USD Coin: "No Gas Transaction" Step in the Right Direction 🤔

in #cryptocurrency2 months ago

usdc.jpg

I just saw this post today and it is available today, and I am glad that some people are taking actions and doing something for the high price ETH Gas fee.

Centre Consortium Announces Release of USD Coin Version 2.0

They have made bunch of improvements to USDC smart contract, and the major thing about this improvement is the "Gassless Send".

Gasless Sends Improve User Experience

USDC transactions on the Ethereum network incur transaction costs called “gas fees.” Most digital wallets require users to purchase and hold a balance of ether (ETH) in order to pay these gas fees. This complexity presents a barrier to mainstream adoption and broad usage of digital dollar stablecoins for internet payments.

I think this is a huge improvement in term of user experience. Currently, when you send USDC you have to have some ETH in your wallet. It might not be a big deal for people who have already some ETH but for crypto newbie or brand new wallet don't necessary have that in the wallet so getting/buying ETH from somewhere and send it to a wallet adds additional steps and costs to the transaction process.
And this is definitely not a good UX.
Without having to have ETH to send USDC is a huge improvement, and gas fee can be deducted from USDC.

But there is more. After upgrade USDC users might not have to pay for gas.
"Gasless send" sounds great! but this doesn't mean that users won't have to pay for gas.

This allows developers to either provide that service themselves, or allows a third party service to pay the related fees.
In other words, developers can either pay the fees on behalf of the customer or present and deduct the fees in USDC.

If developers or 3rd party decide to cover gas fees, it won't cost anything for users. If not, users still have to pay... 😅 and probably, not many developers will cover for your gas since gas price is too exensive...

But still, gas fee is coming out of USDC itself is a step in the right direction I think.
Small step, but a good step, IMO.

I think for USDC 3.0, they should adopt a tip system. If the transaction was fast and smooth, nice tip fee is added to the transaction and make miners or validators or whatever will work hard for users and good tips. And users won't have to pay for gas if transaction fails 😆


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