HARD FORK, SOFT FORK, WHAT THE FORK?

Bitcoin just carried out a hard fork on its protocol and contrary to what a lot of people were thinking Bitcoin did not eventually split. I can bet there are still a lot of people out there who don’t yet know what a fork is and how it can affect Bitcoin. So, in this article I will take time to explain what a fork is and the different types of forks

What is a Fork?

Bitcoin’s Software is open source, which means that the code is available for anyone to tinker with (not the one currently running, but a copy is available in various repositories). Updating and maintaining various versions of Bitcoin can be done from time to time.
In open source development, a fork refers to situation where a new software project is created from an existing one by copying the code and running it. Take for example the Android mobile operating system, it is a fork of the Linux code (it was built on the linux kernel). Litecoin is a fork is a fork of Bitcoin, because the developers copied Bitcoin’s code and made some changes before they lunched it as a separate project

What is a Soft Fork?

This is a type of fork where updated versions of protocol (or software) are compatible with earlier versions. In the case of Bitcoin older versions will recognize new blocks. When a Soft fork change is made, all the nodes will continue to recognize new blocks, and participants (Miners, node Operators, Wallet administrators) may not need to upgrade their existing software.

What is a Hard Fork?

A hard fork on the other, is a change where newer versions are not backwards compatible with older versions, and the participants running a node would need to upgrade their software, so that the nodes can recognize new blocks. In this case you will have versions two versions of a Blockchain leading to a fork of the Blockchain (or a split)

It is important to note that the bitcoin protocol will undergo various upgrades from time to time, whether its a Hard fork or Soft fork, People should know that the Bitcoin network is stable and the chances of a split happening are very slim