Ethereum Founder Vitalik Buterin talks about the Transaction Fees on Ethereum

Its one step a day for Ethereum as the next big step comes in for the crypto giant. Soon the Shanghai update is going live and following the testnet that went up yesterday, Ethereum founder Vitalik Buterin has shared his opinion on the steps that Ethereum has to cover, yet, in order to make it more seamless for the community.

In the blog post that was published yesterday, the Ethereum co-founder Vitalik Buterin has documented the continued requirement for the network to improve itself in order to better facilitate Ether as a means of payment. He said, “Good user experience is not about the average case, it is about the worst case.”

His next set of intentions are set on improving the transaction scenarios for the Ethereum network. Besides scalability, that has been a long term issue that the network has been working on to resolve.

More About Shanghai Upgrade

The second big upgrade, following the Ethereum Merge that went live on September 2022, was triggered at epoch 56832 at around 4:04 UTC and finalized at 4:17 UTC on February 28, 2023. The Sepolia testnet was designed as a sandbox environment for developers on the Ethereum blockchain to test out new upgrades before taking them onto the mainnet. It serves as a rehearsal before the actual performance, that mimics what will exactly happen on the mainnet, within the safety of the testnet. Since testnets typically copy the mainnet, it allows developers to test and weed out any bugs and faults in the code before any upgrade is pushed out onto the mainnet.

Read More: Ethereum Shanghai Upgrade Hard Fork goes live on Sepolia Testnet

This upgrade is being called Shapella as it combines Shanghai (which is the fork’s name on the execution layer client side) and Capella (which is the upgrade name on the consensus layer client side).

Sepolia testnet has successfully upgraded to Shapella! 🌃

Some of the Prsym validators are offline due to the old geth version. They will come online in the next 10 mins!

Next stop: Goerli pic.twitter.com/pb43Gq7w9C

— terence.eth (@terencechain) February 28, 2023

What’s Next For Ethereum?

Contrary to what most people think, Ethereum Merge was nothing but the first in a series of steps that are going to be taken to make Ethereum a more efficient, scalable and secure network going forward. The steps ahead, quite comically named, the Surge, the Verge, the Purge and the Splurge will continue to make Ethereum’s proof-of-stake blockchain more scalable and secure.

.@VitalikButerin claims that #Ethereum will be able to to process “100,000 transactions per second”, following the completion of 5 key phases:

• The Merge
• The Surge
• The Verge
• The Purge
• The Splurge

A quick breakdown of what each stage means for $ETH. 👇 pic.twitter.com/FnaWww8mHZ

— Miles Deutscher (@milesdeutscher) July 22, 2022

Working on the ways to improve payments method of Ethereum, Vitalik Buterin mentioned in the blog. “Many times, there has been a surprisingly long time delay between my transaction getting accepted on-chain, and the service acknowledging the transaction, even as ‘unconfirmed.’ Some of those times, I definitely got worried that there was some glitch with the payment system on their side.”

Additional Read: ethereum Price Prediction

Apart from these, Buterin also raised the following issues that persists on the Ethereum Network in today’s time:

• Concerns over the the internet not being “100% reliable”
• The need for offline proof that the customers have indeed transferred  their transaction data directly to the merchant.
• He also mentioned the fragile point about “losing a small amount of BTC and ETH” due to the secret-sharing-based off-chain social recovery methods that are available for wallets.