Similar to a voting scenario at the polls, the hard fork decision went into action early this Wednesday morning where miners, developers, and users were given a choice of whether or not to adopt the new fork. Once adopted, this fork rights the wrongs of the DAO fiasco and returns the tokens that had been stolen.
Vitalik Buterin, Creator of Ethereum, told MoneyBeat, “I totally get both sides [of adopting the fork or not],” however Buterin stated that since Ethereum is still in its developing stages (Homestead), and isn’t fully formed, he supports the decision of the fork. Once Ethereum grows and reaches its last stage of development, forks will be less likely to occur and harder to execute.
Ethereum is currently in its second stage of development. It was introduced as Frontier, is now Homestead, and there are plans for the next phases of Metropolis, then Serenity. Therefore, this is only the beginning of this revolutionizing technology, and necessary and productive changes, such as the fork, must occur.
Unlike the halving of Bitcoin, with the decision of Bitcoin’s fate paralyzing the community, the Ethereum hard fork was acted upon quickly, thus executed promptly and concisely to enable Ethereum’s advance into the cohesively innovative tech that it is.
As the fork came into play this morning, it so far has been executed very smoothly. Users are still free to either adopt the fork or not, meaning that for as short as a few hours, there are two competing versions of the Ethereum blockchain. The dominant chain will reflect more user action- with the hopes that users still utilizing the smaller, less dominant chain will switch over to the dominant one, thus dissolving the non-dominant chain altogether. During this transition, exchanges have warned their users about withdrawals and deposits. Most exchanges have stated that they support the hard fork and will keep an eye on what transpires.
This is certainly a profound moment in the Ethereum history, where the focus should not just be on the tech and the fork, but on the community. A community, who’s willing to join together to find solutions to problems, fix exploitation, source out a solution, and right the wrongs. A community who is focused on providing answers and moving forward in a productive and positive fashion.
With that… Use the fork, Luke… and please stay tuned as more information develops.