coinbase, one of the prominent crypto exchanges, has just launched its open-source Ethereum Rosetta with API implementation. According to the exchange, its main purpose will be to track both internal and external ETH transfers. This means the complete balance could be easily tracked using it.
Back in August 2020, there was a huge problem in calculating the total Ethereum supply. Now as per the announcement by Coinbase, Ethereum Rosetta will be able to solve this problem at an ease.
When we released Rosetta, an open-source specification that makes integrating with blockchains simpler, faster, and more reliable, the top request from the community was an Ethereum implementation. Today, we are proud to open-source Rosetta Ethereum. https://t.co/DL4KyTglzq https://t.co/qR1rL8m34S
— Coinbase (@coinbase) October 26, 2020
Ethereum Rosetta Removes Relying on Third-Party for Balance Tracking
Coinbase has revealed that its open-source Ethereum Rosetta will now remove the need of relying on the third-party service for tracking the balance. However, it will be done directly with this new service by the exchange. It is noticed that the launch of rosetta-Ethereum is coming a month after the launch of rosetta-Bitcoin.
Moreover, It is specified that in order to calculate the Ethereum supply, there is a need to consider uncle rewards as well as genesis and mining rewards. Coinbase mentioned that when it has released the open-source specification, the whole crypto community has requested the exchange to release the one for Ethereum as well.
Create, Sign and Broadcast Transactions Will Be Made Easier
As the main purpose of why Coinbase has launched this open-source Rosetta Ethereum was to track Ethereum balance transfers easily. Also, it is revealed that creating, signing and broadcasting transactions will be made a lot easier with this new service. Now there will not be a need to maintain the network-specific SDK or signing logic to track Ethereum balance. However, there will be safe balance lookups for getting an assurance to receive account data from the unexpected blocks. As this was in huge demand by the whole Ethereum community, this step by the exchange is going to be of great benefit and success.