Gluwa, a blockchain-powered platform for financial transactions, announced integration with Infura Transactions (ITX), designed by ConsenSys. ITX is a high throughput transaction relayer service designed to optimize the Ethereum transaction settlement layer.
This new integration with ITX is expected to help Gluwa with retry and relay services and optimize gas management on its platform. The optimization of settlements will be achieved by minimizing stalled or dropped transaction instances in parallel with reduced gas costs by employing an incremental bidding process.
Easier Access to Global Investment
Gluwa is a borderless financial platform based in San Francisco. It strives to create a new, reliable, and open alternative using blockchain technology, with information transparency at the very heart of the vision for the future.
Gluwa offers a noncustodial cryptocurrency wallet, an exchange, and investment products. The company claims to serve over 2 million users worldwide, has 240 million transactions per month, with zero security incidents. The platform is designed to decentralize financial infrastructure that aims to ensure more readily-available access to global investment opportunities.
It offers several features aimed at helping its global pool of customers take control of their finances, mainly if they reside in areas with limited or non-existent banking services.
Features like Gluwa Invest let users access investments in unbanked and underbanked regions. The optimization of return rates is associated with the assets. Gluwa Wallet supports low-cost transfers and the use of stablecoins.
Gluwa Capital platform focuses on the borderless economy and the expansions of the users’ loan books. Creditcoin supports linking loan portfolios to public blockchains and using associated apps. Credal offers the same type of Infura-Ethereum functionality for the Creditcoin blockchain.
By giving anybody in the world access to valued currency, credit, or investment opportunities free from national boundaries, Gluwa aspires to build a global-scale free market and the future of financial inclusion, in which everybody can be their own bank.
ITX will aid Gluwa in decentralizing financial infrastructure, aiming to ensure more access to global investment opportunities.
Technology to Simplify Ethereum Transactions
ConsenSys is the leading software engineering group in the blockchain space, with full-stack Ethereum products to help developers build next-generation networks and enable enterprises to launch more powerful financial infrastructure.
The ConsenSys product suite is comprised of Infura, Quorum, Truffle, Codefi, MetaMask, and Diligence, which serves millions of users, supports billions of blockchain-based queries, and has handled billions of dollars in digital assets.
Ethereum is the largest programmable blockchain globally, leading in business adoption, developer community, and Defi activity. Designed by ConsenSys, Infura ITX aims to simplify Ethereum transactions.
This technology optimizes transactions by managing edge cases for transaction delivery and securing the mining of transactions by reducing the burden on the developers that had to handle complex gas management operations.
Smaller Transaction Fees
Following Gluwa’s integration with ITX, users should expect to pay 10-15% less for Ethereum transactions.
The integration with ITX is also expected to minimize dropped transactions and retry instances that involve higher gas fees after a transaction remains pending in a prolonged interval.
Once ITX verifies the existence of sufficient gas tank balance, it then locks a portion and relays the transaction to the Ethereum network. The gas tank balance is reduced for transaction costs and fees after the transaction is mined.
Tae Oh, founder and CEO at Gluwa, is thrilled by this new step for the company:
"At Gluwa, it is our belief to constantly strive to improve the experience for our users. By integrating ITX, our users no longer need to worry about dropped transactions or retry functionality that causes higher gas fees when a transaction is pending for a long time,"
On The Flipside
- ITX technology still has limitations that the programmers need to solve.
Why You Should Care?
Gluwa is on a mission to provide financial services in underbanked regions. The integration with ITX is expected to minimize dropped transactions and retry instances that involve higher gas fees, and make crypto more accessible.