Article Summary
Vitalik Buterin, co-founder of Ethereum, proposed a plan to simplify the ETH blockchain to address concerns regarding the complexity of adding new developers. The plan includes replacing the Ethereum Virtual Machine (EVM) with a simpler alternative to reduce maintenance costs, boost adoption, and performance. The proposal aims to bring Ethereum’s technical architecture closer to Bitcoin’s, making it more accessible to high school students and programmers.
What This Means for You
- Practical implication: Simplification of the Ethereum blockchain may attract more developers to build on the chain.
- Actionable advice: Consider learning more about Ethereum and its potential changes if you are a developer or follow blockchain technology.
- Future outlook: The ETH/BTC ratio hit its lowest level in over five years, but a recovery is underway, with ETH/BTC trading at 0.02237 as of writing.
- Warning: Cryptocurrencies are volatile, and investments should be made with caution, following thorough research and consultation with a financial advisor.
Original Post
Vitalik Buterin, co-founder of the largest altcoin, Ethereum, proposed a plan to revamp the ETH blockchain. After months of criticism and allegations faced by the Ethereum Foundation, the 31-year-old entrepreneur addressed major concerns regarding the “complexity” of adding new developers to the blockchain platform.
Buterin plans to simplify Ethereum blockchain
Vitalik Buterin acknowledged that the Ethereum blockchain has layers of technical complexity that makes it challenging for developers to get onboarded, maintain or develop projects on the chain.
The Ethereum Virtual Machine (EVM) is considered the heart of the ETH blockchain, and Buterin believes it can be replaced with a simpler alternative. Buterin’s proposed plan is to simplify the Ethereum blockchain to Bitcoin’s extent, boosting the adoption of the chain and its native token.
In a blog post on May 3, Buterin said that the simplification could reduce the cost of creating new infrastructure on the Ethereum blockchain, lower maintenance costs and boost performance.
How Ethereum could battle Bitcoin in five years
In his proposal, Buterin outlined a roadmap to simplify Ethereum and bring it as close as possible to the Bitcoin blockchain. Explaining how Bitcoin’s technical architecture can be understood by high school students and programmers can write client projects as a hobby on the side, Buterin says ETH can evolve.
In a nutshell, Buterin proposed that the Ethereum development team fix an explicit maximum line of code target for the long-term. The objective is to simplify Ethereum and bring it as close to Bitcoin as possible, in terms of consensus.
Buterin described several rules for code and developers that would make the process easier and likely invite more devs to join in and build on the chain.
While Buterin plans for Ethereum to take on Bitcoin in five years, as of 2025, the ETH/BTC ratio hit its lowest level in over five years. The last time ETH/BTC visited the 0.01766 low was January 2020.
This could be Ethereum’s bottom. Since hitting the low, the ratio has recovered. ETH/BTC trades at 0.02237 at the time of writing.
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