Buterin’s Ideas For DeFi Will Disrupt Centralized Finance
Founder of Ethereum (ETH), Vitalik Buterin, published key takeaways about crypto payments from his personal experience in a blog titled, “Some personal user experiences.” The article found on Buterin’s website provided some valuable insights for developers and users alike to improve user experience and reliability of decentralized finance (DeFi).
Quoting his anecdotes from over a span of a decade, Buterin analyzes the challenges he faced in the cryptocurrency payment space and the probable solutions he finds to it. He begins by pointing out that “[the] Internet is not 100% reliable,” a problem he encountered while trying to pay a merchant with his mobile internet.
Eventually, Buterin had to complete the transaction over WiFi that was available 50 meters away. As a solution, he suggests, “We need in-person payment systems to have some functionality [such as] NFC or a QR code.” He believes that this is the best way to get a transaction broadcasted and will allow customers to transfer data directly to the merchant.
Next, Buterin explains that simple-and-robust UIs (user interfaces) are better than fancy-and-sleek ones. This observation comes from the difficulty he faced with default transactions, gas limits, and phone wallet glitches while paying a merchant. He suggests, “We need to have better defaults.”
