In two recent communications, Ethereum co-founder Vitalik Buterin has shed light on the future direction of the Ethereum protocol and addressed concerns regarding recent ETH sales.
Buterin’s latest article, titled “Future Development of Ethereum Protocol (Part 5: The Purge),” focuses on tackling the growing complexity and storage requirements of the blockchain. He argues that the inherent nature of blockchain protocols is to expand over time, both in terms of stored historical data and the complexity of its functions. This poses a significant challenge to the long-term sustainability of the network.
The solution, according to Buterin, lies in implementing a counter-pressure to this growth, effectively “purging” unnecessary elements while preserving the crucial characteristic of blockchain: permanence. The primary goals of this “Purge” phase are twofold:
- Reduce client storage requirements: This involves minimizing or eliminating the need for every node to store the entire blockchain history or even the final state.
- Reduce protocol complexity: This aims to streamline the protocol by removing obsolete or redundant features.
In a separate communication on social media, Buterin addressed recent concerns about ETH sales. He clarified that he personally has not sold any ETH in the past month and has, in fact, increased his holdings. He explained that the Ethereum Foundation’s selling of ETH is essential for covering the operational and maintenance costs associated with running the network. He urged the community to understand and respect the necessity of these sales for the continued health and development of the Ethereum ecosystem.
