Inspired by the minimalist design of Bitcoin, Ethereum co-founder Vitalik Buterin launched a new proposal aimed at generating changes in the Ethereum mainnet, with the goal of making the platform 'the global ledger' in the coming years.

In a paper titled 'Simplifying L1', published on May 3 on his official page, Buterin outlined his vision for restructuring the architecture of the second most important network in the market. This, through consensus, execution, and shared components.

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'The aim of this publication is to shed light on an aspect of resilience (and ultimately, scalability) that is equally important and easy to underestimate: the simplicity of the protocol,' noted the developer.

He recalls what he qualifies as one of the best things about Bitcoin, considering 'how incredibly simple' the protocol of the pioneering network is, being based on a series of blocks connected by a hash.

The validity of each block is verified through proof of work, meaning checking that the first bytes of its hash are zeros. Each block contains transactions. Transactions spend coins created during the mining process or generated by previous transactions. And that is practically it.

Vitalik Buterin, co-founder of #EthereumETFApprovalExpectations $ETH