Ethereum Premine Leading to Forks of the Source Code
Could the Ethereum community fork the code and leave the original developers out in the cold? Concerns around the Ethereum premine seem to be one of the causes of the delay in launching an official IPO for the project. Finding the right funding model for any kind of free and open source software is always difficult because someone else can come in and start a new project by forking the source code. These issues are also compounded by regulatory concerns when actual "shares" in a new currency are going to be distributed to early investors. Some people who are upset with the original funding....
Related News
Ethereum announced the beginning of its 42-day presale for Ether, the crypto-units which will fuel its distributed application software platform. Ethereum will acquire the Ether through a premine. Due to the controversial nature of premines, Ethereum will likely face competition from forks once the project source code is released. Ether, the Fuel of the Ethereum Project, Is Available for Pre-Order. Earlier today, Ethereum began its official 42-day Ether presale. The developers are selling the Ether through a fixed-price model. Initially, 1 bitcoin will purchase 2,000 ETH, but that number....
Data shows the Ethereum Proof-of-Work forks have sharply fallen down in the few days following the merge. Ethereum PoW Forks Have Fallen 66% In Just Five Days According to the latest weekly report from Arcane Research, the ETH PoW forks have performed very poorly against ETH since the merge. The much talked-about event transitioned Ethereum to a Proof-of-Stake consensus mechanism, essentially obfuscating the use of miners on the network. However, some communities that were in favor of the old PoW-based system decided to create forks as the merge came approaching. These new forks still rely....
Bitcoin Core, an “open source software project that is a direct descendant of the original Bitcoin implementation”, released a statement late last week on its website. The main focus was how Bitcoin consensus rules were changed, which is typically through soft forks and hard forks. Hard forks and soft forks do virtually the same thing, so Bitcoin Core argues that soft forks are to be preferred as they do not cause the amount of harm on the Bitcoin network as a hard fork can potentially do since users can choose to upgrade to new features when they want to, or remain or the current Bitcoin....
Ethereum co-founder Vitalik Buterin has summarized the implications of soft and hard forks amid growing tensions surrounding Bitcoin’s future. “...There is an essential difference between hard forks and soft forks: hard forks are opt-in, whereas soft forks allow users no “opting” at all,” he wrote earlier this week. The Bitcoin price was under downward pressure Friday as the community awaits Chinese regulatory announcements and indecisiveness over SegWit and Bitcoin Unlimited continues. After Unlimited succumbed to a bug earlier in the week, rhetoric between the opposing sides became even....
Bitcoin Core, descendant of the original Bitcoin software launched by Satoshi Nakamoto in 2009, has always been Bitcoin's reference client. The implementation, formerly known as Bitcoin QT, proposes standards for the Bitcoin protocol itself. But these standards are not binding. Based on open source software, anyone can take the code, modify it as they see fit, and offer the adjusted version to the world. This was recently highlighted by the launch of Bitcoin Classic and Bitcoin Unlimited, and Bitcoin XT before that. But these implementations did something that hadn't been attempted before,....