Ethereum founder Vitalik Buterin shared his experience using cryptocurrencies in daily life micro transactions. Buterin also shared suggestions about what should be done to make cryptocurrencies more inclusive in daily life transactions. Buterin’s experience paying for things with Bitcoin and Ethereum was not as smooth as he expected.

Vitalik Buterin lists problems with Ethereum network

In his recent blog post, Vitalik Buterin recalled his experiences when he tried to pay for a cup of tea with bitcoin in 2013 and when he tried the same in later years. The Ethereum co-founder tried to pay for a cup of tea in Argentina in 2013. The first transaction did not go through due to being below exchange limits. The second one went through, but he ended up paying three times more than the price of the beverage. Airing his frustration about the inconveniences, Buterin listed some suggestions on how the network can be improved to make it compatible for daily transactions.

Vitalik Buterin also addressed issues with confirmation times and delays between transactions being accepted and acknowledged by the recipient. The current network system takes too much for the micropayment transactions.However, this has improved b y EIP-1559 and the Ethereum Merge.

Ethereum founder suggests these improvements

Vitalik wrote in his blog that wallet developers should start thinking much more explicitly about privacy. He added that we need better forms of account abstraction to remove the need for centralized or even federated relays, and commoditize the relaying role. Ethereum co-founder highlighted the importance of a better user interface among wallets.

Vitalike concluded his blog noting that user experience has made great strides over the years – in particular, going from an average transaction taking minutes to get included before EIP-1559 to an average transaction taking seconds to get included after EIP-1559 and the merge, has been a night-and-day change to how pleasant it is to use Ethereum. But more still needs to be done, Buterin added.

The post Vitalik Buterin Suggests Improvements On Ethereum Network appeared first on CoinGape.

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Filed under: News - @ February 28, 2023 12:21 pm