Ethereum Gates Open for Early Confirmations
Ethereum's sluggish settlement process has long been a thorn in the side of crypto developers and users alike. To alleviate some of this frustration, Puffer, a company building transaction infrastructure for Ethereum, is working on a system that offers early confirmations to users. This system relies on gateways operated by companies like Google Cloud, which promise the result of transactions before they're settled on the blockchain.
The idea behind these preconfirmations is simple: when you receive an early confirmation from a gateway, you can act on it with confidence. For example, if you sell some Ethereum (ETH) for USDC and receive a preconfirmation that your funds have been transferred, you can use those funds immediately, without waiting for the settlement process to complete.
Puffer's UniFi network will be the first to use this system, which promises to reduce the uncertainty associated with waiting for transactions to settle. However, as Amir Forouzani, CEO of Puffer, notes, there are still many details that need to be ironed out. The company is currently testing its products in a live environment and has not yet established how customers will experience transaction times.