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Bhaskar Sharma, writing in Medium, proposed an argument in favor of a more user-friendly ethereum token that will support the adoption of decentralized applications (DApps) by allowing users to pay transaction fees using tokens rather than ether.
Ethereum blockchain fees – which are needed to pay miners to place transactions in blocks and secure the blockchain – create friction for new users, Sharma noted. Users need to understand how Ethereum works to understand the price and cost of gas. They also need to acquire the ether needed to pay for both.
Such fees create unnecessary barriers for the adoption of DApps with internal tokens, reducing their ability to build a broad base of users, even if they attract the attention of the user. General public. If the process could be summarized so that users could use the DApp without worrying about the underlying ethereum network, these obstacles would be removed.
ERC865 solves these problems and offers a better user experience for ERC20 token transfers.
ERC865 provides a system for extracting gas and offering token holders the ability to pay transaction fees for "token transfer" in chips rather than gas, all in a single transaction. .
The process introduces a third party who is willing to assume the token transfer fees and to transmit the transaction with the fees in question. Such a process can be secured with cryptographic signatures, as detailed in this blog.
Finally, Sharma suggests that a mechanism should exist to invalidate a transaction. He thinks that there should also be an optional condition limited in time in the transaction so that it becomes invalid after a specified period of time. In this way, the transaction is revoked automatically after the expiration of the deadline, and it provides a cancellation mechanism without sending an explicit invalidation transaction.
Featured image from Shutterstock.
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