Vitalik Buterin proposes simplifying the Ethereum protocol for increased efficiency and security, emphasising the importance of simplicity for scalability. He outlines three specific methods for achieving this goal, including optimising the consensus layer and replacing the Ethereum Virtual Machine. Investors hope these changes will improve Ether’s value, which has struggled recently but saw a 15% rise in two weeks.
In a notable shift for Ethereum’s long-term plans, co-founder Vitalik Buterin is championing the idea of simplifying its base protocol to boost network efficiency and resilience. In a blog post released on May 3rd, he emphasised that simplicity, often overlooked, plays a crucial role in both scalability and the network’s robustness.
Buterin pointed out the elegance of Bitcoin’s blockchain, stating that even a smart high school student can grasp the protocol. A programmer could feasibly create a client as a side project. This simplicity, according to Buterin, not only fosters trust in networks like Bitcoin and Ethereum but also cuts down on infrastructure costs and minimizes potential bugs along with malicious exploit risks.
He laid out a vision for Ethereum to become comparably straightforward to Bitcoin within five years. Buterin suggested that this could be achieved by optimising the consensus layer, specifically introducing a redesign with a three-slot finality.
Moreover, Buterin commented on the growing complexity of the Ethereum Virtual Machine (EVM), proposing a new minimal virtual machine, similar to RISC-V, to replace it. He noted, though, that simplifying the EVM without sacrificing backwards compatibility for existing applications is quite the challenge.
Buterin also highlighted a third approach to achieving greater protocol simplicity: maintaining a single standard across the various protocol components. He remarked that there’s often little value in employing different protocols that serve the same function in different contexts.
In his conclusion, Buterin drew parallels between simplicity and decentralisation, stressing that both are essential for achieving resilience in blockchain networks.
On a related note, investors will be keen to see if Buterin’s proposed changes will impact the value of Ethereum’s currency, Ether. Unfortunately, the performance of ETH has not been particularly impressive this year, with four consecutive months showing losses.
At the time of reporting, Ether trades at approximately $1,817, marking a 1.6% dip in the last day. However, there was a silver lining recently, as ETH gained nearly 15% over the last two weeks, hinting at possible bullish sentiment returning to the market.
