Will Ethereum Become the New Bitcoin? Vitalik Buterin Has a Plan For It

Ethereum co-founder Vitalik Buterin Vitalik Buterin Vitalik Buterin is a well-known tech geek, influencer, and computer programmer. To promote the blockchain, he started Bitcoin Magazine and provided blockchain information for cryptocurrency investors. In 2015, he co-founded Ethereum, a blockchain platform that contributed to decentralized finance.   Quick Facts   Full name Vitaly Dmitrievich Buterin Birth 31-01-1994, Kolomna, Russia Education University of Waterloo Wife/Partner To be updated / Not Married Famous for Ethereum, ETH, Blockchain advocate/promoter  Net Worth $1B (refer for real-time)   Buterin recognized the need for decentralized finance and used smart contracts to publish the Ethereum whitepaper.  His contributions paved the way for Ethereum's transition to Proof-of-Stake, which proved to be scalable and effective. Furthermore, he introduced Ether (ETH), the blockchain platform's native coin. A Timeline of Vitalik’s Career Co-founded Bitcoin Magazine (2011) – Established one of the first crypto publications, writing extensively on Bitcoin and blockchain. Authored Ethereum Whitepaper (2013) – Proposed a blockchain with smart contract functionality for decentralized applications (d Apps). Co-founded Ethereum (2015) – Launched Ethereum after a successful $18M ICO, revolutionizing the blockchain ecosystem. Developed Ethereum Virtual Machine (2015–2016) – Created the EVM, enabling developers to build and deploy smart contracts. Worked on Ethereum Scalability (2017–2021) – Contributed to Layer 2 solutions like Rollups, Plasma, and Sharding. Led Ethereum’s Transition to Proof-of-Stake (2018–2022) – Helped develop and implement Ethereum 2.0, merging the Beacon Chain in 2022. Blockchain Research & Cryptography (2016–Present) – Focused on zk-SNARKs, privacy tech, and decentralized governance models. Philanthropy & Crypto Advocacy (2017–Present) – Donated millions in crypto for pandemic relief, AI research, and financial inclusion.   Other Useful links to connect with Vitalik Buterin   Platform Link GitHub https://github.com/vbuterin EntrepreneurCrypto and Blockchain Expert is setting the stage for a major overhaul of the Ethereum network. His goal? To simplify its architecture, enhance scalability, and boost long-term stability. Drawing inspiration from Bitcoin’s minimalist design, Buterin is pushing for a shift that could reshape Ethereum’s future.

Is this the key to Bitcoin-like success? Let’s dig in to see what Buterin is cooking up. 

Is Ethereum Too Complex?

Ethereum has evolved into a decentralized powerhouse, hosting an array of applications from DeFi platforms to NFTs and DAOs. But this flexibility has come at a cost. 

The platform’s complexity has ballooned over time, leading to slower performance, higher costs, and greater security risks. Buterin acknowledges these challenges and is now advocating for a leaner, more efficient Ethereum.

“Historically, Ethereum has often not done this (sometimes because of my own decisions), and this has contributed to much of our excessive development expenditure, all kinds of security risk, and insularity of R&D culture, often in pursuit of benefits that have proven illusory.”

Buterin’s Proposal to Streamline Ethereum

In his May 3 blog post, “Simplifying the L1”, Buterin laid out a roadmap to bring Ethereum closer to the simplicity of Bitcoin while preserving its functionality as a decentralized platform. The key changes proposed include: 

Reducing Validator Signatures: Buterin suggests cutting the number of validator signatures from around 28,000 to just 8,192 per slot. This drastic reduction would reduce network congestion and enhance Ethereum’s performance, particularly during high-traffic periods.

Adopting a ZK-Friendly Virtual Machine (VM): One of the most ambitious proposals is to shift from the current Ethereum Virtual Machine (EVM) to a simpler, ZK-friendly VM like RISC-V. This change would significantly improve zero-knowledge proof functionality, enhancing both security and scalability.

Simplifying Data Formats Across the Protocol: Buterin aims to reduce technical debt by standardizing data formats. This would make Ethereum easier to maintain, upgrade, and expand, improving developer accessibility and reducing complexity across the board.

Aiming for a More Efficient Network: These changes would collectively make Ethereum faster, more secure, and more developer-friendly – moving it closer to Bitcoin’s streamlined framework while retaining its unique capabilities as a smart contract platform.

Ethereum vs  Bitcoin: A Design Philosophy Shift

While Bitcoin’s design focuses on simplicity, Ethereum has always been about flexibility, hosting decentralized applications and smart contracts. But this versatility has complicated Ethereum’s scalability and overall management. 

Buterin’s proposal calls for a return to a more minimalist design, taking cues from Bitcoin to make Ethereum easier to develop on and more appealing to long-term investors.

Reviving Ethereum’s Cypherpunk Roots

In his proposal, Buterin also highlights a growing concern: Ethereum’s increasing centralization and financialization. He believes that simplifying Ethereum’s core architecture is key to preserving its cypherpunk origins – focusing on privacy, decentralization, and open-source principles. 

This vision aims to ensure Ethereum remains a platform that empowers users, rather than one that becomes overly commercialized or centralized.

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Crypto Community Reacts

The crypto community seemed to take this well.

Many believe that this shift aligns Ethereum with the foundational values of blockchain technology and positions it for long-term success.

Moving On, What Can We Expect?

So, what’s next for Buterin’s simplification plan? Over the coming months, he plans to release detailed specifications, gather feedback from the developer community, and begin phased testing of the proposed changes.

These updates will focus on reducing complexity, enhancing scalability, and strengthening the network’s long-term sustainability – all while fostering deeper collaboration with the Ethereum community.

This back-to-basics move could reshape Ethereum’s future. We’re looking forward to it!