Hard Forks, a Threat to Crypto Stability?
In a research on the challenges of Cryptocurrencies conducted by Benjamin Trump claimed that hard forks are a threat to Cryptocurrency stability.
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What is a Hard Fork?
A hard fork in blockchain technology is a change to the protocol that makes previously invalid blocks/transactions valid, or the other way around. A hard fork occurs when a cryptocurrency splits in two. This happens when the existing code of a cryptocurrency is altered, resulting in both, an old and new version of the cryptocurrency. These changes in the protocol are instantly and permanent and therefore the newer version will no longer be compatible with the older version. Source: What is a hard fork?
A typical example of a hard fork which is probably the most notable one is Bitcoin Cash. Bitcoin Cash is the hard fork of Bitcoin.
According to Trump, the splitting of a Cryptocurrency’s blockchain in an effort to disrupt it causes loss in trust of the Cryptocurrency.
He added that if Bitcoin has to become a global medium of exchange, all parties involved (miners, stakeholders and exchanges) need to adopt good governance that will result to more stability of the coin.
Futhermore, the research actually acknowledge the fact that Bitcoin and other Cryptocurrencies have the potential to revolutionise the world due to their technology.
The report also acknowledge the fact that a few forks like Dogecoin and Litecoin have succeeded but claims many have failed just within the first three months.
Trump made his points clear with this public announcement
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