Vitalik Buterin, the co-founder of Ethereum
$
1,829, pointed out the increasing technical complexity of Ethereum as a pressing issue, worsening development costs, and security risks, as well as fostering a closed research culture. To address these problems, he proposed an in-depth plan that aims to simplify the blockchain architecture significantly over the next five years.
Simplicity and Accessibility
Buterin highlighted Bitcoin’s straightforward protocol structure as an exemplary model, emphasizing its ease of understanding. By adopting simplicity, both users and developers are expected to gain a clearer understanding of the system’s operations. The implementation of this proposal is anticipated to reduce knowledge-based interventions and infrastructure costs.
“Bitcoin’s most defining feature is its simplicity. Ethereum aims to achieve similar benefits.” – Vitalik Buterin
Structural Changes in the Protocol
The proposal encompasses changes in both the consensus and execution layers. It aims to simplify the notion of slots and epochs by introducing innovations like “3-slot finality” in the consensus layer. Additionally, the proposal suggests opting for a simpler virtual machine like RISC-V over the current Ethereum Virtual Machine.
Buterin noted that these modifications have the potential to significantly enhance system performance, with efficiency possibly increasing by over 100% in certain cases. Consequently, this is expected to reduce error risks and costs in the long term.
Ethereum’s recent performance issues are also addressed within this proposal framework. While Ethereum experienced a value decline of approximately 40% in the past year, Bitcoin 
$ 96,209 saw a 63% rise. This contrast has prompted the need to reassess Ethereum’s market position and value proposition.
It is believed that the proposal could help Ethereum reach a broader audience of developers and users, achieving progress in scalability and security areas. Additionally, the more open system architecture is anticipated to increase interest from institutional investors.
While it is suggested that Buterin’s plan might take around five years to implement, significant short-term changes might not be apparent. Nonetheless, the strategy is expected to positively impact the Ethereum ecosystem in the long run.