Ethereum has yet to reach its full potential. Vitalik Buterin, the co-founder of the second largest blockchain confirmed this recently by stating that‘There is still a lot to do.
Buterin talks about his experience with ETH as a means of payment
According to Vitalik Buterin, Ether should continue to improve to become a means of payment used by the general public. To illustrate his point, he recounted in a blog post published on February 28, a series of lived experiences that highlight the shortcomings of the cryptocurrency ETH.
One of his anecdotes took place in Argentina in 2021. While Vitalik Buterin was in a café with friends, he wanted to pay the bill for their consumption in ETH. Since the cafe owner had a savings account on an exchange, Buterin had to pay the minimum transaction amount which was 0.01 ETH or $40 at that time for having tea with his friends. He states that he considered having paid 3 times as much as a tip so he didn’t mind that much.
A year after this episode, the co-founder of Ethereum says he was in another place and tried to pay for his tea in Ether. The first transaction failed because the amount of gas from the receiving account was higher than that of a default transaction. Then the second transaction failed due to his phone’s user interface not allowing him to easily navigate to change the gas amount.
These experiences have been very enriching for Vitalik Buterin. They allowed him to foresee areas for improvement of his network. He added thata good user experience always stemmed from the worst cases because it helps to know how to improve the service.
Lessons learned by Vitalik Buterin during his experiences
Several questions arose for the co-founder of Ethereum during his payment experiments with the ETH token. To begin with, there is the problem of transaction times which are unpredictable.
Buterin says he noticed that the delay between the moment of accepting his transaction on the chain and the service acknowledging receipt of his transaction was surprisingly long. It was the same whether the transaction was committed or rejected. He says he sometimes believed that the recipients of transactions had problems with the payment system.
Additionally, he noticed that there were erroneous values that persisted despite recent Ethereum blockchain optimizations. For example, when several transactions are sent at the same time, base fees increase exponentially. The risk involved is that the fees will be so high that the transaction will be rejected for insufficient fees.
Furthermore, Buterin noticed that the Wallet user interfaces are not optimized for easy navigation. The user does not always know what to do because there is no indication or flashing light showing him where the problem is coming from for his transaction to be canceled. Without these clear indications, beginners as well as experts will not be able to easily access the transactions.
On this point, the co-founder of Ethereum concludes thatit is better to have a simple and effective interface than a sophisticated and elegant interface.
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