The co -founder of the second in capitalization of cryptocurrency Ethereum (ETH) Vitalik Buterin Offered Dramatically change the architecture of the blockchain he developed. In his opinion, it is necessary to replace the fundamental algorithms of the “ether” for the potential acceleration of processes ten times, which will “become almost as simple as bitcoin”. He writes about that RBC Crypto.
Buterin proposed replacing the software environment known as the Ethereum (EVM) virtual machine with a new modular mechanism called RISC-V.
“One of the best features of Bitcoin is how beautiful and simple this protocol is,” Buterin wrote, describing the architecture of Bitcoin.
According to Butaterin, the simplicity of the protocol gives advantages that are key to turning it into reliable, neutral and universal confidence of the blockchain.
Buterin explained that RISC-V can reduce the cost of creating a new infrastructure for Ethereum and reduce the long-term cost of servicing the protocol, as well as reduce the “risk of catastrophic errors”.
RISC-V has already been used in the development of blockchain networks. One of them is Polkadot (Dot), the founder of which is the English scientist in the field of computer science Gavin Wood. He is also the co-founder of Ethereum and one of the founders of EVM technology, on the basis of which the Ethereum blockchain network works.
Buterin believes that EVM, created specifically for Ethereum, significantly slows the blockchain due to the lack of flexibility, and the transition to RISC-V potentially “increases the number of people who understand and can participate in the research of the protocol”.
Work on mistakes
The proposal to change the architecture of Ethereum sounded simultaneously with the recognition of failures in the development of the second capitalization of cryptocurrency. Buterin noted that the network often did not make the necessary improvements “sometimes because of [его] own decisions ”, which led to actions perfect“ in pursuit of the benefits that turned out to be illusory ”. The predicted transition time to RISC-V will be five years.
At the same time, the Ethereum Foundation (EF), standing for the creation and development of ETH, undergoes significant restructuring Ethereum Foundation. Two main EF goals are to expand the use of Ethereum due to the advantages for users, as well as strengthen stability and decentralization, eliminating the weak points of the project.
In addition to this on May 7, Ethereum is planned to one of the largest updates over the past few years called Pectra. Although it was originally planned at the end of April, it was postponed due to a number of technical difficulties at the testing stage.
Pectra is divided into two main stages. The first, which will take place on May 7, will include mechanisms for reducing commissions on the main network and the so -called second -level networks (L2) by type Arbitim, Optim, ZKSYNC, StARKNET. It is also planned to include the Account ABSTRACTION function, designed to introduce the possibility of paying for transaction commissions in different tokens, such as USDT, DAI or USDC.
The second stage is expected in 2026. It was assumed that the changes would affect the Ethereum virtual machine to make smart contracts more efficient, and technologies for increasing the scalability of the second level by reducing the network loads. However, now it is not known how the old plans will be realized in connection with the new proposal of Butaterin on a cardinal change in architecture.
Such changes in Ethereum will require a wide consensus in a huge community of interested, which is a serious problem, noted Analyst Kronos Research Dominic John for Decrypt. And the alleged changes themselves may require retraining of developers.
Despite large -scale plans, since the beginning of January, ETH quotes collapsed by more than 45%, to $ 1.83 thousand, such a price level was observed earlier, at the end of 2023. For comparison: the price of bitcoin over the same period increased by about 250% – to $ 95 thousand. The capitalization of the total cryptorrhist as a whole increased more than doubled for the same period, according to CoinmarketCap.
However, experts suggest not focusing on price.
“The price is not an indicator of technological maturity. That the price [ETH] It does not grow, does not mean that Ethereum fails. He [Ethereum]On the contrary, it is developing because it lays the infrastructure that others copy, ”Tada Pinakievich quotes the DeCrypt investment company, quoted.
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Source: Cryptocurrency
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