Vitalik Buterin’s proposals to use RISC-V instead of Ethereum’s EVM inspire creativity. Learn what this means for cryptocurrency.
Ethereum co-founder Vitalik Buterin unveiled a new proposal over the weekend that would drastically alter the smart contract design.
What is Vitalik Buterin’s RISC-V Proposal for ETH?
Buterin’s proposal, which he shared on ETH’s main development forum, calls for RISC-V, a well-liked open-source framework with integrated encryption and other advantages, to be used in place of the Ethereum Virtual Machine, the software engine that runs programs on the network.
One of the fundamental components of Ethereum’s architecture, the EVM has been credited for helping the network thrive in a crowded field of competing blockchains.
In addition to a burgeoning ecosystem of layer-2 networks built on top of Ethereum, such as Coinbase’s Base chain, many non-Ethereum networks have also exploited the EVM to create their own chains.
Why is the EVM Replacement with RISC-V Significant?
For a long time, the EVM has been crucial to Ethereum’s growth. Developers using EVM-based networks can more easily switch to creating apps directly within the Ethereum ecosystem, while other chains that use it can easily link with Ethereum apps.
Buterin claims that moving Ethereum to a RISC-V architecture will “significantly increase the Ethereum execution layer’s efficiency, addressing one of the main scaling bottlenecks, and can also significantly increase the execution layer’s simplicity.” (Smart contracts are read at the network’s execution layer.)
According to Buterin, the RISC-V architecture might offer “efficiency gains over 100x” for some kinds of applications, while not being extensively utilised in other blockchain ecosystems like Polkadot.
The network’s costs, which have long been seen to be a major barrier to adoption, might be reduced by these improvements.
One of the key benefits of RISC-V is that it supports several encryption methods natively.
Buterin thinks that the community’s current approach, which involves rebuilding the EVM using zero-knowledge cryptography, may be more complicated than moving to the new architecture.
Long-term developers would work on Buterin’s idea, which is similar to initiatives like the Beam Chain, which aims to modernise Ethereum’s consensus layer.
The Ethereum community is going through a period of introspection as a result of the RISC-V. Transaction volumes have decreased recently, and Ethereum’s token has underperformed the market as a whole.
The Ethereum Foundation, the primary charity that supports the expansion of the broader Ethereum ecosystem, changed leadership earlier this year in an attempt to address community members’ impression that the ecosystem lacked a clear strategy and was lagging behind competitors.
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