A recent research that was published by the Springer journals Environment Systems and Decisions with Benjamin Trump ,an ORISE Fellow, and a member of US Army Corps of Engineers, shows the role of continuous hark forking of cryptocurrency like Bitcoin on its stability and the stability of other altcoins.
The research was able to note that the world of electronics commerce could be revolutionized by the presence of cryptocurrency and also the way that information are distributed had been encouraged and sustained by the presence of blockchain technology even though that cryptocurrency has not been trusted greatly as a tool for information transfer due to its high volatility Nature.
Benjamin Trump, the lead researcher noted that the stability and confidence of users has been hampered through the use of softwares to update the previous code that a code was made from in other to get a hard fork or a coin split. This serves as a threat to coins survival since the holders are not always considered when this is about to be done.
The study considered about 800 cryptocurrencies with hard forks and discovered that cryptocurrencies like dogecoin, litecoin and vertcoin that has never had a hard fork are still in existence while most coins with hard forks are dead and their stability has been reduced by the continuous change of it’s softwares even though that about 50 hard forks of coins are expected this year. This is reducing the expected mainstream adoption of cryptocurrencies which is necessary to improve it’s market price.
“Hard forks are a threat to maintaining a stable and predictable operating platform that is essential if cryptocurrencies are to be adopted for daily financial transactions.”
He continued by saying that:
“if Bitcoin, in particular, is to become a more globally recognized, reliable, and a predictable medium of exchange on an international scale, cryptocurrency miners, wallet developers, exchange operators and other stakeholders within the Bitcoin network need to generate more stability through good governance and that hard forks are a threat to maintaining a stable and predictable operating platform that is essential.”