The open-source blockchain project was unveiled in June 2020 by the US-based cryptocurrency exchange, Coinbase, to simplify the protocol integration process for exchanges, digital wallets, and other platforms alike.
Rosetta is introduced to make things easy for developers, as integrating a new blockchain is a process that is somewhat cumbersome. It is designed to reduce the number of codes needed to write for cross-chain applications.
More details on the implementation of Rosetta Data API on the VeChainThor Blockchain can be found here: https://t.co/tymjGr4Q5x
— VeChain Foundation (@vechainofficial) September 25, 2020
The introduction of a single interoperability standard by Rosetta for listing new tokens is expected to reduce the challenges faced by crypto exchanges in ensuring compatibility among new blockchains:
“The number of blockchains has grown dramatically in recent years, and with it has come a proliferation of different node and wallet APIs that can be challenging to navigate. The goal of Rosetta is to standardize how to interact with blockchains, making it easy for anyone to build on top of a blockchain for a variety of different use cases.”
As stated by Coinbase, writing custom parsing for every new blockchain is no longer needed with Rosetta:
“Instead of writing custom parsing for every supported blockchain, applications can use a blockchain project’s Rosetta implementation on-chain data and construct transactions in a standard format; minimizing code and simplifying maintenance.”
VeChain is only joining a number of blockchain projects that are already leveraging the integration of Rosetta. Projects such as Tron, Neo, and Celo have already integrated Rosetta and more are expected to join subsequently.
Coinbase’s best interest is to create a thriving ecosystem with various blockchain projects. However, VET, the native token of VeChain has not been listed, but back in June, Coinbase said it’s exploring VET, indicating that the digital token could be listed soon.
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