Author: David Vorick 2017-03-05 18:10:15
Published on: 2017-03-05T18:10:15+00:00
The user suggests that the User Activated Soft Fork (UASF) is a good idea. The success of the UASF depends entirely on the coin price, and it is easy to manipulate. If economically active full nodes refuse to acknowledge the old chain and demand incoming coins arrive over the UASF chain, they can drive up the utility of the new chain and ultimately impact the price. In order for a UASF to be successful, all major economic hubs must agree to upgrade, with 75% of major exchanges and payment processors and 75% of wallets upgrading. This would successfully obliterate the old rules, as miners would be unable to sell their coins by sticking to the old chain. A carefully executed UASF is much riskier than a soft fork but far less risky than a hard fork. The proposal involves getting all the code ready and merged without setting a flag day, then getting signatures from major institutions promising to use the software and saying that they are ready for a flag day. A patch with a flag day 12 months in the future would then be released, giving people time to transition and increasing confidence that the UASF will end up as the majority chain. If enough major exchanges, payment processors, and other economic hubs do not upgrade, the flag day should remain unset as the risk of coin split will be non-zero.
Updated on: 2023-06-11T21:55:30.360666+00:00