Coinbase cryptocurrency exchange has introduced an open standard called “Rosetta” for the quick placement of digital assets on the exchange and the simplified integration of various blockchains.
Rosetta is an open-source cross-platform software designed to help developers and cryptocurrency platforms navigate the technical requirements for placing their assets on COINBASE and simplify this process.
The exchange management added that in recent years the number of blockchains has grown significantly. Each network has its own software for nodes and different APIs, so integration with blockchains is a rather time-consuming process.
Thanks to Rosetta, it will be easier for developers of new blockchain-based projects to interact with exchanges using this specification. Rosetta will reduce the time to integrate exchanges with the new blockchains, as well as ensure compliance with security requirements.
In addition, open source software will simplify the creation of block browsers, wallets, and decentralized applications. Instead of an individual analysis of each network, applications can use Rosetta to quickly read data on the blockchain and significantly reduce the time it takes to place digital assets on the exchange.
The Rosetta concept has already begun to be used by the projects Filecoin, Celo, Near, Oasis, Coda, Ontology, Kadena, Handshake, Blockstack and Sia. Coinbase added that in the future, such a technical concept will help optimize the process of placing cryptocurrencies on different trading floors.
Recall that last week, the cryptocurrency community criticized Coinbase for the fact that the exchange plans to license its blockchain analytics software so that it can be used by US government agencies.
