Breaking it down further, there are two ways of implementing changes or upgrades, hard forks and soft forks in the blockchain world, much of the time one would undertake such if the software is to undergo changes with improvements, error removal, or new features.
A hard fork is an essential change of the protocol that is not retrograde, which implies that an old version of the blockchain software will be used by its nodes, and shall not stay able to verify transactions according to the updated regulations. The hard fork, as the name suggests, the blockchain is divided into various chains each stuck by some participants no more than amenable to the old rules, whereas the others chose the the new rules. This way, a division occurs between the participants of two networks, and usually the two networks cause the creation of two different currencies. For instance, for the record, 2017 in the history of Bitcoin has seen the hard fork of Bitcoin Cash as a result of the disputes between the Bitcoin community members concerning the increased scalability due to the block size limitations.
In contrast, a soft fork is a modification that is improving but is still back the first. In a couple of words, a soft fork works with an extended range, because through the older version of the software, anyone can spend coins from the given block contracts provided they do not need any signature requirements. Soft fork is carried out by changing the condition for validation of the existing block in such a way that it is tighter than the existing one while not a lot of blocks are added within the orphans. This kind of situation does not create a new cryptocurrency and continues to operate the system as a whole.
A soft fork proves to be a safe economic field, though less effective compared to a hard fork.
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~ Nesaty
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