Forking in the Crypto Space: Is it a good idea?

Forking and its role in the Crypto Space

The cryptocurrency space may only just be 13 years old but it has continue to evolve to keep up with the new regulations and sustainability issues. Thousands of new coins keep on emerging every day with the promises of a better technology than its older predecessors like Bitcoin or Ethereum, while some of them have failed miserably along the way but the others have emerged as serious potential. This is why some of the networks you find out there need to adapt with the latest development in order to ward off these competitors.

Source: https://pintu.co.id/en/academy/post/what-is-fork

Is it a good idea?

The idea of forks or changes within the community is generally good as it shows that the stakeholders in the ecosystem are committed to improving the networks but it again depends on the reason behind the changes itself. While some generally see it as an improvement, some also see it as an opportunity to misuse their ability to make changes as mentioned before that forks generate new “Spin Off Coins” which could be traded later on.

Source: https://cryptoadventure.com/what-is-a-fork-beginners-guide-to-forking-on-the-blockchain/

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Nagaya Technologies

NAGAYA (NGY) is a Gold-Backed Cryptocurrency with Subsidiary Projects. We aim to build Trust and Value through LEGALITY and TRANSPARENCY. https://nagaya.co/