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Greetings to you today and welcome to my post today. How are you doing today? I am sure that you and your loved ones are all doing great and having fun. Indeed, I am glad to have you here, just as I am delighted to present the post which you are about to read through.
Using your own terms to define what a fork is in general
In the crypto space, a "fork" is simply the creation of a new branch in a source code for the start up of a different project from the old project. In this case, the new branch can be developed and become independent of the main one, and can also have functionalities that are different from the original one.
Almost all the cryptocurrencies that we have today can be considered a fork of Bitcoin since they were created after Bitcoin was created as they were created on the Bitcoin algorithm.
In general, a fork simply means a separation of community. I.e., the creation of a new community from the original community due to some set of rules. A fork occurs mostly on blockchains when a community makes a change to the blockchain protocol, or sets some basic rules that may not be favorable to some people.
Whenever such a thing occurs, the chain will then split, producing a second blockchain that shares some of its history with the original blockchain, which is the first blockchain before the splits.
Using any blockchain example, explain what a hard fork is.
Forks are changes to the network algorithm of the blockchain that cause the main blockchain network to split. A fork on an old blockchain network that has cryptocurrency operating on it will result in the creation of a parallel token on the freshly forked blockchain network.
During a hard fork, the blockchain's rules are updated or changed, rendering the older blockchain and the newer blockchain incompatible. This indicates that the older nodes will reject the recently upgraded blocks and that the newer blockchain will operate according to new rules that will perpetually reject blocks from the older blockchain. When such a thing happens in a blockchain it is regarded as a backward-incomptabe which is also means a hard fork.
A good example of a hard fork is the Bitcoin and Bitcoin community that disagreed on the best method for scaling the Bitcoin network. People who wanted to increase the block size joined the Bitcoin Cash fork, while those who wanted to stay on the original Bitcoin network did not. As a result, Bitcoin and Bitcoin Cash operate on different blockchains, but their prior histories are identical.
Using any blockchain example, explain what a soft fork is.
A rule amendment that is backward-compatible is known as a "soft fork." Blocks from the new, sophisticated network will continue to be accepted by the older blockchain network. In 2015 Bitcoin protocol improvement called Segregated Witness (SegWit) is an example of a soft fork. SegWit recommended increasing the effective block size from 1MB to 4MB.
However, the reasons for the fork were based on the following reasons:
The Bitcoin system was a little more expensive ($30 per transaction) and time-consuming before the SegWit upgrade.
According to the SegWit upgrade's creators, signature data also takes up about 65 percent of a transactional block. SegWit therefore argued for an increase in the effective block size from 1MB to 4MB. This enhancement aims to separate or remove signature information from transactional data records on each blockchain block, freeing more room for more transactions to occur on each block.
Also based on the execution of a soft split, the prior Bitcoin network was prepared to accept brand-new 4MB and 1MB blocks concurrently. A clever technical strategy used in the soft fork allowed the old nodes to validate the new blocks as well.
What are the differences between hard forks and soft forks?
Hard fork | Soft Fork |
---|---|
Hard fork is regarded as a backwards-incompatible blockchain upgrade. | Soft fork is known as a forward-compatible rule adjustment. |
Hard fork is the type of fork that maintains the original blockchain by taking care of two lanes with distinct rules and standards. | Soft fork is the type of for that persuades the legacy blockchain network to accept the modified rules, allowing the simultaneous acceptance of both the upgraded and legacy blocks of transactions. |
Explain the Steem and Hive Hard forks by comparing and contrasting their Genesis blocks.
A "hard fork" and a "hostile fork" are the two main terms used to describe the split in the Steemit platform. The developers of the app initially tried to soft fork when Justin Sun, the founder of Tron, received majority shares of the company. However, they were unable to prevail because Justin Sun owned 9 out of 20 representatives.
The developers then ran into a problem after announcing that the Steemit app would be moving to the new Hive platform. If they gave all users of the new app the exact same amount of coins as they held on Steem, Justin Sun would quickly be in charge of the Hive platform, and this wouldn't solve anything, which later led to the creation of Hive due to disagreement.
Differences and similarities between Steem and Hive Genesis Blocks
Steem and Hive share almost the same similarities in the following ways, as shown below.
Key Similarities | Steem | Hive |
---|---|---|
Ownership | Steem is well recognized as a blockchain that was created by Dan Larimer in 2016, before the project was rebranded by Ned Scott. | Hive founder is and there is no formal leadership. Instead, there are about 80 contributors and 30 community developers that are working on the Hive |
Token | Steem uses STEEM as the basic token, Steem dollars (SDB) as rewards token and Steem Power (SP) token for voting | Hive uses HIVE as the basic token, Hive dollars (HDB) as rewards token and Hive Power (HP) token for voting |
DApp Ecosystem | Steemit is the primary basis of Steem | Hive is a platform that is equivalent to Peakd |
However, in terms of DApps, they both shared the same DApps like DTube, APPICS, etc.
Conclusion
A fork simply means the speration of a blockchain due to some disagreement in the original blockchain, which may be the result of some changes that may not be accepted by other parties.
Also, when a blockchain network separates itself completely from the original blockchain, it is regarded as a hard fork, but when a blockchain network doesn't separate completely from the original blockchain, it is regarded as a soft fork. I am sure that you have learned something new from this post.
I am inviting @drqamu, @preye2 and @chant to also participate.
Thank you so much for your time here...
Very true. The evolution of cryptocurrency is just because of Bitcoin. This world became more strong, & rich in few years. It's all just because of Bitcoin. Bitcoin was as the way to this world.
Very nice post in the challenge, wishing you Success.
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You are right . The divergence of blockchains is due to change in rules /codes although the rule change is not meant to split but it is done to add or strengthen some functionality.
Commendable efforts . Good luck .
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I appreciate your time here.
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101% true. The advancement of cryptocurrency due to forks. As the forks of Bitcoin and other cryptocurrencies is the reason we have various cryptocurrencies. And the major reasons for this forks is as you have quoted the difference in ideas of the various witnesses.
You have made a very explanatory post for this challenge, for that I wish you Success.
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Thank you for stopping by.
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Interesting concept we have here, I have got to know about the hard fork which maintains the original blockchain by taking care of two lanes with distinct rules and standards, and Soft Fork which persuades the legacy blockchain network to accept the modified rules. Thanks for sharing and goodluck in this contest.
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Thank you for stopping by sir.
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It seems that you understand very well about blockchain Fork, because I saw you explain in detail. Good luck to you friends.
I also shared about blockchain Fork.
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Yes, with the hard fork upgrade, the two versions (old and new) of the blockchain become incompatible, with the birth of another new token, making it two cryptocurrencies and two versions of networks having the same Genesis block but working separately from each other.
Good luck with the contest dear.
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There are many features of the blockchain that could be improved to make changings in the rules or protocols of a blockchain and this process is actually known as Blockchain Forking. It could be hard fork or a soft fork, depending on the extent of agreement between the developers and the nodes/miners/stakeholders.
Yes, you are true. Actually, after the hard fork, both the chains (parent and the new chain) work separately and produce separate blocks. And there is no connection between the nodes of each blockchain with the other chain. Bit still, they have same Genesis Block (Block No. 1).
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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Hello dear,
Yea it's was a very sharp and cleaver idea but to upgrade the Bitcoin Blockchain and improving it transaction processing speed but it's so unfortunate that the project didn't last as long as we expected because it was said to affect so many people.
Thank you very much for sharing, please you can check my own entry here
wishing you success
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