Keep Calm and Bitcoin On? Developers Aren't Worrying About a Fork
As the discussion heats up over the possibility of a bitcoin hard fork, some developers are playing down the likelihood of a split.
Amidst one of the more turbulent phases of bitcoin's two-year scaling debate, calm and collected might not seem like adjectives you'd use to describe bitcoin developers.
After all, now that a sizeable number of miners are running Bitcoin Unlimited, a popular (and controversial) alternative bitcoin software, there’s been fresh "discussion" of a potential fork of the network (which could result in two competing coins). The community is in a bit of a frenzy over the possibility, with some traders liquidating positions and others fretting over a post-fork attack on the old chain.
Yet, not everyone thinks that a fork will occur.
The idea behind this sentiment is that Bitcoin XT and Bitcoin Classic, other controversial software alternatives that tried to move bitcoin to a new set of rules, have emerged and declined over the last couple of years.
While supporters view Bitcoin Unlimited as the future of bitcoin, trumpeting it as a fork will bring it about as the prevailing software, critics view it as broken – an idea they say is bolstered by two recent bugs that temporarily wiped out some of its nodes.
Others, such as Lombrozo, say that it's simply a twist on old alternatives that have yet to have an impact on the rules of the main bitcoin network.
"Nearly two years of hostile fork attempts. Same playbook each time," Lombrozo told CoinDesk.
He argued that it’s "not really" any different than its predecessors, adding:
From the other side in the debate, Bitcoin Unlimited chief scientist Peter Rizun's view is the opposite in some ways. He believes bitcoin will see a block size parameter increase, making bitcoin competitive with growing alternative cryptocurrencies again.
"In my opinion, there's a 75% chance we get an upgrade to larger blocks in 2017," he said.
However, Rizun agrees with Lombrozo that there won't be a split:
Other developers took a different stance.
"I think there is a strong chance there will be a Bitcoin Unlimited fork," anonymous Bitcoin Core contributor BTCDrak told CoinDesk.
Some developers have been taking preparatory measures, writing code that could protect SPV wallets, which aren't as savvy as full nodes at detecting if they're fed false information.
To that point, people from both sides have said that they want a fork to happen soon so that the issue is over with, perhaps because anticipation has been high recently.
And, indeed, some Bitcoin Unlimited supporters seem to be in a hurry to see a shift.
"Well, I certainly don’t want to be quoted on a date. We are early in 2017, if this does not get done in 2017 then the long-term damage will be irrecoverable," Bitcoin Unlimited president Andrew Clifford said.
Clifford cited a threat from alternative cryptocurrencies, such as ethereum or monero, which he said will surpass bitcoin in terms of momentum if developers don't increase the block size parameter soon.
So, while some argue that only one bitcoin will survive in the event a fork, others have suggested that, as the issue is so contentious, most people won't move to the new chain and Bitcoin Unlimited will spin off into another cryptocurrency.
"A hard fork is by definition an altcoin that the entire community decides to adopt as a replacement," Bitcoin Core contributor Luke Dashjr said.
“Since most of the community rejects Bitcoin Unlimited, it is impossible for it to become a hard fork,” he contends.
Still, most in the community want only one bitcoin in the end. It's just hard to get everyone to agree on which one that should be.
Not everyone is on board with the idea of a shift to a brand new cryptocurrency with new rules, even if they seem to be minor changes – as evidenced by the past two years of infighting. So, people are worried it could result in some sort of split.
That's why a fork has yet to occur, according to Lombrozo, and why he doesn't think one will happen this time around, either.
In conclusion, he said:
image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.