Web3 Developer Platform Alchemy Launches Transaction Simulation Product.

Alchemy, a web3 developer platform company, has introduced a new “Transaction Simulation” solution to make initiating and sending crypto transactions easier.

Users are frequently prey to frauds due to a lack of information about where they are sending funds. Chainalysis, a blockchain analysis business, has published a paper estimating that blockchain users will lose roughly $5 billion to scammers by 2022. According to Alchemy, its simulation kit attempts to create a sort of safety mechanism that allows users to confirm their transaction data is correct and that the transaction is travelling to the correct location.

Developers will have “the means to incorporate simulation into their solutions,” according to Bastien Moyroud, a product engineer at Alchemy. Moyroud went on to say that the idea is to “empower users to have more visibility in terms of what’s going on.”

The new offering includes three new APIs: “Asset Changes,” “Execution Simulation,” and “Bundle Simulation,” which are accessible via the Ethereum, Polygon, and Arbitrum blockchains. (The first two APIs are now available, and the third will be available next week).

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