Consensys is shaking up the world of cryptocurrency with their innovative approach to Smart Transactions. By incorporating cutting-edge technology and unmatched expertise, Consensys is paving the way for a new era of digital transactions. Stay tuned as Consensys continues to lead the charge in revolutionizing the crypto space.
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Consensys, a key player in the Ethereum ecosystem, has unveiled a new feature on MetaMask known as Smart Transactions. This optional feature aims to provide users with more secure, faster, and cost-effective transaction options, addressing common challenges faced by crypto enthusiasts.
With the launch of Smart Transactions, MetaMask users can now enjoy enhanced transaction success rates, reduced gas fees, and protection against MEV (Maximal Extractable Value) attacks such as front-running and sandwich trading. These malicious activities have cost Ethereum users a staggering sum of 124,000 ETH, equivalent to over 350 million dollars in 2023 alone, as reported by EigenPhi.
By pre-simulating each Smart Transaction via MetaMask’s real-time simulation service, users can benefit from increased transaction success rates and lower gas costs. The feature also provides a transparent view of the transaction status directly within the MetaMask wallet, ensuring peace of mind for users.
Additionally, Consensys’ advanced research division, Special Mechanisms Group, has developed new mempool virtualization technology to enhance user privacy, control, and visibility over crypto transactions.
During beta testing, Smart Transactions demonstrated an impressive success rate of 99.5%, surpassing industry standards. Users can avoid costly frontrunnings and failed transactions, while closely monitoring transaction progress within MetaMask.
Jason Linehan, director of SMG, emphasizes the importance of empowering users to manage blockchain transactions effectively. Smart Transactions aim to mitigate the risk of transaction failures and exploitation by sophisticated bots.
Gal Eldar, executive director of products at MetaMask, acknowledges the complexities associated with blockchain transactions and affirms that Smart Transactions are designed to address these challenges head-on.
In conclusion, the introduction of Smart Transactions by Consensys marks a significant milestone in enhancing the Ethereum ecosystem. By offering users a safer, more cost-effective, and transparent transaction experience, this innovation has the potential to drive greater adoption of cryptocurrencies. The gradual rollout and Market impact of Smart Transactions will be closely monitored in the days ahead.
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What is Consensys?
Consensys is a company that is using smart transactions to revolutionize the world of cryptocurrency.
What are smart transactions?
Smart transactions are a type of blockchain technology that allows for more efficient and secure transactions.
How is Consensys changing the crypto industry?
Consensys is making it easier for people to use cryptocurrency by improving the way transactions are processed.
What are the benefits of using smart transactions?
Smart transactions allow for faster transactions, lower fees, and enhanced security compared to traditional transaction methods.
Can anyone use Consensys’ smart transaction technology?
Yes, anyone can take advantage of Consensys’ smart transaction technology to improve their cryptocurrency transactions.
Win Up To 93% Of Your Trades With The World’s #1 Most Profitable Trading Indicators
Win Up To 93% Of Your Trades With The World’s #1 Most Profitable Trading Indicators
