Vitalik Buterin states that “more has to be done” about high Ethereum transaction costs

When it comes to user experience, “good is not about the average situation, it is about the worst scenario,” the Ethereum co-founder noted.

Vitalik Buterin, co-creator of Ethereum, wrote a new blog post on February 28 outlining the ongoing effort required to make the network more accommodating of Ether as a payment method.

Buterin related how he attempted to pay for tea for himself and his buddies at a coffee shop in Argentina in 2021, but was required to spend 0.01 ETH (about $40 at the time) due to the owner’s exchange account’s minimum deposit requirement. The co-founder stated, “I did not mind the threefold overpayment and viewed it as a tip.”

According to Buterin, despite recent enhancements, outliers still exist on the Ethereum network. If you submit a transaction while a lot of other people are doing so, too, the base cost might spike too high and your transaction could not be approved. ” There are no large red flashing signals and few clear indications of what you should do to address this issue. Buterin said that even specialists may be uncertain as to how to accelerate transactions in such circumstances.

“A clean and well-designed user interface is worse than one that exposes more essential information to the user but at least makes it simpler to comprehend what’s going on and repair any issues that do develop.

Among other concerns, Buterin brought up the fact that the internet is “not 100 percent dependable” and the necessity for potential offline evidence that users sent transaction data directly to the retailer. Buterin judged “dropping a minor quantity of BTC and ETH” as a result of secret-sharing-based off-chain social recovery mechanisms for wallets to be vulnerable.

According to YCharts, Ethereum transaction costs have decreased to an average of $0.656 at the time of writing, which is much less than the average of $20 seen at the crypto bull market top in 2021.

User experience is a major reason why many Ethereum users, particularly in the Global South, often choose centralized solutions over on-chain decentralized options that maintain power in the hands of the user and his or her friends or local community.

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