Ethereum Developer Suggests More User-Friendly Tokens

Ethereum developer, Bhaskar Sharman writing in Medium, has suggested a case for a more user-friendly token in ethereum that will promote the adoption of decentralized application (DApps) by making it possible for users to pay transaction fees using tokens instead of ether.

Charges in the ethereum blockchain-which are required to pay miners for placing transactions into blocks and securing the blockchain- according to Sharman results to constrain for new users. Users need to know how Ethereum operates to comprehend the gas price and cost. It is also expected that they need the right ether to pay for both of these.

Such fees create pointless problems for using Dapps with internal tokens, cutting down their potential to create a larger client network even as they draw in massive mainstream attention. If the process is made theoretical so users can use the DApp without going through the underlying ethereum network, these problems will be resolved.

ERC865 discusses these problems and comes with its solution for the smooth experience for ERC20 token transfers.

ERC865 standard puts forward a system to abstract the gas and provides the ability for token holders to pay the transaction fee for “token transfer” to pay gas fees with tokens.

This process brings in a third party ready to assume the transfer fee in tokens and forward the transaction with the fee in ether.

In conclusion, Sharma proposes a mechanism should be put in place to cancel a transaction. This will make it possible for the transaction to be rejected automatically after the timeout and it provides a cancellation mechanism without sending an obvious invalidating transaction.