American - Businessman | -
Just like mutations to DNA in biological organisms allow for evolution through natural selection, forking lets us run multiple experiments in parallel where the strongest versions survive.
Fred Ehrsam
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Forks often arise from differences of opinion in the direction of a project. And tokens are increasingly a mechanism for voting on changes to their protocols. Since the point of a fork is to try a new path, the new fork may not want to port all of the prior holders opposed to trying the new path the fork was created to take.
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Redistributing tokens is a balancing act. In most cases, forks probably want to keep ownership for users constant so users have at least the same incentives to use the new fork as the historical one.
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The Internet had a core innovation that made it valuable: The ability to disseminate data over a distributed network in a way that was significantly cheaper than the prior methods.
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Just as the Internet brought the cost of disseminating information down by an order of magnitude, bitcoin brings the cost of transferring ownership down by an order of magnitude.
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Bitcoin's value is the same: It will remain as long as it is the most efficient mechanism for transferring ownership.
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Bitcoin is valuable as a currency because of the economic efficiencies the bitcoin network is already creating as transactions flow over it. As with the Internet, more applications will flourish which will make the bitcoin network, and thus bitcoin as a currency, valuable.
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Sales conducted on-chain through smart contracts couldn't really be done before Ethereum, which is why they are a newer concept. I think this style will become the most common over time.
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At GDAX, we want to see new protocols and their tokens flourish.
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When the actual Bitcoin network launched in 2009, no one knew about it, and many of those who did thought it would surely fail. Just to make sure the thing worked, the scripting language in Bitcoin was intentionally extremely restrictive.
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The scripting language in Bitcoin is important because it is what makes Bitcoin 'programmable money'. Within each Bitcoin transaction is the ability to write a little program.
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The ability to easily buy and sell Bitcoin has been a really key factor in accelerating Bitcoin adoption.
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