Key Insights
- •In the latest Ethereum news, Vitalik Buterin says Ethereum’s complexity and regular upgrades threaten the network’s core principles and longevity.
- •Buterin proposes introducing “garbage collection” as part of a fresh redesign that could transform Ethereum into an infrastructure that could last over a century.
- •Price action and ETF flows reveal potential shifts in investor preference between ETH and BTC.
Vitalik Buterin Proposes Major Upgrades for Ethereum Network
As per the latest Ethereum news, Vitalik Buterin has proposed significant upgrades to the ETH network. The Ethereum founder expressed concerns about the network’s current complexity and its approach to minor network upgrades.
Over the past few years, Ethereum news has consistently highlighted the network’s impressive growth and trajectory. Recent developments suggest that the Ethereum network is positioning itself to become a core infrastructure for the financial industry.
In a recent post on X, Vitalik Buterin emphasized the need for changes to ensure Ethereum's operational longevity for at least another century. He proposed implementing modifications aimed at simplifying the network, facilitating trustless operations, and enforcing sovereignty.
Buterin believes the network is currently moving in the opposite direction due to its reliance on complex jargon that is difficult for most individuals to comprehend.
Vitalik Buterin Advocates for a Network Cleanup Effort
According to Ethereum news, Buterin also outlined plans for a substantial cleanup initiative, which he referred to as "garbage collection." The Ethereum co-founder indicated that these proposed changes could be as impactful as the transition from Proof of Work to Proof of Stake consensus.
He stated, "One large-scale garbage collection was replacing PoW with PoS. Another is likely to happen as part of Lean consensus, opening the room to fix a large number of mistakes at the same time."
These proposed modifications could potentially pave the way for the next major upgrade to the Ethereum network, a move that appears sensible given the current surge in adoption.
The changes suggested by Vitalik Buterin may help to reduce friction in Ethereum's evolution into a global financial infrastructure. He believes such adjustments are crucial for long-term viability and would enhance its appeal for institutional adoption on a global scale.
The Ethereum founder drew a parallel to SpaceX's engine development and simplification efforts over recent years, illustrating the direction he envisions for his proposals.
While Vitalik's proposed changes outline an intriguing roadmap, they are currently in the discussion phase. The implementation of Ethereum Improvement Proposals (EIPs) on related subjects would be necessary to initiate the process.
Is ETH Gaining on Bitcoin in Investor Preference?
There are instances where Ethereum garners more attention than Bitcoin, and this trend may be currently observable. For example, the ETH price concluded the past week with a gain of over 6%, while the Bitcoin price increased by approximately 4%.
Institutional investment patterns might also favor ETH over BTC. In recent days, Ethereum ETFs collectively attracted $169 million worth of Ethereum on Thursday and Friday. Concurrently, Bitcoin experienced net outflows totaling $294 million over the same two-day period.
Notably, the altcoin index saw an increase from 31 points to 35 points within the last two days.
The altcoin index began the year on an upward trend, indicating a resurgence of interest in altcoins. The recent shift in the index, coupled with observed higher inflows into ETH compared to BTC, could signal a comeback in demand for altcoins.