Ethereum Founder Suggests Simplifying Ethereum to Match the Ease of Bitcoin Usage
Take it Down to Basics: Vitalik Buterin's Plan to Simplify Ethereum
The minimalist's dream? Vitalik Buterin reckons so! The co-founder of Ethereum believes the network should strive for the same simplicity as Bitcoin, keeping its advanced features intact. In a blog post on May 3, he extolled the virtues of Bitcoin's simplicity, stating its benefits should be brought to Ethereum.
Simplify, Simplify, Simplify
Ethereum's complexity can be reduced in three major areas:
- Consensus Layer: Buterin suggests streamlining the consensus mechanism, including implementing a 'three-slot finality' design, reducing active validators, and using STARK-based aggregation to remove trust concerns.
- Execution Layer: The complex Ethereum Virtual Machine (EVM) could be replaced by a simpler virtual machine like RISC-V, providing significant performance improvements and ease for developers.
- Unified Standards: Sharing one optimized standard across different layers could minimise overall complexity and inconsistencies.
Why Simplify?
Reducing complexity could have numerous advantages: making the network easier to understand, boosting developer participation, lowering infrastructure costs, minimising maintenance requirements, and decreasing the risk of critical bugs and social attacks.
Buterin compares seeking simplicity in Ethereum to embracing decentralization – it may be a costly investment in the short-term, but the long-term benefits are substantial.
Ethereum's Price Dilemma
The cryptocurrency market hasn't been kind to Ethereum this year. Its market share has hit rock bottom, with prices hovering just above $1,800. Despite analysts' confidence in Ethereum's potential to recover this year with new upgrades and a roadmap, it's still struggling at bear market levels, down 63% from its 2021 peak.
While Ethereum struggles, Bitcoin remains 13% below its peak price earlier this year. Yet, despite the gloomy outlook, some investors remain hopeful that Ethereum can bounce back.
- Vitalik Buterin, co-founder of Ethereum, aspires to emulate Bitcoin's simplicity within Ethereum, retaining its advanced functionalities.
- In a quest for simplicity, Buterin proposes streamlining Ethereum's consensus mechanism, involving 'three-slot finality', reducing active validators, and adopting STARK-based aggregation to address trust concerns.
- The complex Ethereum Virtual Machine (EVM) could potentially be replaced by a simpler one like RISC-V, offering performance improvements and easier development.
- Unified standards across different layers could minimize overall complexity and inconsistencies, per Buterin's plan.
- Simplifying Ethereum could yield numerous advantages, including making the network easier to comprehend, boosting developer participation, lowering infrastructure costs, and diminishing the threat of critical bugs and social attacks.
- As Ethereum grapples with a bear market, its price remaining around $1,800, while Bitcoin stays 13% below its peak, some investors remain optimistic about Ethereum's potential recovery this year due to upgrades and new roadmap.
