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Initrd Support Could Finally Be On Its Way To Being Removed From The Linux Kernel
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You actually can boot without one—the system I'm typing this on right now has none. However, you have to keep the system simple enough that the root partition can be mounted without requiring anything not built into the kernel. That means your root partition can't be encrypted or RAIDed, and you can't build the support for the filesystem it uses as a module, which can mean a custom kernel. Most people don't want to bother.