Ethereum founder Vitalik Buterin has proposed a new plan aimed at making the cryptocurrency significantly faster and easier to use. In a blog post dated May 3, he expressed his goal of increasing the system’s speed by up to 100 times while simplifying it to match the ease of use associated with Bitcoin.
What changes does he propose?
Currently, Ethereum operates on the Ethereum Virtual Machine (EVM), which serves as the foundation for running Smart Contracts. However, Buterin believes that the EVM has become too complicated. He proposes shifting to RISC-V, a simpler and open system that is already utilized in other technology projects. This transition would allow Ethereum to operate more efficiently, potentially executing some tasks 100 times faster. Importantly, existing Smart Contracts would still remain functional.
Buterin highlights one of Bitcoin’s key strengths: the simplicity of its protocol. This simplicity helps users better understand the system, making it more reliable and secure. By simplifying Ethereum, more developers could engage in its growth, reducing the risk of significant errors and potential abuses.
Other proposed changes include:
1. **Simpler Consensus Mechanism: 3-slot Finality**
Ethereum plans to adopt a more straightforward method for finalizing transactions known as the 3-slot finality system. This approach significantly simplifies the code, reducing it from thousands of lines to approximately 200. The previous method (Gasper) was overly complex, involving periods, committees, and numerous rules. The new system is akin to requiring just three votes to finalize a decision—making it simple, quick, and understandable.
2. **Unified Data Format (SSZ)**
Currently, Ethereum utilizes different methods for saving and transmitting data across its platform. Buterin suggests implementing a standard data format (SSZ) uniformly throughout.
3. **Shared Tree Structure for Data (Merkle Trees)**
Ethereum presently employs a complicated tree structure to organize its data. Buterin proposes switching to a more efficient and simpler structure, similar to a binary tree with enhanced hash functions. Imagine searching through a disorganized card box versus having everything neatly sorted in a labeled drawer—the latter is far easier to navigate.
4. **Relocation of Complex Legacy Code to a ‘Translation Layer’**
Ethereum contains many outdated functions that remain necessary for older applications. To streamline the core system, Buterin recommends moving this legacy code to a separate layer, enhancing both safety and simplicity.
Challenges ahead
Not everyone is convinced about this plan. Analysts warn that implementing such extensive changes may require developers to learn new skills, and some tools may not yet be ready. Additionally, the transition could disrupt existing components. Since decisions within Ethereum rely on consensus, achieving agreement among the diverse stakeholders will be a considerable challenge, particularly for such a significant overhaul.
Buterin acknowledges that he has not always made optimal choices in the past and admits to previously opting for solutions that later proved less effective. However, many experts view Ethereum’s focus on long-term development positively. The market value of Ether isn’t the sole indicator of progress; the technology itself is continually evolving and improving.
The certainty of RISC-V becoming Ethereum’s new engine remains to be seen, but it is clear that Vitalik Buterin is committed to building a future where Ethereum is faster, simpler, and more efficient. This commitment is crucial, as Ethereum faces increasing competition from other platforms.
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