Vitalik Buterin Prioritizes Problem Solving On Ethereum Network

Ethereum founder, Vitalik Buterin. (Photo; Doc. TechCrunch)

JAKARTA - The fee and transaction issues associated with the Ethereum network are still an obstacle to mass adoption. According to Vitalik Buterin, the founder of Ethereum, the main focus is to improve the user experience on the Ethereum network. In his blog published on February 28, Buterin highlighted key issues that needed to be fixed before the Ethereum network could be accepted by broad users.

Buterin stated that high transaction fees are a major problem in the Ethereum network. He shared his personal experience of trying to pay with Ethereum in Argentina in 2021 and finding that high transaction fees made it difficult to use Ethereum. Apart from that, he also complains that there is a very long time lag between transactions which sometimes irritates users.

Buterin realized that this problem could be solved by providing a simpler and more powerful user interface instead of fancy and streamlined UIs. He also stated that users often do not know how much gas fee limits are needed to process their transactions, so the default value should be increased.

One solution to this problem is to increase the maximum base fee from 12.5 percent to 33 percent, as the Brave Wallet development team did. They also improve the interface and user experience. However, there is still a risk that the network will experience fee spikes if many people make transactions at the same time, resulting in the rejection of many transactions.

Buterin is also aware that a poor user experience may cause many users to switch to a centralized solution over a decentralized alternative. Although Ethereum Merge helps speed up the average time to process transactions, there is still much to improve to achieve the global adoption that crypto enthusiasts dream of.

In order to achieve mass adoption, Ethereum must solve the fee and transaction issues associated with its network. To achieve this, a simpler and more robust user interface needs to be provided, and the default value for the transaction fee or gas fee limit needs to be increased.

Although the Ethereum team has made many improvements, there are still many risks associated with using Ethereum. A solution as implemented by the Brave Wallet team should be adopted to fix this problem and improve user experience.