As a result of the recent massive rises in the Bitcoin price, the Bitcoin unit (1 BTC ~= 60000 USD) has become too cumbersome for regular daily use. As a result, the Bitcoin has rallied around satoshis as an alternative unit, with 1 sat = 1/100m BTC. 1 sat is currently within a factor of 2 of the Korean won (and 1700 sat ~= 1 USD), so it's actually usable as a currency unit!
Ethereum is seeing a similar problem; the ETH price being above $4000 makes ETH not very effective as a currency unit. However, even at the start of Ethereum, this problem was anticipated, and some subunit names were proposed in the whitepaper and elsewhere:
- 1: wei
- 10^3: ada
- 10^6: babbage
- 10^9: shannon
- 10^12: szabo
- 10^15: finney
- 10^18: ether
Today, the only one actively used aside from ether is wei (10^9 wei is usually called "gwei" instead of "shannon"). But if we want to, we could bring back the finney (1 finney ~= 4 USD) and make it a more actively displayed unit of ETH. The switch to optimistic rollups could be a great opportunity to do this.
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