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Vitalik Buterin asserts to work on transaction fees & confirmation time over the UI

Vitalik Buterin asserts to work on transaction fees & confirmation time over the UI 2

The Ethereum core co-founder Vitalik Buterin shared his suggestion for the Ethereum devs to focus on better network accessibility as the best payment system, instead to focus on better UI. 

Vitalik Buterin is one of the co-founders of the Ethereum blockchain and he founded the Ethereum project with the help of other developers like Gavin Wood, Charles Hoskinson, Anthony Di Iorio, Joseph Lubin, and Jeffrey Wilcke. Ethereum is a public blockchain network, which is running on Proof-of-stake (PoS) consensus since September 2022. 

On 28 Feb 2023, Vitalik Buterin shared a new blog post, in which he shared his opinion on the current situation of the Ethereum network & drag the attention of ETH devs toward most mandatory things, which are necessary for the Ethereum network to use in the payment system. 

The first problem that Vitalik faced was with the high transaction fees on Ethereum network in 2021. He said that once he paid 0.01ETH ( which was the minimum amount to pay) to a coffee shop for himself & friends. He noted that he paid $40 worth of ETH at that time & that was 3 times more value over the actual cost of coffees he purchased but he ignored it as a tip treat.

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Vitalik also pointed out a transaction failure on the Ethereum network enabled Mobile wallet in 2022, where he tried to pay in ETH but failed to pay in ETH two times because of extra gas to process the transfer” and a UI glitch in his mobile wallet. 

“Many times, there has been a surprisingly long time delay between my transaction getting accepted on-chain, and the service acknowledging the transaction, even as ‘unconfirmed.’ Some of those times, I got worried that there was some glitch with the payment system on their side,” Vitalik said.

By considering these examples, Vitalik said that such things are showing that a better UI with such issues is not a good thing for a better UI and here we need to work to reduce Ethereum network fees & further make it easy for the users to understand the actual issue occurring with payment failure.

Read also: Visa & MasterCard Postpone their future crypto push

Vitalik Buterin asserts to work on transaction fees & confirmation time over the UI

 

https://bitcoinik.com/vitalik-buterin-asserts-to-work-on-transaction-fees-confirmation-time-over-the-ui/feed/

https://bitcoinik.com/vitalik-buterin-asserts-to-work-on-transaction-fees-confirmation-time-over-the-ui/feed/

 

 

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