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Kyber Network, token running on Ethereum [ETH] blockchain, has a new proposal for the Ethereum community. The Kyber network allows you to make payments on the blockchain decentralized via other ETH and ETH-based tokens.
In its latest proposal to improve the Ethereum (EIP), the network seeks to standardize the reporting of transactions through a proposal called ERC-1257. EIP proposes a standard called Proof of Payment which will help you track payments of different parts on the ETH blockchain, ie humans and smart contracts.
The reason behind the proposal was that Kyber found it difficult to keep track of payments on the blockchain, especially those made by smart contracts. There are more than 150,000 smart contracts registered on the Ethereum network whose records need to be maintained and tracked to improve efficiency and security.
Kyber also believes that it is important to distinguish between payments made by humans and those made by smart contracts. According to Kyber, this difficulty in tracking payments is causing a bottleneck in the adoption of decentralized token payments.
In a post published yesterday, Anton Buenavista, a developer who collaborates with the Kyber Network team, illustrated some of the problems that led the network to design the EIP and how the EIP would have effectively benefited not only of Kyber but also of the entire ecosystem of Ethereum. .
In addition to the need to solve the difficulty in tracing payments made by smart contracts and in the need to distinguish between those made from smart contracts and human beings, Anton believes that the need for multiple filing addresses needs to be removed during processing of payments.
This applies particularly to merchants who accept ERC-20 token payments and wish to keep track of their payment records. More often than not, it is better to create unique addresses for each transaction to improve the tracking of records. However, this creates a situation in which the trader has to make another transaction to transfer these funds from multiple addresses to a single address. In terms of costs, this is not cheap and the trader suffers from paying the gas tariffs that could build up after a while.
Anton believes that the adoption of the ERC-1257 standard for processing payments involving smart contracts will benefit various parts, including protocols, merchants and application developers. Pushing for the adoption of the Proof of Payments standard, Kyber aims to "foster collaboration to improve payment flows within the ecosystem".
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