Ethereum’s founder, Vitalik Buterin, has proposed some interesting ideas to enhance users’ experiences with the Ethereum blockchain. Currently, using Ethereum can be slow, and transaction fees can be high, which can be frustrating for anyone attempting to make purchases or utilize applications on the Ethereum network.
In a 30th June blog post, the programmer acknowledges that Ethereum’s transaction speeds have improved significantly over the past few years but still have room for growth. He mentions the concept of “finality,” which refers to the time it takes for a transaction to become irreversible. Quicker finality times mean reduced waiting times for users.
Meanwhile, Buterin recognizes these issues and aims to make transactions faster and more affordable. One of his main objectives is to decrease the time required to confirm transactions, which currently takes 5 to 20 seconds on Ethereum. While this may seem short, he argues it is slower than using a credit card for payments.
Vitalik Buterin Shares Keys to Smoother User Experience
Vitalik Buterin has proposed several approaches to speed up the confirmation process on the Ethereum blockchain. One idea is “single slot finality,” which could reduce confirmation times to just a few seconds.
Another approach is “based preconfirmations,” where users can pay an extra fee to expedite their transactions. The programmer is aware of the possibility of bad actors and suggests that proposers who violate their promises can face penalties. This system would be handy for fast transactions, such as online purchases.
Additionally, Vitalik Buterin recognizes the emergence of Layer 2 solutions, which can provide faster transaction times on top of the Ethereum blockchain. While he sees these as a viable option for some applications, he also believes there is room for improvement within the Ethereum network.
He suggests that some rollups, designed for simple tasks like storing account information, might not need the fastest speeds and could function just fine with the current Ethereum setup.
However, rollups need additional help for applications requiring super-fast transactions, such as online games. This is where preconfirmations come in. Preconfirmations allow users to guarantee that their transaction will be included in the next block, significantly reducing users’ waiting times.
Meanwhile, Buterin admits there are still many unanswered questions. He is still determining how sophisticated block proposers on the Ethereum network will become in the future, which affects how these new systems are designed. But he believes that by exploring all the options, the Ethereum team can create a system that works well for users on the main Ethereum blockchain (L1) and those using rollups (L2).
Rollups are separate blockchains that work alongside Ethereum. Transactions are bundled on a rollup and then submitted to the Ethereum blockchain for final confirmation.
A User-Centric Vision for Ethereum’s Future
Ethereum has been the world’s leading blockchain network for launching diverse, decentralized applications and projects due to its innovative features and constant development. Its native token, Ether, has also remained the second-largest coin by market capitalization.
Vitalik Buterin’s recent ideas are a crucial step towards mainstream adoption, and implementing them might further strengthen Ethereum’s growth and global adoption in the future.
