Bitcoin Developers Warn Ethereum Fork Sets Unsettling Precedent

dominoes, precedent

The ethereum ecosystem is returning to normalcy following a high-profile hack last month that resulted in nearly $60m worth of investor funds ending up under the control of an unknown group or individual.

The ‘theft‘, as some would label it, was eventually reversed through what’s known as a hard fork, a change in the code, ‘approved’ by an informal community vote, that effectively moved the disputed funds to a new account where investors could withdraw their original investments.

But while the immediate impact was limited to the ethereum platform, the implications of its decisions have echoed across the blockchain community, influencing everyone from already ardent ethereum developers to bank consultants seeking to build private blockchain solutions.

Joining this larger discussion have been bitcoin’s software developers, many of whom have publicly claimed that ethereum’s decisions not only permanently alter the value propositions of its platform, but have generated negative publicity that could harm all blockchain applications.

Unlike traditional database technology, one of the distinguishing features of a blockchain is that its ledger of transactions is distributed among all users, which gives participants involved the confidence of knowing they’re using the same record of credits and debits.

But these developers and infrastructure architects are growing increasingly concerned that now that ethereum

Read more ... source: TheBitcoinNews