API Ethereum: conversion of the currency of EUR to BTC
While the interest in cryptocurrencies continues to grow, the demand for a reliable API facilitates transactions between the different currencies. In this article, we will explore the Ethereum API and its capacity to convert EUR to BTC currency.
What is the Ethereum API?
Ethereum API (application programming interface) is a set of tools that allows developers to interact with Ethereum blockchain and perform various tasks, such as data exchange, execution of smart contracts , etc. Ethereum API gives access to the Ethereum virtual machine (EVM), which allows developers to execute solidity code on the blockchain.
EUR conversion to BTC via Ethereum API
In this section, we will focus on the conversion of the Euro (EUR) currency (EUR) to Bitcoin (BTC) using Ethereum API.
Prerequisite
To use Ethereum API for currency conversion, you will need:
- A valid Ethereum portfolio which supports the ERC-20 standard.
- A cryptocurrency exchange account that supports EUR and BTC conversions.
- The URL of the Ethereum API termination point (which we will provide later).
API Ethereum API for conversion of currencies
Ethereum API provides a set of endpoints for currency conversion. For this example, we will use the ETH convert method to convert EUR to BTC.
Here is an updated code extract that shows how to call the “ETH convert” termination point:
`Javascript
Const web3 = require ('web3');
// Define your Ethereum portfolio provider and your API termination point URL HERE
Const Providerurl = '
Const web3Provider = New Web3.Providers.httPProvider (Providerurl);
// Get the current ETH balance (this will be used for conversion)
Getethbalance asynchronous function () {
Const Instance = New Web3.Providers.httPProvider (Providerurl);
Constantabi = require ('./ Contrac -Abi.json');
ConstActaddress = '0x ...'; // replaces by your Ethereum contract address
Const txhash = wait for instance.eth.sendransAction ({
De: contractdress,
Data: Contractabi,
Gas: "20000",
Gasprice: "20",
});
Return Instance.eth.getbalance (Contrastaddress);
}
// call the ETH converted point to convert EUR to BTC
asynchronous function converter_to_btc () {
Constance de Const = Wait Getethbalance ();
if (balance> 0) {
// Convert EUR to BTC using the ETH Convert termination point
Const Ethprice = wait for instance.eth.getbalancia ('0x ...'); // replaces by your Ethereum contract address
Const btcprice = ethprice * 2.5; // Convert EUR to BTC (assuming a fixed rate of 1: 1)
ReturnEUR -> BTC: $ {BtcPrice};
} other {
console.log ("no eth -found balance");
back '';
}
}
// Example of use:
Converter_TO_BTC (). then ((result) => {
console.log (result);
}). Catch ((error) => {
Console.error (error);
});
'
Note : This is a simplified example that shows how to call the "ETH convert" termination point. In a real world application, you will have to:
- Replace your_project_id 'by your Ethereum Real ID ID.
- Update the FileContract-AAB.JSON ‘with the ABI of your Ethereum contract.
- Make sure you use HTTPS for the supplier URL (for example,
https: // mainnet.infura.io / v3 / your_project_id).
Limitations and future work
Although this example provides a basic demonstration of currency conversion via Ethereum API, there are several limitations and improvement areas:
- Limitation of the rate : The end point of “ETH Convert” has rate limits to prevent abuse.
- BANCEMENT Order Flucations : The exchange rates used in this example may not reflect current market prices.
- Vulnerabilities of the intelligent contract : Ethereum API does not provide direct access to the functions of intelligent contract.
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