What are Intents? What are their use cases? What possibilities exist for the future?

What are Intents and their use cases? What's the future?

Encrypt KOL Yellow Propeller wrote an article introducing Intents and analyzing the current and future ways in which they can be used. They believe that Intents simplify complex transactions by outsourcing the difficult parts to third parties, and have already brought valuable innovation. However, most applications are still in development, and intent-centric chains like Anoma will truly open up design space for intents.

What is the difference between Intents and “normal” daily transactions? Intents are partial transactions. You commit to something – your intent – but that alone is not enough to complete the full transaction. You need someone else to add the missing parts to complete a valid transaction. Therefore, Intents are partial transactions that require the help of others. Intents are particularly useful when you cannot create a complete transaction on your own.

Where Intents can be used: 1) Counterparty selection – it can be difficult to find and select the best counterparty for a trade. However, defining what you want and having others evaluate and select counterparty can be much easier. Outsourcing also gives you access to trades and counterparties you may not have had otherwise. 2) Automation – doing things manually is painful when you need to monitor events precisely, react quickly, or complete many trades. Intents can help you specify a goal and condition once, then have a third party handle the execution. 3) Multi-party commitments – when you need other parties to validate your transaction, Intents are a good way to coordinate multi-party commitments. Some dApps have been using Intents for some time.

Future Intents: 1) Organizing trips; 2) Private OTC trading; 3) Global private barter trade; 4) Custody; 5) Dynamic payments; 6) Proof-based rebates; 7) Portfolio optimization; 8) Cross-chain bridging. More ideas about Intents: 1) P2P, declare Intents that others can fill in directly, reduce intermediaries and increase prices for you and your trading partners. 2) Safe exit, sell tokens when specific conditions are met. 3) Deadman switch, let your friends claim your assets if your wallet has not made a transaction in six months. 4) Conditional trades: you declare specific market conditions for trades, and when those conditions are met, the trades will be executed automatically.

Reference: https://www.propellerheads.xyz/blog/intents-and-where-to-find-them

We will continue to update Blocking; if you have any questions or suggestions, please contact us!


Was this article helpful?

93 out of 132 found this helpful

Discover more


Webster's rating is constantly changing, asserting that Cardano is far stronger than EOS

Source: Shallot blockchain Weiss Ratings, a cryptocurrency rating agency, recently said that Cardano (ADA) is far str...


Bitcoin Price Analysis: Bulls and Bears Battle for Control

Bitcoin's quick rebound to $42,000 may indicate a resurgence of bullish activity, boosting optimism and potential for...


UAE adopts Cardano Blockchain to boost security in criminal investigations.

The UAE has taken the significant step of implementing Cardano's blockchain technology to enhance security in crimina...


Cardano’s Price: Falling Like a Tripped Bull

ADA's value drops as traders take profit amid steep rise and in anticipation of Federal Reserve's rate decision.


Analysis and Commentary: The Fate of Bitcoin ETFs and Cryptocurrency Performance

After a period of significant growth in the crypto market, traders were briefly shaken by a report causing a halt in ...


Bitcoin Battles as Investors Weigh In: Bulls vs. Bears 🐂🐻

Bitcoin may face a short-term correction, but this creates an opportunity for opportunistic buyers to step in and ben...