Key Highlights:

• Ethereum co-founder Vitalik Buterin introduced a new proposal for a significant overhaul of the smart contract system.
• The Ethereum Virtual Machine (EVM) has been crucial to Ethereum’s early success, allowing other blockchains to build upon it. Buterin’s transition plan seeks to replace the EVM with the open-source RISC-V architecture, which could lead to greater efficiency.
• By adopting RISC-V, he anticipates enhancements in the execution layer’s efficiency, addressing key scaling issues.

Buterin stated that this shift could yield over 100x efficiency gains in certain applications, potentially reducing network costs which have been barriers to widespread adoption.

The native encryption support of RISC-V may provide a simpler alternative to ongoing initiatives aiming to integrate zero-knowledge cryptography into the current EVM framework.

This proposal represents a long-term development goal, similar to other projects focused on reforming Ethereum’s infrastructure. The initiative arrives as Ethereum faces declining transaction volumes and the need to strengthen its competitive position in a challenging market.

Earlier this year, the Ethereum Foundation experienced a leadership shift aimed at clarifying its developmental direction and reinforcing its standing amongst rivals.