Is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen
The countdown towards the most important day in Bitcoin’s history so far has begun. On August the 1st, it will be decided what way Bitcoin chooses and what the future has in stock for it.
On this day, the Bitcoin User Activated Soft Fork (UASF) is to be activated. The UASF is intended to address scaling issues faced by the Bitcoin network by accelerating the adoption of Segregated Witness.
It goes without saying that processes as significant as this one may pose a considerable threat to the exchange's stability. That's why one of the most popular exchanges GDAX is considering Bitcoin trade suspension the day UASF to be launched.
GDAX on Twitter
Distributed database that is used to maintain a continuously growing list of records, called blocks
There are two possible outcomes expected ones UASF is activated:
- One blockchain becomes dominant, resulting in the other blockchain having low community adoption and value.
- Both blockchains are adopted, co-existing and operating independently of one another with roughly equal community adoption and value.
As Adam White, GM of GDAX, reports, in either scenario GDAX is planning to implement safeguards to ensure the safety of the customers’ funds. Thus, the exchange will temporarily suspend the deposit and withdrawal of bitcoin on GDAX and may pause the trading of bitcoin as well.
This decision will be based on our assessment of the technical risks posed by the fork, such as replay attacks and other factors that could create network instability.
GM of GDAX
It is also being underlined that GDAX will continue supporting the growth and scaling of the Bitcoin network.