Author: Gareth Williams 2014-04-25 04:31:05
Published on: 2014-04-25T04:31:05+00:00
In an email correspondence, Mike Hearn questioned the point of Proof-of-Work (PoW) in Bitcoin's blockchain. He stated that the blockchain is a public document with a well-defined interpretation that everyone has signed up for. Hearn drew a distinction between a hard fork via a change in block validation rules and a hard fork via a change in the interpretation of the blockchain itself. He argued that if the economic majority can be convinced that the interpretation of existing blocks is up for grabs, it would set a dangerous precedent and shake people's faith in Bitcoin's overall robustness and security.
Updated on: 2023-06-08T20:46:00.825445+00:00