SPONSORED ARTICLE: Tech Analysis articles are sponsored by SimpleFx – “Keep it simple!” , SimpleFX is a robust online trading provider, offering trading with Forex CFDs on Bitcoins, Litecoins, indices, precious metals and energy. Offers and trading conditions simple and transparent. On July 20, the Ethereum network successfully completed a hard fork as a result of an irregular state change that transferred nearly 12 million ether from the DAO into the WithdrawDAO recovery contract.
The Ethereum network’s hard fork, which many believed was an operation of risk, was carried out smoothly. “The fork itself took place smoothly, with roughly 85% of miners mining on the fork,” explained Ethereum co-founder Ethereum.
The successful completion of the Ethereum hard fork also led to a surge in the price of ether, as the digital asset spiked by around 6% in 24 hours.
General positivity in the Ethereum community, developers, and users seemed to demonstrate that hard forks, if executed properly, could be viewed as a sophisticated upgrade mechanism, rather than a highly risky overhaul of a network.
Experts in the Bitcoin industry observed the successful hard fork execution of the Ethereum network and commented with optimism regarding the feasibility and practicality of hard forks.
Crypto-enthusiasts and major bitcoin platform operators including David Jerry and Coinbase CEO Brian Armstrong stated that hard forks should be viewed as an elegant voting mechanism and a freedom-based implementation. My hope is that we start to see hard forks as an elegant upgrade/voting mechanism, not something to be feared that results in multiple coins — Brian Armstrong (@brian_armstrong) July 20, 2016 ETH HF is showing the world that HFs isn’t the majority oppressing the minority. It is freedom to live and let live. To each his own fork! — David Jerry (@digitsu) July 20, 2016 However, some Bitcoin entrepreneurs and core […]
