Hello everyone, How are you all doing? I welcome you all once again to the final week of the engagement contest in the Crypto academy, here we are in season4 week 4 already. and on today's topic, I shall be discussing with you the Blockchain Forks. HAPPY READING!!
A fork is an instance that occurs in a blockchain network when the community or the projects requires new rules or when a change is about to occur to a particular blockchain, then the introduction of a blockchain fork comes in.
A blockchain fork is the transferring of the previous information in a network into a new chain, we could simply refer to blockchain forks as the splitting of a single blockchain into two, then the information is being transferred to a single chain, whereas the other chain can continue with its new information entirely.
Blockchain forks occur when there's an introduction of a new channel in a blockchain protocol, I will give an illustration of Hive and Steemit as an example, during the fork, the old user of steemit forks the steem blockchain, then created the hive channel with the other chain, which means old users who created their information on steemit blockchain before the fork, can access the two blockchains with the same information.
A blockchain Hard Fork is the sort of Forks that occurs in a way the splitting brings a new change entirely to the previous version, there is a new set of codes and it does not look like the old channel in any way possible, Hard forks is the introduction of the new channel, changes that were different from what the perspective of the original channel was.
When hard forks occur, a new token Is generated for the new blockchain, and there get to be new rules and changes different than the original version, the example of this is Bitcoin Cash (BCH), the Bitcoin cash blockchain was forked from the Bitcoin blockchain through Hard fork, which this led to a new project entirely with its own set of rules and management different from the other.
The Soft fork can be referred to as an upgraded version of the other chain, this is mostly done by communities in a case whereby they no longer want to participate in the blockchain any longer, they could create a soft fork whereby the blockchain will still be compatible, and the newer version relates as much as the older just with a little upgrades version.
This is done to bring new ideas or to generate new methods of generating transactions than the original blockchain, when a blockchain is soft forked, old users could still access both channels provided they have not upgraded to the newer version, A perfect example of a soft fork is the Segregated Witness (SegWit) fork, which was a fork from Bitcoin blockchain in 2017, old users don't like the way the transactions are being validated, so they created their own version of the chain, and validated nodes can perform transactions with the other nodes.
The difference between the Hard fork and soft work is that the Hard fork is incompatible with the other version while the soft fork version is still valid with the previous version of the chain.
| S/N | Hard Fork | Soft Fork |
|---|---|---|
| 1. | Hard fork versions of blockchain are noncompatible with the previous version | Soft work modifies can still be backward compatible with the older version of the blockchain. |
| 2. | Hard Fork leads to change in rules of the blockchain network | Soft fork is simply an upgraded version of the blockchain network |
| 3. | Hard fork requires all miners to validate the new network | Soft work requires just above 50% of its members to validate the split. |
| 4. | Previous transactions are invalidated on Hard Fork | Previous transactions remain valid on Soft work |
| 5. | Hard fork leads to the creation of two blockchains | Soft fork still maintains the single Blockchain |
| 6 . | Hard Fork creation can still be reversed | Soft work can no longer be reversed once created. |
Just like I had said earlier, the Hive blockchain was a split of the steem blockchain, whereby the blockchain split, and they went ahead and create a new usage development on the platform.
This occurs through the Hard Fork process as the records between the two blockchains are still valid for users who registered before the fork, the separation came when the integration of TRX came onboard to the steem blockchain, majority of users and community do not agree to Justin rules, which thus led them to create their own version of steemit instead.
Then this birth to the creation of the Hive blockchain, it has the almost same interface as the steem blockchain, just a few changes to modify the network, and this as well led to the creation of their native token called HIVE.
To approve this conversation, let's take a look at the similarities and differences between the Hive and Steem Genesis Block (Block 1).
Taking a look at the genesis block of steem, that is, the first block ever created on the steem blockchain was created on 2016-03-24, 17:05:00.
Now, let's take a look at the Hive genesis block information as well.
From the two images above, we could see that the two blockchains have total similarities in Block 1, with the same Witness(initminer), same witness signature, and as well the timestamps are the same.
Here comes my conclusion on the topic Blockchain Forks, where I have explained that forks occur on a blockchain when there is about to be a new character or a new rule in a blockchain, whereby a single blockchain is split into two, with the new chain modifying it's previous and might continue with new information and rules for the network.
I have also explained the dissimilarities between Hard and soft forks, as soft work requires above 50% of the miner to validate the new nodes, whereas hard fork requires all miners to be in support before the fork could be validated.
Thank you all for coming, I hope you have had a great season in this engagement challenge, and I hope to see a great deal of you next season.
Not only Bitcoin hard fork, recently something similar happened to LUNA which became LUNC. While the Hive Hard fork from Steem is due to a debate between developers.
I also share about blockchain Fork, if you have time please take a look and I'm very happy.
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Oh alright, noted!!
I will be sure to check on your article as well
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Thank you for the response and I will be waiting for you wholeheartedly.
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How much I love your explanation, hard fork brought about the existence of two blockchains, and the creation of a new token with the two blockchains working separately. You have taken your time explaining the two forks and the differences between them. Thank you for sharing, and good luck in this contest.
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Thanks for the visit dear, i'm glad you were able to grab some understanding from my articlee.
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Yes the new code is different as it intends to introduce new features or strengthen the existing one. It is analogous to updating operating system of PC while soft fork is like updating software .
Backward compatiblity is the prime feature that help us in differentiating the two forms.
I enjoyed reading your write up. Good luck.
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This is strong reason for the happening of Blockchain fork in Blockchain. Often The new channel occurs for Betterment of Blockchain.
After you added nice presentation about, soft & hard forks, difference between these, & steem and hive genesis blocks.
Good post, and wishing you Success.
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Curated By - @chiabertrand
Curation Team - Team 3
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Thanks for the support @chiabertrand.
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Blockchain Forking is a very impressive technique to make the blockchain network more impressive and effective one. This could be a change in the previous rule or an addition of a new rule in the blockchain to improve the security, scalability, transparency of the chain.
Yes, you are right at the soft fork is actually just like an update or a new version of a game. The players of the game can still contact with the each other after the upgradation. This is the case in the Soft fork.
Thank you very much for sharing your beautiful post with us and I wish you very good luck for the contest. 🤞
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Wow your article is really so so lovely and educative dear, I must say to you I have learned a lot of new things after going through your entry
For example I just learned about this 👆 today, I never knew of that fact.
Thank you very much for sharing, please you can check my own entry here
wishing you success
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