Author: odinn 2015-08-21 03:22:46
Published on: 2015-08-21T03:22:46+00:00
The economic majority in Bitcoin is defined as the will of those who actually use Bitcoin as a payment system. The problem is that it is easy to measure a miner vote, but the economic majority is not so easy. To measure the relative value of two forks, contracts could be added with a soft fork like the P2SH one. If someone wants to propose a hard fork, they create a new fork id and deadline and release software that implements the hard fork at the given deadline (no miner vote needed). After the deadline, core will allow conversion of outputs that pay to the core fork-id (probably 1) to be converted into unencumbered outputs by the person with the core-id script. Likewise, the fork software will allow outputs that pay to the fork id to be converted. Legacy bitcoin that haven't been "split" will be spendable on both sides equally. This means that users can convert x legacy bitcoin into x fork-bitcoins and x core-bitcoins in advance of the fork. This means that exchanges could support trading between the two. The side that trades with the most value is the one that is supported by the economic majority. As it becomes clear which side is going to win, the price of coins on the losing side should drop. It is unlikely that the two would stay at exactly the same value without one side winning. Users who want to use the losing rules are free to do so but the economic majority will have made its decision.
Updated on: 2023-06-10T20:41:45.524067+00:00