bitcoin core – What do you think about “squashing” the blockchain?

So for some time i was thinking about a process where you “squash” the blockchain.
This would reduce its size significantly while maintaining integrity.
The process would look like this:

  • Summarize all transactions to a certain block
  • Throw away adresses with a balance of 0
  • Create a new genesis block containing all adresses that have a positive balance

Would this be possible?
What do you think about this?

Ps: Im new to blockchain and this community. So please dont be too harsh :]