Author: Tier Nolan 2015-08-20 11:16:30
Published on: 2015-08-20T11:16:30+00:00
The economic majority in Bitcoin is defined as the will of those who actually use it as a payment system, not just the miners. Measuring miner votes is easy while gauging the economic majority is not so simple. However, colored coins could be used to compare the relative value of two forks. Contracts could be added with a soft fork like P2SH, allowing the output to be spent on multiple forks, preserving the value on each until the deadline. Anyone proposing a hard fork can create a new fork id and release software that implements the hard fork by a certain deadline without requiring a miner vote. After the deadline, core will allow conversion of outputs that pay to the core fork-id to be converted into unencumbered outputs. Users can convert legacy bitcoin into fork-bitcoins and core-bitcoins in advance of the fork, making it possible for exchanges to support trading between them. The side that trades with the most value is supported by the economic majority. Users who want to use the losing rules are free to do so, but the economic majority will have made its decision.
Updated on: 2023-06-10T20:42:00.651531+00:00