Gas on the Ethereum network is a tricky thing. Too much, and you’ve overpaid; Too little, and you run the risk of not seeing you transactions completed.
Upvest has recognized this as an issue, particularly for companies which complete high numbers of transactions regularly. Every problem presents an opportunity, however, and Upvest has decided to take advantage of this.
The result is the development of what they are calling a ‘fee estimation neural network’.
How Does it Work?
For the user, the fee estimator is a simple concept. Simply choose the speed at which you want your transaction completed, and the tool will calculate the appropriate amount of ‘gas’ needed to achieve this.
Behind the scenes, this is made possible by real-time analysis of various data streams. These include, but are not limited to: active miners, unconfirmed transactions, etc.
Progress to Date
Straight out of the gate, the fee recommendation tool has shown to provide notable benefits. Upvest notes that, so far, an 18% improvement in performance is being seen.
It should be noted that progress, thus far, has entailed a 1 month period. No doubt, with a fresh influx of money for development, the already impressive 18% will continue trending upwards.
The development of this new tool is made possible through recent funding. Totaling €900K, this funding was generated through the IBB ProFit program.
This new funding comes only months after Upvest successfully completed their Series A. We previously took a look at this, and the companies which made it possible.
Upon announcing this new tool, Upvest touched on multiple use cases and product integration.
“Upvest offers the service in the form of an easy to use API, which does not require any blockchain specific knowledge. You get the execution speed that you pick, no need to think about fees. The product is fully integrated into the Upvest product suite and comes with an enterprise-grade SLA…Our clients are using the fee recommendation engine in the context of primary security token issuance, and for transactions in the secondary market between investors. Since the technology is use-case agnostic, it can easily be used by exchanges as well.”
Founded in 2017, Upvest maintains headquarters in Berlin, Germany. The team at Upvest is working to develop blockchain based solutions for capital markets.
CEO, Martin Kassing, currently oversees company operations.
In Other News
As the digital securities sector continues to grow, there are an increasing amount of novel solutions being developed – solutions which make using the associated technology easy and intuitive. Beyond the fee estimator discussed here today, the following articles touch on a couple other tools recently released.