Ethereum Fiasco Justifies Principled Decisions of Bitcoin Developers
Ethereum, a network still in its infancy which was introduced on July 30, 2015, is already dealing with a major conflict amongst its community as a result of a hard fork which was implemented without the full consensus of the community. Even worse, the hard fork was executed to benefit a certain party of the Ethereum community, not the network as a whole. Bitcoin and scaling dilemma. Bitcoin Core developers and the Blockstream team have constantly received heavy criticism over the past few years from the Bitcoin community for their inability to reach consensus on the everlasting blocksize....
Related News
The Ethereum hard fork, executed to prevent future hacks like the DAO fiasco, marks the first Ethereum bailout, according to Frances Coppola, a finance, banking and economics journalist, writing in Forbes. The Ethereum community needed the hard fork to prevent future hacks because the code wasn’t properly tested to begin with, disproving the claim of “immutability.” The majority of Ethereum miners had invested in DAO, so it’s no surprise they supported the hard fork since it allowed them to recover their investments. Those who objected on the grounds that the hard fork eliminated the....
The ethereum ecosystem is returning to normalcy following a high-profile hack last month that resulted in nearly $60m worth of investor funds (denominated in network tokens) ending up under the control of an unknown group or individual. The 'theft', as some would label it, was eventually reversed through what's known as a hard fork, a change in the code, 'approved' by an informal community vote, that effectively moved the disputed funds to a new account where investors could withdraw their original investments. But while the immediate impact was limited to the ethereum platform, the....
Ethereum classic (ETC) has seen a rally in the last 24 hours, in a massive reversal of fortunes. Ethereum classic is a result of the forking of the Ethereum which, ironically, comes from a decision by the Ethereum foundation to fork Ethereum to try to restore the money lost in the DAO hacking incident earlier on. In a message released by the promoters of Ethereum Classic they made their intentions clear: they do not accept the fork which was made to reimburse DAO investors. They say: “The Ethereum Foundation responded to the DAO debacle in the worst way possible. Special interests....
Decisions like these are a pivotal moment in the history of cryptocurrency. Once the hard fork goes into effect, the markets will respond to whatever comes next. The Ethereum hard fork continues to be a significant topic of debate among cryptocurrency enthusiasts. Many people have voted for this decision, to bail out The DAO and its developers. But some voices raise the concern of how Ethereum developers are forcing the community to make this decision. An exciting time dawns for Ethereum, and this debate seems to be far from over. Relying on a hard fork of source code to solve a....
During the last couple of months, Ethereum has been quickly gaining pace, and is situated on the road to success, especially considering the fact that the world’s first Ethereum ATM is now live. In a recent blog post published on the Ether Camp website, the developers explained how the ATM came to be. To put things better into perspective, they took a Lamassu Bitcoin ATM, and modified it to allow the terminal to accept both Bitcoin and Ethereum. This was possible thanks to Lamassu’s open-source code, which was successfully modified by the developers of the ATM.