Now this is the last week of this challenge week. I tried my best in every post I shared as a part, the win was probably not my destiny. Well I either have to keep trying, or stop trying. So I'm willing to try.
Using your own terms to define what is a fork in general?
First we know what is blockchain fork and why it happens. Which is an important part of this competition. You can also compare a fork with an update. Like we all have mobile phones and updates keep coming and we keep updating. In such a blockchain, developers keep updating it with the help of coding. So that new features come in the blockchain and the blockchain works better.
Sometimes when a fork occurs, Blockchains get separated, and sometimes the Blockchain gets updated only. What are the cause and what we call these forks is down in the post.
Sometimes developers and makers think to improve through forks, sometimes fork is used to create a new currency.
Using any blockchain example, explain what a Soft Fork is
In this process only the software is updated, the blockchain remains the same and so is the software, only the features change. This change in the blockchain is called a soft fork.
A perfect example of a soft fork is the Ethereum network. It works on the blockchain proof-of-work mechanism. But this year its developers are going to update its coding which will make it work in blockchain proof-of-stake mechanism. It is also called Ethereum 2.0.
Using any blockchain example, explain what a Hard Fork is
A hard fork always creates a new blockchain, and new crypto comes into existence. This is also an update of sorts. When so much coding is done to add new function facilities to the blockchain that the new block does not match the old block, then a new blockchain is created. This process is called a hard fork of the blockchain. As with every update in mining, some miners want to keep working with the old one, and some move to the newer updated mining platform. It is often observed that people trust older blockchains more, and the coin value stays higher.
And people still don't agree with the new blockchain. Similarly, the old version is strong and secure, while the new blockchain is not so strong.
But it has more new features and functions than the previous version. Because the new block is so updated, it doesn't work with the old block. In this case, consumers are affected and conflicted, and they also have to make difficult decisions. Litecoin is a hard fork of Bitcoin.
- The evolution of Bitcoin to Bitcoin Cash and Bitcoin Gold is a classic example of a hard fork.
- Litecoin is Hard Fork of Bitcoin.
- Ethereum and Ethereum Classic. (etc)
What are the differences between Hard Forks and Soft Forks?
- Soft fork is a backward compatible.
- Soft fork is a change to the software protocol. Where only previous valid transactions made invalid.
- Old nodes recognize the new blocks as valid.
- For the majority of miners soft fork need to be updated
- The more miners accepts the new rules, the more secure the network will be post-fork.
- Hard Fork is not backwards compatible.
- A new software is introduced due to Hard Fork.
- Nodes don't recognize new blocks
- Hard forks are software updates and incompatible with older versions.
- When Users/Miners don't upgrade they will no longer available to use new features, as well as they will not able to participate and validate the new transactions.
Explain the Steem and Hive Hard fork by showing the similarities/differences in their Genesis blocks
Backgrounded
According to my little knowledge, the Steem blockchain had a hard fork and split into two chains. One is the steem blockchain and the other is the hive blockchain. When Justin Sun bought the steem platform, the community protested and disagreed with Justin Sun.
Justin Sun promised to keep the platform fully decentralized while also introducing more development work. Like the merger of Tron, and steem. It was part of their program long ago that these two ecosystems are proving to be very beneficial. And this collective system is of great benefit to the community users.
After some time, many in the community felt that Justin Sun was trying to keep the platform centralized, so they parted ways, with Binance jumping into the fray. Since then the cashout of steem token on Binance exchange has stopped.
The end result was a hard fork of steem and the community separated itself, resulting in a new blockchain, a new coin and a new platform. The Hive Blockchain.
Now there are two blockchains, one is the steem blockchain, and the other is the hive blockchain. Both are also user-friendly, and both blockchains can be used by a single user. This is the biggest example of Hard Fork ever.
Even though these two blockchains have since split, the blocks that were identical to their old ones will all remain the same. Until the block comes after which they separate.
For example I searched on Steemworld for block number 2001 and here I found the steem block mined on March 24, 2016 at 22:45 by the @steemit17
The results are same for the block number on Hive, it is mined by the same witness at same time. Because the block was same.
In above we have seen the example of blocks mined before the hard fork happened. If we see for the blocks after hard fork happened, I choose block number 61,000,000.
This block is mined by @steemchiller on 24-01-2022 at the time of 7:37.
Best regards & Created With ❤️ by @growwithme
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You explained very detailed about blockchain Fork and very organized. I enjoy all the contents of your post and I enjoy reading it. Thanks for sharing.
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I am thankful for your appearance on my post.
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I think ERH 2.0 CAN TRUGGER HARDFORK ALSo . What is your take ?
Yes that's true and it is due to hardfork at later block number and download of history of steem blockchain by witnesses .
Good luck for the contest .
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I am not sure, about making any decision about Ethereum 2.0 yet. By the way thanks for your appearance on my post.
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Your explanations about the blockchain forks very well detailed and organized. Your content was a delight to read.
Yes that's true Hive is a hard fork of steem, the similarities are to be seen in the Genesis block but at later block number the differences do pop up such as the timestamp and witness.
Thanks for sharing.
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I agree, & thank you.
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The new upgrade makes Ethereum more friendly to users as its energy consumption is lesser than Proof-of-Work (PoW), which serves the purpose of forking by changing consensus and upgrading the protocol to improve some features on the blockchain and make the network more friendly to everyone.
Thank you for sharing friend.
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You have explained all about the Blockchain Forking in a very method. I liked the way you present all the points. Blocking Forking could be simply defined as the change in the rules or protocols of a blockchain to improve the features like security, scalability, transparency, block size, etc. of a blockchain.
Yes you are right. This shows that the acceptance of the changings in the blockchain is not mandatory for all the nodes in the case of the Soft Fork. If the majority of the nodes are agree with the new updates, the Soft Fork is considered successful.
Thank you very much for sharing your beautiful post with us and I wish you a very good luck for the contest.
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Wow you wrote awesomely dear I love how you used the markdowns to properly organize your article, Keep it up sir.
Wow 😲 I never knew this, I am really grateful you just told me about this
Thank you very much for sharing, please you can check my own entry here
wishing you success
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