How can Ethereum win? This is what Vitalik Buterin predicts

Vitalik Buterin wants the Ethereum user experience to be improved. According to him, several aspects play a role, from speed and transaction costs to the user interface.

Ethereum: more than financial transactions

The Ethereum Foundation was founded by Russian-Canadian programmer Vitalik Buterin. He was interested in bitcoin, but felt that bitcoin’s capabilities were limited because it was only intended to serve as digital money.

The programmer wanted to create a platform on which developers could build decentralized applications that went beyond just processing financial transactions.

computers for the whole world

In 2013, Buterin published a white paper on Ethereum explaining the concept of a platform for decentralized applications. Unlike Bitcoin, which can only be programmed for limited purposes, Ethereum has enabled the creation of complex smart contracts that can be executed automatically without the intervention of an intermediary.

At one point, his ambitions went even further and he described Ethereum’s ultimate goal of becoming the computer of the world. This means that Ethereum runs in the background and all applications are connected to the Ethereum blockchain.

He realized that these big dreams are only possible if Ethereum is easy to use.

Ethereum Ease of use above all else

The creator of Ethereum writes in a new blog that he prefers a simple and robust interface to one that is elegant and streamlined. He believes the ease of use means bugs can be fixed quickly.

“A good user experience is not about the average case, but about the worst case. A UI that is clean and streamlined, but does strange and unexplainable things 0.723% of the time, causing bigger problems, is worse than a UI that gives the user coarser details, but at least makes it easier to understand what’s going on the hand. can solve a problem.’

Ethereum transaction fees should be lower

He also believes that transaction costs should be reduced. According to Buterin, users prefer centralized exchanges (like Binance or Coinbase) over decentralized exchanges. With the latter type, users have more control over their cryptocurrencies, but the transaction costs can be high if they are busy.

“User experience has made tremendous strides over the years, especially from an average transaction that took minutes to register before EIP-1559 to an average transaction that took seconds to register after EIP-1559. Furthermore, The Merge has also changed a lot about how comfortable it is to use Ethereum. But more needs to be done.”

Buterin shares the above chart on his blog, which shows that the average waiting time for a transaction has dropped dramatically. Expect a stress test when the bull run is in full swing and millions of people are trading, buying NFTs and transacting, is Ethereum still that fast?

One of the solutions he proposes is for wallets to better inform users. Users should be able to initiate an identical transaction at a higher rate with a single button if they are willing to pay for speed.

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Source: Btc Direct

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