Earth-shattering reform! Vitalik aims to transform Ethereum into 'Bitcoin 2.0' within 5 years! 😱🚀

Simplifying the protocol, skyrocketing efficiency, challenging the L1 dominance!

Vitalik's Simplification Vision

Ethereum co-founder Vitalik Buterin proposed a 5-year plan in a blog post on May 3, aiming to make the Ethereum protocol as simple and efficient as Bitcoin. He criticized the current complexity for leading to high development costs and significant risks, suggesting a reorganization of consensus, execution, and component architecture to enhance security and scalability.

Core Reforms

Consensus Layer: Proposing a '3-slot finality' model, simplifying the validator mechanism, adopting STARK aggregation protocol, and optimizing fork rules.

Execution Layer: Migrating EVM to RISC-V virtual machine, supporting zero-knowledge proofs, achieving a 100-fold performance increase, and maintaining compatibility with old contracts.

Standardization: Unifying erasure coding, SSZ serialization, and tree structures, streamlining code, and implementing a line limit similar to Tinygrad.

Market Background

Nansen CEO Alex Svanevik stated that Ethereum's L1 dominance is declining, with competing blockchains capturing market share. Vitalik's simplification strategy aims to revitalize Ethereum and solidify its position in the cryptocurrency market.