Before Ethereum achieves widespread acceptance, it must find a better method to manage fees and transactions, among other difficulties.
What must Ethereum do to improve? According to the company’s creator, the customer experience is essential. Then on February 28th, Vitalik Buterin discussed the several Ethereum network concerns that must be resolved prior to resolve this issue.
Vitalik said in his blog that he had several difficulties when utilizing the Ethereum network to process payments owing to the high transaction fees, which often cost more than the thing he was attempting to purchase.
Vitalik remembers having issues with Ethereum payments in Argentina in 2021 when he was attempting to pay for tea. The 0.003 ETH transaction was declined, perhaps because it was below the exchange’s minimum deposit requirement of 0.01 ETH.
Vitalik chose to transmit the 0.007 ETH required to complete this transaction despite this. This constituted a threefold overpayment of the product’s price, but he saw it as a simple tip, recognizing that it was a mistake that needed to be addressed to enhance the customer experience.
In 2022, he discovered that not much had changed. Vitalik attempted to pay for tea at a different location. This time, gas costs prohibited him from utilizing his ETH, since the receiving contract “needed more gas to conduct the transfer” and therefore the transaction was not processed.
These negative encounters taught him that “basic and strong user interfaces are superior than elegant and slick ones.” Also, he discovered that many users are unaware of the gas limitations required to complete their transactions, therefore default values should be modified.
Vitalik also complained about the “rather large time wait between my transactions,” which is frustrating since there is always uncertainty as to who is to blame when transactions are not swiftly validated.
In some instances, a transaction may be approved in a few seconds, but in others, it would take minutes or even hours.
Although the team has worked to solve these concerns with the EIP-1559 upgrade, which assures that the vast majority of transactions are approved in the next block, there is still a chance that things may not function properly since “outliers still exist.”
For instance, if a large number of individuals execute transactions simultaneously, there is a danger that the network would suffer a surge in fees, resulting in the rejection of a large number of transactions. This issue may result in considerable monetary losses for even the most experienced users since “wallet UIs stink at displaying this.”
The courageous wallet implemented a solution for this issue. The team heeded his advice and raised the maximum base cost from 12.5% to 33%, therefore enhancing both the UI and user experience.
Buterin concluded his remark by stating that many individuals choose centralised solutions over decentralised alternatives due to the antiquated user experience of decentralised apps, particularly in southern nations.
Despite the fact that the Ethereum Merge sped up the average transaction processing time, there is still more work to be done to reach the worldwide acceptance that crypto enthusiasts want.
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