Soft fork

Ethereum Miners Back Buterin’s Soft Fork

Ethereum (ETH) miners have currently voted in favor of Vitalik Buterin’s soft fork following the attack on The DAO (DAO) and associated devaluation of both assets.

Also read: Vitalik Buterin Says DAO Hack ‘Fixed’, Assets Rebound

Soft Fork: Miners Respond

VitalikButerin_Ethereum_Founder_01The ETH creator’s rescue plan, details of which were released Friday that has since drawn both praise and criticism from throughout the community, is being upheld by an overwhelming majority of miners on ethpool.org and Ethermine.org.

Voting, which is open to all active miners and measured according to individual miner hashpower, will run until “a few days before” the action plan is due to commence, Ethpool and Ethermine admin dr_pra wrote in a blog post.

“…I believe that the pool should take into account the various opinions of our customers – the miners – before making any decision in this regard,” he wrote.

As it is very difficult to derive such an opinion from post written on this forum as well as on reddit we have decided to let the actual miners on both pools to vote on this issue.

Currently, approximately 49,800MH/S of a total 53,000MH/S is in favor of the soft fork on Ethpool, while on Ethermine the pro figure is 45,500MH/S of a total voted 56,500MH/S.

Voters are being given the following four options:

  • Not voted
  • Don’t care
  • Yes, run the soft fork
  • No, do not run the soft fork

Dr_pra states that voting for the subsequent hard fork proposed by Buterin is currently not being offered “as there is not even a clear proposal on the table.”

Yet Vote Non-Binding

The vote has already gained attention from proponents of decentralized response, echoing Buterin’s own sentiment regarding the DAO attack consequences last week:

Meanwhile, it is also stated the vote could be non-binding should the results prove detrimental. “We will reserve the right to act against the voting results if a larger portion of the network starts to mine on a different chain (e.g. ethpool & ethermine vote yes on the soft fork, but the remaining network does not support it),” dr_pra writes.

This is solely for the purpose to avoid mining on top of invalid blocks which would reduce the mining earning of the whole pool.

The price of both ETH and DAO meanwhile has continued to drop Monday after staging a mild recovery in the days immediately following the attack. Bitcoin continues to float near its 2-year high, currently at $760 USD per coin.

What do you think about the proposed plan? Do you agree with the miners and the voting procedure? Let us know in the comments section below.


Images courtesy of imgix.net, bloter.net, shutterstock