Vitalik Buterin, the co-founder of Ethereum, recently made headlines with a proposal to replace Ethereum’s execution layer, the Ethereum Virtual Machine (EVM), with the RISC-V architecture. Buterin believes that RISC-V is a simpler and faster language version for smart contracts, which could significantly enhance the scalability of the Ethereum network.
According to Buterin, this overhaul aims to improve the efficiency of the Ethereum execution layer and address one of the primary scaling bottlenecks. He claims that replacing the EVM with RISC-V could lead to 100x efficiency gains and enhance zk-EVM proving capabilities.
Kshitij Kulkarni of Succinct Labs supported Buterin’s proposal, stating that the current EVM imposes an 800x overhead on zkVM proving times. By implementing RISC-V, the gas limit on Ethereum’s Layer 1 could be increased by orders of magnitude while maintaining verifiability.
The proposed change could also help Ethereum bridge the transaction speed gap with Solana, which currently processes transactions over 90x faster than Ethereum. Some analysts predict that implementing RISC-V could propel Ethereum’s price to reach $3k and even $10k in the future.
Following the announcement of Buterin’s proposal, Ethereum’s market sentiment showed signs of improvement. Despite being near the neutral level at the time of writing, the sentiment has recovered from the extreme negativity observed in early April. Social media activity around Ethereum also spiked, indicating increased market interest in the cryptocurrency.
On the price front, Ethereum’s Relative Strength Index (RSI) crossed the 50-mark for the first time in April, suggesting a rise in spot demand. To confirm a sustained rally, Ethereum would need to surpass $1700 and reclaim $1800 as a support level.
In conclusion, Vitalik Buterin’s proposal to replace the EVM with RISC-V has the potential to significantly enhance Ethereum’s scalability and transaction speed. If implemented successfully, this change could have a positive impact on Ethereum’s market performance and price trajectory. The rise of social media has fundamentally changed the way we communicate, connect, and consume information. With platforms like Facebook, Instagram, Twitter, and TikTok dominating our daily lives, it’s clear that social media has become an integral part of our society.
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