Microsoft, Tencent and 16 Web2 Companies Partner with Consensys to Decentralize Infura Network in the DeFi Sector - COINTURK NEWS
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Microsoft, Tencent and 16 Web2 Companies Partner with Consensys to Decentralize Infura Network in the DeFi Sector

5:50 pm (14 days ago)
November 15, 2023

Microsoft, Tencent, and 16 other Web2 companies have announced a partnership with Consensys to decentralize the Infura network, which is considered a key access point to the Ethereum ecosystem in the decentralized finance (DeFi) sector. This collaboration aims to increase decentralization in the Infura network, which plays a key role in preventing interruptions in Web3 services, including wallet service MetaMask.

Statement from Consensys Representative

Andrew Breslin, the senior product manager at Consensys, stated that the importance of the collaboration lies in large companies that aim to decentralize every layer built on blockchain infrastructure coming together with Infura. DIN, which is planned to be launched in the fourth quarter of the year, currently serves as a solution to the centralization problem for Infura and is a single point of failure. Breslin made the following statement regarding the issue:

“The cost and complexity of running a service like Infura was limiting in terms of who we could partner with to serve this traffic. Now, there is a vast ecosystem of Web3 infrastructure providers who can offer complementary services to Infura.”

Breslin also mentioned that one of the key features offered by DIN is load balancing support for Ethereum and Polygon networks. Load balancing support means that in case of an interruption, the traffic can be redirected to one or more DIN partners, ensuring higher uptime rates in the long run.

Breslin stated that after the launch of DIN, it will provide more reliable and censorship-resistant access to the Ethereum ecosystem and DApps will not have to rely on a single service provider located in one place.

Noteworthy Details about Infura

Infura, developed by Consensys, offers API access to Ethereum and IPFS networks. Currently, Infura is preferred as an access point for many DApps to access real-time on-chain data in the Ethereum blockchain.

In November 2020, a temporary interruption in the Infura network caused MetaMask wallets to stop working, indicating a centralization issue in this field. Several centralized exchanges and DeFi projects were also affected by the outage. The decentralization of blockchain data providers in the Infura network is of great importance for long-term resistance against censorship, as currently centralized data providers can be shut down with a well-planned attack or sufficient legal action.

Breslin mentioned the newly announced partners and emphasized that the existing data set is not a closed set, and Infura is open to other highly reliable internet infrastructure providers joining DIN.

“Infura and these 18 partners are currently participating in this federated stage of DIN, which means we are working as equal partners.”

Breslin also revealed that in the future, DIN will be governed by an ideal decentralized autonomous organization (DAO) or another type of governance structure that allows each partner to have a democratic say in the direction of the network.

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