Vitalik's Vision for Ethereum: Simplicity, Bitcoin-Style

- Vitalik Buterin presents a vision to simplify the Ethereum protocol - Aims to improve efficiency, security, and accessibility by simplifying similar to Bitcoin [Unblock Media] Vitalik Buterin recently outlined his vision to simplify the Ethereum protocol to a level similar to Bitcoin in his latest blog post "Simplifying the L1." The goal is to make the network more efficient, secure, and accessible, taking inspiration from Bitcoin's simple design. proposed new architectures and standards across the protocol to simplify Ethereum's core protocol. While recent upgrades like Proof-of-Stake and the integration of Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (zk-SNARK) have made Ethereum more robust, he pointed out that the technical complexity has lengthened development cycles, increased costs, and heightened the risk of bugs. In this context, he is focusing on the "3-slot finality" model to simplify the consensus layer by removing complex elements like epochs, sync committees, and validator shuffling. This simplified structure makes it easier to implement simpler fork choice rules, thereby enhancing network security. For the execution layer, Buterin proposed replacing the Ethereum Virtual Machine (EVM) with a ZK-friendly RISC-V virtual machine. RISC-V is an open instruction set architecture (ISA) that aims for high efficiency through a simple instruction set. This change promises a 100-fold performance improvement in zero-knowledge proofs and could further simplify the protocol. Initially, he suggested executing existing EVM contracts on-chain via a RISC-V interpreter and supporting both virtual machines during the transition. across the protocol was also highlighted as important. Buterin suggested the adoption of a single error correction code (deletion code), simple serialization format (SSZ), and tree structure to reduce duplicated complexities and streamline Ethereum’s tools and infrastructure. However, Ethereum has been losing market share compared to other competing blockchain networks. Alex Svanevik, CEO of Nansen, noted that Ethereum is losing its past dominance. The high transaction fees and scalability issues of Ethereum have driven users and developers to other blockchains that offer cheaper and faster solutions. Competitors like Solana, BNB Chain, and Avalanche have successfully attracted users and developers through lower fees and faster transaction speeds, and some parts of the DeFi and NFT ecosystems have grown on these chains, reducing Ethereum's market share. Amidst this competition, Ethereum's simplification is an important change that enhances network efficiency. Buterin's vision focuses on bolstering the long-term scalability and resilience of the network, aiming to create a more accessible blockchain environment. However, these proposals have multiple challenges to address, including technical complexity, community consensus, and security risks. Particularly, replacing the EVM with the RISC-V VM is highly complex, and resolving compatibility issues with existing EVM contracts could take considerable time. Additionally, gaining sufficient community support and passing the EIP process could also take a long time, potentially further extending the development cycle.