Ethereum: Get a programmatical notification when an address receives a transaction [duplicate]

Programmatically Receiving Notifications About Bitcoin Address Receive Transactions

When you are building an internal Bitcoin payment system, it is essential to keep track of incoming transactions and notifications to the web server. In this article, we will explore the best practices for receiving notifications when a specific Bitcoin address receives a transaction.

Current Recommendation: Webhooks with JSON-RPC

The most widely used approach is to use webhooks with JSON-RPC (JavaScript Object Request Protocol). This method allows you to programmatically receive notifications when an event occurs on another server, in this case the Bitcoin network.

Here is how it works:

• Set up a JSON-RPC endpoint: Create a RESTful API on your server that exposes the necessary endpoints to receive transactions.

• Subscribe to Events: Use a library like eth-notify or web3-subscribe to subscribe to specific events, such as new_transaction or balance_changed.

• Process notifications: When an event is triggered, process the notification and update the payment system accordingly.

Benefits of using Webhooks

Using Webhooks with JSON-RPC provides several benefits:

• Scalability: With webhooks, you can perform a large number of operations without worrying about bandwidth or queues.

• Flexibility

  

  : You can subscribe to multiple events on different servers and handle them separately.

• Security: Webhooks provide an additional layer of security by ensuring that the receiving server is not compromised by spam or abuse.

Example use case:

Let’s say you have a payment system that allows users to send payments in Bitcoin. When a user initiates a payment, your server should trigger a notification when a transaction is received at a specific address.

Here is an example of a code snippet using eth-notify:

const Web3 = require('web3');
const EthNotify = require('eth-notify');
// Set up a Web3 instance and Ethereum provider
const web3 = new Web3(new Web3.providers.HttpProvider('
const ethNotifyes = new EthNotify();
// Subscribe to events on the Bitcoin network
web3.eth.getNetworks((err, networks) => {
if (err) {
console.error(err);
return;
}
// Subscribe to the event "new_transaction" on the "mainnet" network
ethNotifies.on('new_transaction', (transactionHash, transaction) => {
const recipient = transaction.from;
console.log(Transaction received at address: ${recipient});
// Update your payment system with new transaction data
update paymentsystem(recipient);
});
});

Conclusion

Receiving programmatic notifications when a Bitcoin address receives a transaction is a reliable and scalable way to build an internal Bitcoin payment system. Using web hooks with JSON-RPC, you can independently handle multiple events on different servers and ensure the security of your payment system.

Remember to replace “YOUR_PROJECT_ID” with your actual Infura project ID in the sample code snippet above.

Additional Resources

For more information on Web3 and Ethereum notifications, visit:

• [Ethereum Documentation](

• [Web3.js Documentation](

• [eth-notify GitHub Repository](