Ethereum Founder Vitalik Buterin Expresses Concern Over Complexity, Advocates for Streamlined Blockchain Structure
Frontier of Finance: Simplifying Ethereum for the Masses
Vitalik Buterin, the co-founder of Ethereum, wants to streamline the Ethereum blockchain to make it as simple and reliable as Bitcoin for the everyday user.
In his latest blog post, Buterin admires the elegance of Bitcoin's design, crediting its simplicity as a key factor in its worldwide recognition and acceptance. He states, "Ethereum's excessive complexity has led to higher development costs, multiple security risks, and an insulating research and development culture, often for dubious benefits."
Buterin argues that simplicity can lead to increased public interest in decentralized technologies, reduced infrastructure expenses, minimized security risks, and a smaller "attack surface." He believes that Ethereum could closely match Bitcoin's level of simplicity within the next five years, beginning with a revamp of the consensus layer.
"The updated consensus layer aims to leverage our decade-long expertise in consensus research, ZK-SNARK development, staking economics, and other fields to create a long-term optimal consensus layer for Ethereum. This new consensus layer will be well-suited to offer a simpler and more secure base for the Ethereum network."
Additionally, Buterin aspires to simplify Ethereum's execution layer. He argues that the current Ethereum Virtual Machine (EVM) has grown increasingly complex and that much of this complexity is unnecessary. A more drastic solution, according to Buterin, would be to replace the EVM with a leaner virtual machine that would empower Ethereum ZK-provers, like the popular RISC-V architecture.
At the time of writing, Ethereum is trading at $1,803.
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In his latest blog post, Buterin proposes to simplify the Ethereum blockchain by updating the consensus and execution layers, aiming to bring Ethereum closer to the simplicity of Bitcoin and reduce high development costs, security risks, and complexity. This move could potentially attract more public interest and minimize infrastructure expenses, security risks, and attack surface, making Ethereum more reliable and user-friendly for the masses. (Simplicity, Ethereum, blockchain, cryptocurrency, finance)
Vitalik Buterin's focus on streamlining Ethereum and leveraging research in consensus, staking economics, and ZK-SNARK development can lead to a more efficient and secure base for the Ethereum network, resulting in altcoins that could gain traction from increased public interest and a better-positioned Ethereum. (Simplicity, Ethereum, altcoins, blockchain, cryptocurrency, finance)
