A Lightning Network developer has allayed fears lack of consensus on Bitcoin would cause “destruction.”
UASF stands for a User Activated Soft Fork. It’s a process during which the activation of a soft fork happens on a certain date which is defined by all the nodes of the network. This idea requires a lot of support and coordination from the crypto industry, meaning that the fork can only be initiated if there is an ‘economic majority.’ The main feature of UASF is that the activation of the fork can occur without the support miners. Such forks are supported by exchanges, wallets and other companies that have the support of the majority of nodes in the network. All UASFs still exist only on paper because they need more complicated and longer preparation, and if miners don’t like the update, they can utilize their computer power, which can lead to hard fork. More information about UASF, explained processes or UASF guides can be found here on Cointelegraph.
- Coronavirus & Bitcoin Price: Is China Losing Its BTC Mining Monopoly?
- Coinbase-Backed Crypto Rating Council Lists IOTA, BAT, and USDC
- General Motors Files Patent for a Blockchain-Based Navigation Map
- Brazilian Regulators Create DLT Platform for Screening Politicians
- 2 Reasons a Deeper Correction in Stocks May End Bitcoin’s Rally to $8K