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.
- Is ETH enjoying more demand than BTC? Price action and ETF flows reveal where investor preference has been leaning.
As per the latest Ethereum news, Vitalik Buterin just proposed major upgrades to the ETH network. The Ethereum founder expressed his feelings about the network’s current complexity and the process through which it handles minor network upgrades.
Over the last few years, Ethereum news has highlighted the network’s impressive growth and trajectory. However, based on recent developments, the Ethereum network could be on its way to becoming a core infrastructure for the financial industry.
Based on his post on X, Vitalik Buterin believes that some changes are necessary to ensure that Ethereum can continue to operate for a century. He proposed implementing changes that will simplify the network, facilitate trustless operations, and enforce sovereignty.
Vitalik believes that the network is currently headed in the opposite direction. This is because the network operates on complex jargon that is difficult for most people to understand.
Vitalik Buterin Wants to Clean Up the Ethereum Network
According to the Ethereum news, Buterin also revealed plans to conduct a major cleanup effort, which he even described as “garbage collection.” The Ethereum co-founder also hinted that the proposed changes could be as big as the transition from Proof of Work to Proof of Stake consensus. He had this to say about the transition.
“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 changes may pave the way for the next major upgrade to the Ethereum network. This may be a sensible move, especially now that adoption has been reaching new heights.
The changes that Vitalik Buterin proposed may eliminate some of the friction in Ethereum’s process of becoming a global financial infrastructure. He believes that such changes may be necessary for longevity, and this would also make it more appealing for institutional adoption at the global scale.
The Ethereum founder also used SpaceX engine development and simplification over the last few years as an example of what he was aiming for with his proposals.
Although Vitalik’s proposed changes highlight an interesting roadmap, it is currently in the discussion phase. EIPs on the same subject matter would put the ball in motion.
Is ETH Stealing the Spotlight from Bitcoin?
Every once in a while, Ethereum crypto receives more attention than Bitcoin, and that may already be happening. For example, the ETH price just concluded the last 7 days with a 6% plus premium, while the Bitcoin price was only up by about 4%.
Institutions might also be buying more ETH than BTC. For context, Ethereum ETFs cumulatively acquired $169 million worth of Ethereum on Thursday and Friday. Meanwhile, Bitcoin had $294 million worth of net outflows during the same two days.
Interestingly, the altcoin index jumped from 31 points to 35 points in the last 2 days.
The altcoin index kicked off the year on an uptrend, which signaled renewed interest in altcoins. The index’s recent pivot, combined with observed higher inflows into ETH compared to BTC, may signal that demand for altcoins may be making a comeback.