Reinventing the Fed: Why Jeff Garzik, Vitalik Buterin Are Against Soft Forks

Reinventing the Fed: Why Jeff Garzik, Vitalik Buterin Are Against Soft Forks

Bitcoin Core developer and Bloq co-founder Jeff Garzik expresses his opposition on soft forks and its mechanism in which a few group of developers are granted the authority to decide major economic changes which are applied and implemented into the Bitcoin network. To begin with, soft forks are forward compatible in the sense that old nodes will recognize new blocks as valid. A soft fork requires only a majority of the miners to upgrade to the network rules or face security reduction. Centralization. The centralization issue emerges during the process of submitting and implementing a soft....


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