During the last year, cryptocurrencies have had a bearish trend that has affected the entire sector. Several companies were unable to continue operating while others were just scams. Meanwhile, the number of active users in cryptographic exchanges has declined over the last year.
Cryptocurrencies expanded into the market as digital assets that are not based on centralized authorities such as central or political banks. There are also no lawyers seeking to monitor specific smart contracts.
Galen Moore, analyst and entrepreneur, proposes in an article that the human component of crypto is its strongest link. One of the most important things for developers is how to attract the right users to their platform. In addition, Moore says that when evaluating a cryptographic network, the demographics of their users are important.
Moor says that the collapse of DAO is what the maximalists of Bitcoin believe that the DAO fork is emblematic of Ethereum's dependence on trust, which is also its weakness.
The DAO fork occurred when Ethereum suffered an attack and the network decided to stay as it was or simply fork and embark on a new path with the blockchain since it was just before the hack. Now, there are two networks, Ethereum Classic (ETC) that has decided not to fork, and Ethereum (ETH), which is currently the third largest digital asset in the market.
The analyst says that if there is a security error in the Bitcoin protocol, the community of investors, miners and developers should make a decision on how to maintain. One of the solutions could be to shell out the network.
Each of the narratives is also related to trust. The Bitcoin Core developers manage the Bitcoin network and its dominant client. They exerted influence determining the future of Bitcoin and its roadmap. Ethereum also has a public leadership that plays an important role in the community.
As early as September 2018, the Bitcoin Core developers were able to correct a vulnerability that would have been very negative for the network. This vulnerability was originated in March 2017 and it has been 18 months since it was discovered.
Moore says that a state actor working behind a pseudonym could eventually hide a vulnerability to exploit in the future. But why has this situation not yet happened? This is one of the main questions that the analyst asks.
The article ends by saying that networks should be built to bring people rather than close them.