Bhaskar Sharma, writing in , has proposed a case for a more user-friendly token in ethereum that will support the adoption of decentralized applications (DApps) by allowing users to pay transactions fees using tokens rather than ether.
Fees in the ethereum blockchain — which are needed to pay miners for placing transactions into blocks and securing the blockchain — create friction for new users, Sharma noted. Users have to recognize how Ethereum works to understand the gas price and cost. They also need to acquire the necessary ether to pay for both of these.
Such fees create unnecessary hurdles for adopting DApps with internal tokens, reducing their even as they attract significant mainstream attention. If the process could be abstracted so users could use the DApp without being about the underlying network, these hurdles would be removed.
ERC865 addresses these issues and offer a better user experience for token transfers.
The proposes a system to abstract the gas and offer the ability for token holders to pay the transaction fee for “token transfer” in tokens rather than gas, all in a single transaction.
The process introduces a third party willing to assume the transfer fee in tokens and forward the transaction with the fee in ether. Such a process can be secured with cryptographic signatures, as detailed in this .
Finally, Sharma suggests a mechanism should exist to invalidate a transaction. He thinks there should also be a time-bound optional condition in the transaction so that it becomes invalid following a specified time period. This way, the transaction is revoked automatically after the time out, and it provides a cancellation mechanism without sending an explicit invalidating transaction.
Featured Image from Shutterstock.
Follow us on .
Advertisement
Published at Wed, 02 May 2018 23:15:07 +0000
Ethereum News
