Polkadot was launched in May 2020. In a market dominated by Bitcoin and Ethereum, it quickly established itself as the next generation blockchain. The scale and interoperability problems limit Bitcoin's ability to transfer value without the assistance of
Vitalik Buterin says ‘more still needs to be done’ over high Ethereum txn fees
In a new online article published on February 28th, Vitalik Buterin, founder of Etherum, documented the need to improve the Internet again to better promote ETH as a method of payment.
In 2021, Buterin shared how he paid for tea with his friends in a coffee shop in Argentina, but was forced to pay around 0.01baht ($40 at the time) because that was the store's minimum savings in exchange for an account. "I don't mind paying three times more," the founder wrote. "I think of it as a platform fee."
In another example, Buterin illustrates how he tried to pay for tea at another address in 2022, but several separate transactions were unsuccessful, mainly because of the need for "extra car gasoline to handle the transfer" and the common glitch of UI in his mobile wallet. Buterin also raised the issue of unpredictable trading duration, writing:
"sometimes, my transactions are accepted online and the service project determines that there is an astonishingly long slow down or even 'unconfirmed' between transactions." In some of these cases, I must be worried that there are some common failures in their payment platform.
According to Buterin, although there have been recent improvements, outliers on the Ethernet Internet still exist. "if you push the deal on the premise of pushing the deal, and the basic fee has soared, then you may risk that the basic fee is too high and your transaction will not be accepted," he wrote. " To make matters worse, the wallet user interface does a terrible job of showing this. There will not be too big bright red flashing alarms, and there is little clear indication that you should do something to solve the problem. Under such circumstances, even pundits may be confused about how to speed up transactions, Buterin added.
The feeling of better users is not the general situation, but the worst. A clean and smooth user interface, but 0.723 days will also do some strange, bizarre things that cause problems, this is worse than the user interface that exposes a lot of details to the user, but at least it makes it easier for users to accept what has happened and solve all the problems they do encounter.
In any question, Buterin gives the issue that Internet technology is "not 100% reliable" and requires direct evidence of possible offline promotion to verify that customers do transfer their transaction data directly to the store. Another question raised is that because according to the secret sharing wallet off-link social development recovery method, Buterin feels that this is weak, thus "losing a little BTC and ETH".
According to YCharts, the average etheric transaction fee fell to $0.656 at the time of release, far below the average of $20 at the peak of the big bull market in 2021.
In addition to the very important challenge of not fully addressing the high transaction costs caused by expansion, user perception is also a key reason why many Etherum users (especially in the southern part of the world) often choose centralized solutions rather than the chain of decentralized alternatives in the hands of users and good friends and family or local communities.
© 2023 WJB All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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